Equities in Canada’s most major centre shook off recent gains, while the central bank remained steadfast in keeping interest rates where they were.
The TSX Composite index stumbled to the finish line Wednesday, skidding 63.65 points to finish the session at 20,002.27
The Canadian dollar dumped 0.25 cents to 82.54 cents U.S.
Communications took the biggest bruising, off 45 cents, or 3.1%, to $14.05, while TELUS ducked 48 cents, or 1.7%, to $27.52.
Among financial stocks, CI Financial shed 32 cents, or 1.4%, to $22.13, while IGM Financial dropped 73 cents, or 1.6%, to $44.47.
In consumer staples, North West Company let go of 80 cents, or 2.3%, to $35.40, while Maple Leaf Foods tumbled 50 cents, or 1.9%, to $25.90.
Cannabis concerns gained the most, as Tilray triumphed $1.51, or 6.1%, to $26.01, while, elsewhere in health-care, Trillium Therapeutics forged ahead 48 cents, or 4.1%, to $12.16.
In resource stocks, Canfor Corporation jumped $1.24, or 4.8%, to $27.35, while Interfor gathered $1.33, or 4.8%, to $29.04.
As far as utilities went, Algonquin Power and Utilities surged 21 cents, or 1.2%, to $19.21, while Fortis Inc. grabbed 55 cents, or 1%, to $56.04.
On the economic calendar, the Bank of Canada maintained interest rates at 0.25%, as expected, the same perch at which it’s been since March 2020. The Bank Rate stays at 0.5%, and the deposit rate at 0.25%.
Prime Minister Justin Trudeau, under pressure to lift COVID-19-related restrictions along the U.S. border, said on Tuesday that Ottawa would disclose in coming weeks how some measures could be relaxed for fully vaccinated people.
ON BAYSTREET
The TSX Venture Exchange recovered 2.28 points to 976.84.
Seven of the 12 TSX subgroups pointed downward on the day, with communications drooping 0.8%, financials slipping 0.6%, and consumer staples down 0.4%.
The five gainers were led by health-care, surging 2.2%, with materials and utilities each ahead 0.4%.
ON WALLSTREET
U.S. stocks finished Wednesday’s session near their lows as the market continued to struggle to break out from a tight range.
The Dow Jones Industrials ended a dipsy-doodle day on the down side, 152.61 points, to 34,447.21.
The S&P 500 skidded 7.67 points to 4,219.59. The S&P 500 is now just 0.15% below its record high of 4,238.04 reached on May 7.
Industrials and financials were the two biggest losers among the 11 S&P 500 sectors, dragging down the broader market.
The NASDAQ dropped 13.16 points to 13,911.75.
Meme stock mania continued Wednesday with day traders focusing their attention on Clean Energy Fuels this time, pushing the stock up more than 31%. Clover Heath, which surged over 85% in the prior session, pulled back 23% Wednesday.
Still, many on Wall Street believe the latest meme stock episode should stay contained to a handful of names, unlike the GameStop trading frenzy in January that had an impact on the broader stock market.
Investors await the next reading on inflation to gauge if higher price pressures are just temporary as the economy continues to rebound from the pandemic-induced recession.
The consumer price index for May is set to be released Thursday. Economists are expecting the CPI to rise 4.7% from a year earlier, according to Dow Jones. In April, the CPI increased 4.2% on an annual basis, the fastest rise since 2008.
Prices for 10-Year Treasurys gained, lowering yields to 1.49% from Tuesday’s 1.54%. Treasury prices and yields move in opposite directions.
Oil prices retreated 34 cents to $69.71 U.S. a barrel.
Gold prices dumped $2.90 to $1,891.50 U.S. an ounce.
Dow Bruised 150 on 3rd Straight Day of Losses
