Markets in Toronto tailed off from the dizzy heights they had achieved in recent days, as energy and consumer stocks proved co-anchors on the index.
The TSX Composite Index docked 46.34 points to adjourn Wednesday at 23,935.63, breaking a string of four straight gaining sessions.
The TSX has gained 14.1% for the year, partly driven by the country's policy easing cycle. The Bank of Canada cut rates for the third time in a row in September.
The Canadian dollar sank 0.26 cents to 74.25 cents U.S.
In corporate news, energy stocks such as Athabasca Oil fell 22 cents, or 4.3%, to $4.91, while Baytex Energy gave back 18 cents, or 4.2%, to $4.07.
Magna International lost $3.17, or 5.5%, to $54.36 after Morgan Stanley downgraded its stock to "equal-weight" from "overweight".
MTY Food Group sagged $1.13, or 2.5%, to $44.17.
In industrial issues, ATS Corp. dipped $1.39, or 3.5%, to $38.50, while Ballard Power shed eight cents, or 3.4%, to $2.25.
Utilities, on the other hand, made their way upward, with ATCO taking on $1.27 a share, or 2.8%, to $47.49, while Transalta added 24 cents, or 1.8%, to $13.97.
Gold moved higher, as Aya prospered $1.12, or 6.4%, to $18.52, while Eldorado Gold captured 56 cents, or 2.3%, to $14.13.
Materials marched, was Labrador Iron Ore strengthened 90 cents, or 2.8%, to $32.81, while Dundee Precious Metals grabbed 32 cents, or 2.3%, to $14.13.
Middlefield Global Real Asset Fund said its unitholders approved its merger with mutual fund Real Estate Split Corp. Units of Middlefield gained two cents Wednesday to $7.78.
ON BAYSTREET
The TSX Venture Exchange subtracted 5.7 points, or 1%, to 591.41.
Seven of the 12 TSX subgroups were lower, as energy tumbled 2%, consumer discretionary lost 1.2%, and industrials slid 0.6%.
The five gainers were led by utilities, surging 0.6%, gold, improving 0.3%, and materials, better 0.2%.
ON WALLSTREET
The recent hot streak behind Wall Street came to a grinding halt Wednesday, as energy and consumer stocks weighed most heavily.
The Dow Jones Industrials tumbled 293.47 points to 41,914.75
The S&P 500 index skidded 10.68 points to 5,722.25.
The NASDAQ Composite eked ahead 7.68 points to 18,098.39.
Notable losers of the day include General Motors and Ford, which slid 5% and 4%, respectively, after downgrades from Morgan Stanley.
Seven of the 11 sectors of the S&P 500 were in negative territory, led lower by energy as U.S. crude futures fell more than 2%. Chevron shares slumped 2%.
Tech was a bright spot in the market. Hewlett Packard Enterprise advanced more than 4% following an upgrade from Barclays, citing strong artificial intelligence data center demand as a positive catalyst. Chip powerhouse Nvidia added about 2%, bringing its market capitalization over the $3 trillion mark.
All three averages are on track for a positive September, though fears of a slowing economy still linger after last week’s rate cut from the Federal Reserve.
On the data front, new home sales slipped 4.7% in August to 716,000, down from July’s revised reading of 751,000. Investors will also look toward weekly jobless claims on Thursday.
Prices for the 10-year Treasury dropped, lifting yields to 3.79% from Tuesday’s 3.73%. Treasury prices and yields move in opposite directions.
Oil prices sank $1.83 at $69.73 U.S. a barrel.
Gold prices gained $7.20 to $2,684.20 U.S. an ounce
