Equity markets north of the border shared the downward sentiment Wednesday, as resources provided the anchor.
The TSX swooned 143.98 points to end Wednesday’s session at 36,813.65
The Canadian dollar slumbered 0.24 cents to 72.05 cents U.S.
National Bank of Canada reported a rise in third-quarter profit, driven by a robust performance in its wealth management segment. National shares were pounded in the early going, losing $9.35, or 4.2%, to $213.18.
The latest results add to a series of stronger-than-expected quarterly results by Bank of Montreal and Bank of Nova Scotia on Tuesday, which helped the TSX notch a record high.
BMO shed three cents to $239.97, while those for Scotiabank climbed $1.08 to $129.81.
Gold stocks took the brunt of it Wednesday, as Novagold Resources waved goodbye to 57 cents, or 4.2%, to $12.92, while Southern Cross Gold ditched 60 cents, or 4.6%, to $12.38.
In other materials, NGEX Minerals dumped $1.27, or 4.2%, to $28.97, while Agnico Eagle Mines shed $10.76, or 3.5%, to $299.27.
In consumer discretionary stocks, Dollarama let go of $6.84, or 3.7%, to $176.61, while Restaurant Brands International gave up $2.46, or 2.2%, to $110.42.
The industrial sector tried to balance things out, as RB Global gained $1.72, or 1.5%, to $119.32, while Stantec forged ahead $3.36, or 3.3%, to $104.96.
In the energy sector, Kelt Exploration took on 25 cents, or 2.4%, to $10.62, while Cenovus Energy latched onto 95 cents, or 2.2%, to $43.75.
In utilities, TransAlta captured 69 cents, or 4.1%, to $17.62, while ATCO leaped 88 cents, or 1.2%, to $76.14.
Traders kept an eye on the ongoing trade war with the U.S. after Canada hit back with retaliatory tariffs on about $20 billion worth of U.S. annual imports, matching Washington's latest duties dollar-for-dollar.
ON BAYSTREET
The TSX Venture Exchange tanked 8.16 points to 1,002.77.
Seven of the 12 TSX subgroups were lower, weighed most by gold, sliding 2.3%, materials, worse off by 1.9%, and consumer discretionary stocks, dipping 1.6%.
The five gainers were led by industrials, which added 0.9%, energy, pumping ahead 0.8%, and utilities, moving ahead 0.7%.
ON WALLSTREET
The S&P 500 was relatively unchanged on Wednesday after the latest personal consumption expenditures price index reading revealed that inflation remains elevated.
The Dow Jones Industrials slumped 113.52 points to 53,463.88.
The much-broader index stepped back 1.58 points to 7,675.70.
The NASDAQ Composite lost 21.1 points to 26,130.20.
Meta reached a settlement with state attorneys general over a lawsuit alleging that its social media apps harmed young users. Shares were 1% higher on the day.
The PCE price index — a monthly report detailing changes in prices of goods and services and a closely watched inflation metric by the Federal Reserve — rose more slightly more than expected in July. However, core PCE, which excludes food and energy prices, came in as anticipated.
Nvidia is set to report its earnings for the second quarter on Wednesday after the bell. Wall Street projects earnings per share of $2.09 on $92.28 billion in revenue
July’s personal consumption expenditures price index — a monthly report detailing changes in prices of goods and services and the Federal Reserve’s preferred metric of inflation — showed a month-over-month and year-over-year increase of 0.2% and 3.7%, respectively. Both figures were 0.1% above what economists polled by Dow Jones had expected.
Prices for the 10-year Treasury fell, raising yields to 4.66% from Tuesday’s 4.63%. Treasury prices and yields move in opposite directions.
Oil prices skidded 39 cents to $81.97 U.S. a barrel.
Gold prices stumbled $43.70 to $4,650.80 U.S. an ounce.
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