Canada's main stock index slumped midday Wednesday as losses in energy shares overshadowed gains in materials, while investors assessed a stronger-than-expected Canadian economic growth ahead of the U.S. Federal Reserve's interest rate decision.
The TSX Composite retreated 80.46 points by noon Wednesday to 21,147.41.
The Canadian dollar was up 0.08 cents at 74.70 cents U.S.
Among individual stocks, electronics company Celestica climbed $1.49, or 3.4%, to $45.81, after four brokerages raised the target price on the stock.
On the economic docket, Statistics Canada reported gross domestic product grew 0.2% in November, with goods-producing industries increasing 0.6% and services-producing industries edging up 0.1%.
ON BAYSTREET
The TSX Venture Exchange dropped 5.73 points, or 1%, to pause for lunch at 553.05.
Seven of the 12 subgroups were lower, with energy down 1.2%, health-care off 0.6%, and financials, retreating 0.5%.
The five gainers were led by gold, shining 0.7% brighter, industrials, ahead 0.2%, and real-estate, nicking 0.1%.
ON WALLSTREET
The NASDAQ fell Wednesday after sharp downward moves in shares of tech giants Microsoft and Alphabet pressured the overall sector.
The Dow Jones Industrials hung onto gains of 28.42 points to 38,495.73.
The S&P 500 index sagged 38.3 points to 4,886.67.
The tech-heavy index tumbled 203.92 points, or 1.3%, to 15,305.67.
Shares of Alphabet dropped more than 6% and were on pace for their worst day since Oct. 25 as disappointing ad revenue overshadowed better than expected earnings and sales. Stock in peer tech firms Microsoft docked 1.3% and AMD slipped 3%, on lower-than-expected forward guidance after posting quarterly results.
The Fed’s rate decision is also front of mind for traders on Wednesday. The fed funds futures market has priced in a nearly 98% probability that the central bank will leave rates unchanged. Investors will be looking for clues on shifts in the central bank’s policy stance in its post-meeting statement and in Fed Chair Jerome Powell’s remarks.
Prices for the 10-year Treasury showed their strength, lowering yields to 3.97% from Tuesday’s 4.04%. Treasury prices and yields move in opposite directions.
Oil prices sagged $1.51 to $76.31 U.S. a barrel.
Gold prices picked up $17.40 to $2,068.30.
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