TSX Falters at Open

Tech Issues Take Lumps

Equities in Canada’s largest market fell on Wednesday, triggered by fears of interest rate increases and higher bond yields after data showed stronger-than-expected inflation in the United States.

The TSX lost 78.37 points to open Wednesday at 19,195.67.

The Canadian dollar grew 0.23 cents at 82.89 cents U.S.

BMO raised the target price on Finning International to $39.00 from $35.00. Finning gained 14 cents to $33.77.

Scotiabank raised the target price on George Weston to $121.00 for $117.00. Weston shares were flat at $113.29.

RBC raises target price on Sleep Country Canada Holdings to $32.00 from $29.00. Sleep Country shares demurred 41 cents, or 1.2%, to $34.02.

Bombardier said it would extend the time to get bondholders' consent to amend terms on certain bond issues, following claims that the company's recent asset sales breached certain covenants surrounding some of its notes. Bombardier shares stayed put at 87 cents.

Intertape Polymer Group jumped 7.4% after its quarterly results beat estimates. Intertape popped $1.23, or 4%, to $31.71.

Atco rose $2.11, or 5%, to $44.36, after forging a partnership with Suncor Energy to build a clean hydrogen project. Suncor gushed $1.01, or 3.7%, to $28.68.

Element Fleet Management fell 97 cents, or 6.5%, the most on the TSX, to $13.93, after its first-quarter earnings missed estimates.

Hudbay Minerals was lower by 55 cents, or 4.9%, to $10.67, after posting a quarterly loss of 23 cents per share.

ON BAYSTREET

The TSX Venture Exchange reversed course and gained 1.27 points to 931.72.

All but two of the 12 subgroups were down in the first hour, with health-care down 1.9%, materials off 1.1%, and information technology sliding 1%.

The two gainers were energy, shooting ahead 1.8%, and consumer staples, nicking up 0.1%.

ON WALLSTREET

U.S. stocks declined on Wednesday as key inflation data showed higher-than-expected price pressures.

The Dow Jones Industrials tumbled 263.08 points to 34,006.08, following its worst day since February on Tuesday

The S&P 500 lost 41.81, or 1%, to begin Wednesday at 4,110.29,

The NASDAQ stumbled 225.95 points, or 1.7%, to 13,163.47,

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%.

Tech shares, which have been under pressure this week and this month, fell again Wednesday. Shares of Alphabet, Microsoft, Netflix, Facebook and Apple all traded in the red, while shares of chipmakers Nvidia and AMD were also lower.

Strength in bank stocks and energy shares, which could do well in an inflationary environment, helped support the broader market. JPMorgan rose 1%, while Occidental Petroleum climbed 1.4%. Chevron also traded higher.

Prices for 10-Year Treasurys lost sharply, raising yields to 1.68% from Tuesday’s 1.62%. Treasury prices and yields move in opposite directions.

Oil prices darted higher $1.19 to $66.47 U.S. a barrel.

Gold prices dropped $4.20 to $1,831.90 U.S. an ounce.