Equities in Canada’s largest market took a few more knocks before Wednesday’s closing bell, most notably in the resource sectors.
The TSX lost 48.68 points to close Wednesday at 16,577.38.
The Canadian dollar doffed 0.33cents to 75.67 cents U.S.
Gold took the hardest blows, with B2Gold down 62 cents, or 7%, to $8.22, while Torex Gold Resources lost $1.29, or 5.9%, to $20.51.
Among materials, First Majestic Silver dropped 54 cents, or 3.4%, to $15.23, while Dundee Precious Metals shed 38 cents, or 4%, to $9.22.
Health-care stocks also went south, with Bausch Health Companies off 54 cents, or 2.4%, to $22.28, while Knight Therapeutics eased off nine cents, or 1.4%, to $6.60.
Utilities were among the few stalwarts, with Brookfield Renewable Partners picking up $1.60, or 2.8%, to $59.05, while Brookfield Infrastructure Partners took on 86 cents, or 1.5%, to $58.53.
Industrials also had a successful day, with Morneau Shepell tacking on $1.21, or 4.3%, to $29.33, and Air Canada soaring 48 cents, or 3%, to $16.35.
Financials also broke even and then some; CIBC forged ahead $1.23, or 1.3%, to $97.84, while ONEX Corp. surged 75 cents, or 1.2%, to $64.94.
In the economic docket, Statistics Canada reported June’s wholesale sales jumped 18.5% to $62.1 billion, building on a 5.8% gain in May.
The Consumer Price Index (CPI) rose 0.1% on a year-over-year basis in July, down from a 0.7% increase in June. On a seasonally adjusted monthly basis, the CPI fell 0.1% in July, following a 1.0% increase in June.
Prime Minister Justin Trudeau is weighing sweeping changes to the country's social welfare system and a series of economic measures that will align Canada with ambitious climate goals.
ON BAYSTREET
The TSX Venture Exchange hesitated 11.08 points, or 1.5%, to 739.92.
Eight of the 12 TSX subgroups lost ground Wednesday, with gold tumbling 3.1%, materials weaker by 2%, and health-care ailing 0.8%.
The four gainers were led by utilities, up 0.7%, while industrials and financials each gained 0.2%.
ON WALLSTREET
Stocks closed lower on Wednesday as a grim outlook on the economy from the Federal Reserve thwarted the enthusiasm around a record valuation for tech giant Apple.
The Dow Jones Industrials finished the day down 85.19 points to 27,692.88.
The S&P 500 shied away from an all-time, dropping 14.93 points at 3,374.85
The NASDAQ erased 64.38 points from Tuesday’s all-time high, to finish at 11,146.46.
In the minutes from its July meeting, the Fed said "the ongoing public health crisis would weigh heavily on economic activity, employment, and inflation in the near term and was posing considerable risks to the economic outlook over the medium term." The Fed kept rates unchanged last month, noting the economy was still in need of monetary support.
Earlier in the day, the major averages rose as Apple became the first U.S. company to reach a market cap of $2 trillion. With that milestone, Apple officially doubled its valuation in just over two years.
In 2020 alone, Apple has surged nearly 60% and was one of the stocks leading the market off its coronavirus lows. The stock closed well off its highs, eking out a gain of just 0.1%
In corporate news, Target rose more than 12% after the retailer reported soaring profit and sales last quarter. Digital sales increased by 197% from a year ago. Lowe’s shares gained 0.2% after the home improvement retailer reported a 30% surge in second-quarter revenue.
Coronavirus cases in the U.S. are trending lower, but officials are cautious as students begin returning to school and college campuses.
Some colleges have been forced to change to all online learning because of outbreaks.
Prices for the 10-Year Treasury lost ground, raising yields to 0.69% from Tuesday’s 0.66%. Treasury prices and yields move in opposite directions
Oil prices faded seven cents at $42.82 U.S. a barrel.
Gold prices slid $66.70 to $1,946.40 U.S. an ounce.
