TSX Pounded Wednesday

Energy Stocks Provide Cushion

Stocks took their lumps by the closing bell on Wednesday, amid apprehension over the latest inflation figures south of the border.

The TSX lost 166.27 points to end Wednesday at 19,110.77

The Canadian dollar fell 0.10 cents at 82.55 cents U.S.

Health-care stocks took the heaviest beatings, as Aphria lost 98 cents, or 5.6%, to $16.55, while Aurora Cannabis fell 53 cents, or 5.4%, to $9.34.

Among resource stocks, Hudbay Minerals faltered 83 cents, or 7.4%, to $10.39, while First Quantum Minerals dived $2.31, or 7%, to $30.71.

Gold stocks were rocked, too, as Kinross dipped 46 cents, or 4.9%, to $8.85, while New Gold sank 13 cents, or 5.8%, to $2.13.

Energy tried to boost things, with Vermilion Energy surging 36 cents, or 3.9%, to $9.57, while Whitecap Resources took on 17 cents, or 3.2%, to $5.56.

Among consumer staples, SunOpta advanced 56 cents, or 4.1%, to$14.10, while Loblaw Companies gained 31 cents to $71.50.

ON BAYSTREET

The TSX Venture Exchange dropped 19.53 points, or 2.1%, to 910.92.

All but two of the 12 subgroups were down on the day, with health-care ailinig 2.8%, materials down 2.4%, and gold doffing 1.5%.

The two gainers were energy, better by 1.3%, and consumer staples, nicking up 0.03%.

ON WALLSTREET

U.S. stocks declined sharply on Wednesday as hotter-than-expected inflation data triggered massive selling, especially in technology shares.

The Dow Jones Industrials tumbled 681.5 points, or 2%, to 33,587.66, posting its worst day since January.

The S&P 500 lost 89.06 points, or 2.1%, to 4,063.04, for its biggest drop since February,

The NASDAQ stumbled 357.74 points, or 2.7%, to 13,031.68, bringing its weekly decline to more than 5%.

Tech shares, which have been under pressure this week and this month, led the decline again Wednesday as bond yields jumped. Shares of Microsoft, Netflix, Amazon and Apple all fell more than 2%, while Tesla slid over 4%. Alphabet dropped more than 3%.

Strength in energy shares, which could do well in an inflationary environment, provided the broader market with some cushion. Occidental Petroleum climbed 2.4%. Chevron and Marathon Oil gained slightly.

Inflation accelerated at its fastest pace since 2008 last month with the Consumer Price Index spiking 4.2% from a year ago, compared to the Dow Jones estimate for a 3.6% increase. The monthly gain was 0.8%, versus the expected 0.2%.

Prices for 10-Year Treasurys lost sharply, raising yields to 1.70% from Tuesday’s 1.62%. Treasury prices and yields move in opposite directions.

Oil prices gained 56 cents to $65.84 U.S. a barrel.

Gold prices dropped $18.90 to $1,822 U.S. an ounce.