Canada's main stock index slid on Wednesday after a flare-up in the Middle East conflict dampened hopes for progress in efforts to end the
months-long war.
The TSX Composite Index decreased 203.97 points to stop for lunch Wednesday at 34,965.49
The Canadian dollar declined 0.22 cents to 72 cents U.S.
Canada had a positive meeting with the U.S. on the review of their free trade deal, Federal Trade Minister Dominic LeBlanc said in Washington on Tuesday, but declined to provide many details.
Meanwhile, Shopify said on Tuesday its board had approved an additional $3-billion share buyback program, bringing the Canadian e-commerce company's total repurchase authorization to $5 billion.
Shares in Shopify dumped $3.98, or 2.5%, to $157.97.
The U.S. military on Wednesday said it has thwarted Iranian missile attacks on Bahrain, Kuwait and other regional targets.
ON BAYSTREET
The TSX Venture Exchange demurred 23.55 points, or 2.3%, to 1,009.55.
The 12 TSX subgroups were evenly divided by noon hour EDT. Materials skidded 2.6%, information technology jettisoned 2.5%, and gold dulled 2.3%.
The half-dozen gainers were led by energy, barreling 1.8%, while consumer staples soared 1.2%, and utilities gained 1%.
ON WALLSTREET
Stocks fell on Wednesday as oil prices and Treasury yields moved higher amid worries the U.S.-Iran conflict could keep lifting inflation.
The Dow Jones Industrials were clobbered 417.14 points to 50,890.65.
The S&P 500 faded 42.81 points to 7,566.97.
The NASDAQ slipped 224.45 points to 26,869.45.
Declines in artificial intelligence-related stocks also weighed on the broader market. Nvidia lost more than 2%, while Dell Technologies and Oracle lost 5.5%. Microsoft also shed 2%.
Shares of U.S. private equity firms were a sore spot of the day, falling after Swiss-based private equity firm Partners Group announced it was capping investor withdrawals from one of its funds. KKR dropped 5%, while Blackstone declined 3%.
Late Tuesday, the Kuwait army said in a social media post that air defense systems were “intercepting hostile targets.”
U.S. Central Command later said that American forces defeated Iranian ballistic missiles and drones, and they also carried out “self-defense strikes” on Qeshm Island “in response to attempted attacks by Iran across the Middle East.”
President Donald Trump also said Iran agreed to not having nuclear weapons, but added “they can change their mind.”
Prices for the 10-year Treasury listed lower, raising yields back to Tuesday’s 4.50%. Treasury prices and yields move in opposite directions.
Oil prices strengthened $2.18 to $95.94 U.S. a barrel.
Gold prices plummeted $51.00 to $4,468.90 U.S. an ounce.
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