Stocks in Canada’s largest centre took a breather from several straight upward sessions, as energy and health-care issues lost steam.
The S&P/TSX Composite Index dropped 87.14 points to end Wednesday at 15,429.69.
The Canadian dollar docked 0.22 cents at 73.67 cents U.S.
Energy stocks took the worst bruising, with Crescent Point Energy losing 19 cents, or 7.9%, to $2.22, while Shawcor got blasted 22 cents, or 6.5%, to $3.18.
Health-care also fell, with HEXO down 15 cents, or 11.9%, to $1.11, while Canopy Growth slid $1.21, or 5%, to $22.91.
Real-estate also looked downward, with Dream Industrial REIT skidding $1.01, or 4.8%, to $20.13, while Boardwalk REIT proved less solid by 99 cents, or 3.3%, to $28.88.
Resource stocks tried to lift things upward, with Wheaton Precious Metals picking up $1.03, or 2%, to $53.61, while Franco Nevada climbed $2.50, or 1.4%, to $176.53.
Centerra Gold acquired 43 cents, or 2.4%, to $13.71, while B2Gold Corp. took a hold of 17 cents, or 2.5%, to $6.99.
On the economic beat, Statistics Canada reported the consumer price index fell 0.4% on a year-over-year basis in May, down from a 0.2% decline in April.
On a seasonally-adjusted monthly basis, the agency said the CPI increased 0.1% in May, following a 0.7% decline in April.
Bank of Canada Governor Tiff Macklem's assurance to support the nation's economic recovery using policy tools further bolstered investor sentiment.
ON BAYSTREET
The TSX Venture Exchange fell 2.67 points to 559.79.
All but three of the 12 TSX subgroups were negative on the day, with energy fading 4.3%, health-care wilting 1.7%, and real-estate off 1.3%.
The three gainers were materials, 0.3%, gold, better by 0.2%, and industrials, inching up 0.1%.
ON WALLSTREET
The Dow Jones Industrial Average and S&P 500 fell for the first time in four sessions on Wednesday as stocks that would benefit the most from an economic reopening struggled throughout the day.
The 30-stock index slipped 170.37 points to 26,119.61.
The S&P 500 faded 11.25 points to 3,113.49.
The NASDAQ gained 14.66 points to 9,910.53.
Airlines, cruise operators and retail — all groups that would benefit from the economy reopening — were under pressure on Wednesday.
United and Delta each fell 1.8%, and American Airlines fell 0.3%. Carnival, Norwegian Cruise Line and Royal Caribbean all slid more than 6%. Nordstrom fell 5.5% and Gap lost 5.4%.
Those stocks initially took a beating after the coronavirus pandemic began. In recent weeks, though, they have led the broader market higher.
Big Tech outperformed on Wednesday. Alphabet advanced 0.4%. Amazon was 1% and Netflix rose 2.7%. Apple shares rose as much as 0.9% to hit an all-time high before closing slightly lower.
Federal Reserve Chairman Jerome Powell was set to testify before House members on Wednesday. In front of the Senate Banking Committee on Tuesday, Powell warned of “significant uncertainty” about the economic recovery, adding small businesses are at risk following the pandemic.
Meanwhile, concerns about the coronavirus linger. Multiple reports said Beijing will shut down all schools amid a resurgence in coronavirus cases. In the U.S., more than 2.1 million cases have been confirmed, with states such as Arizona and Texas reporting a spike in cases.
Prices for the 10-Year Treasury gained ground, lowering yields to 0.73% from Tuesday’s 0.75%. Treasury prices and yields move in opposite directions.
Oil prices skidded 63 cents to $37.75 U.S. a barrel.
Gold prices squirted higher 30 cents to $1,736.80 U.S. an ounce.
