Equities in Canada’s largest centre opened lower on Wednesday, dragged down by rate-sensitive technology stocks, while investors remained cautious ahead of the minutes from the U.S. Federal Reserve's last policy meeting.
The TSX Composite fell 62.77 points to begin Wednesday at 21,154.76.
The Canadian dollar recovered 0.08 cents to 74.03 cents U.S.
Investors will also monitor corporate earnings from Canadian miners like Lundin Mining Corp and Alamos Gold among other stocks, set to report their results after the bell on Wednesday.
Lundin shares erased 13 cents to $11.23, while Alamos shed 17 cents, or 1.1%, to $15.75.
First Quantum Minerals reported a net loss for the fourth quarter on Tuesday, as production was hit by the closure of its Cobre Panama mine. First Quantum grabbed 30 cents, or 2.6%, to $11.91.
Apparel-maker Gildan Activewear reported its fourth-quarter results above analysts' estimates. Gildan shares jumped $2.34, or 5.1%, to $48.12
ON BAYSTREET
The TSX Venture Exchange slipped 1.36 points Wednesday to 550.26.
The 12 subgroups were evenly divided, with energy barreling ahead 1.5%, while consumer discretionary and health-care each climbed 0.5%.
The half-dozen laggards were weighed most by gold, dulling in price 1.7%, while information technology lost 1.6%, and materials were off 1.1%.
ON WALLSTREET
U.S. stocks ticked down for a third day in a row Wednesday as traders looked ahead to Nvidia’s latest quarterly earnings report.
The Dow Jones Industrials fell 112.53 points to 38,451.27.
The S&P 500 faded 13.87 points to 4,961.64.
The NASDAQ index subtracted 103.54 points to 15,527.24.
Nvidia is slated to post its fiscal fourth-quarter results after the bell. Concerns surrounding Nvidia’s high valuation have grown leading up to the announcement, as shares of the chipmaker have soared about 230% over the past year. The stock slid about 2% on Wednesday.
Elsewhere in corporate news, Palo Alto Networks shed more than 26% after the cybersecurity company cut its full-year revenue guidance. SolarEdge Technologies lost roughly 15%, dropping on weak first-quarter guidance.
Wall Street will also have an eye out for the minutes from the Federal Reserve’s January meeting, seeking further insight on where the central bank stands on rates. This comes on the back of hotter-than-expected economic data the previous week.
Prices for the 10-year Treasury dipped, raising yields to 4.28% from Tuesday’s 4.27%. Treasury prices and yields move in opposite
directions.
Oil prices recovered 21 cents to $77.25 U.S. a barrel.
Gold prices eked up 10 cents to $2,039.90.
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