Equities in Canada’s largest market were fairly flat by midday Wednesday, as weakness in health-care and tech stocks were only narrowly superseded by gains in consumer staple stocks.
The S&P/TSX Composite found its gains dwindling by noon, but remained ahead 8.65 points to 21,328.57.
The Canadian dollar inched ahead 0.02 cents at 78.82 cents U.S.
In consumer stocks, Loblaw Companies prospered $3.32, or 3.4%, to $100.92, while George Weston climbed $2.81, or 2%, to $141.26.
In gold stocks, Eldorado Gold advanced 30 cents, or 2.7%, to $11.44. Barrick Gold took on 36 cents, or 1.5%, to $24.59.
In health-care, Canopy Growth got bruised 54 cents, or 5%, to $10.26, while Aurora Cannabis settled 24 cents, or 4.2%, to $5.44.
In tech stocks, Shopify tumbled $127.08, while 10.2%, to $1,120.54, while Dye & Durham dropped $2.87, or 7.9%, to $33.63.
On the economic slate, building permits decreased in value 1.9% to $11.2 billion in December. Declines were reported in both the residential and non-residential sectors.
ON BAYSTREET
The TSX Venture Exchange sank 5.38 points to 867.34.
All but three of the 12 TSX subgroups remained ahead in the early afternoon, with consumer staples better 1.5%, gold shining 1% brighter, and industrials stronger 0.8%.
The three laggards were health-care and information technology, each fading 2.8%, and energy, off 0.1%.
ON WALLSTREET
The S&P 500 rose for the fourth day in a row Wednesday, as Alphabet propelled gains in tech thanks to strong quarterly earnings.
The Dow Jones Industrials grew 70.2 points to reach the midpoint of Wednesday’s session at 35,475.44
The S&P 500 gained 19.67 points to 4,566.21.
The NASDAQ inched up 6.04 points to 14,352.04.
Shares of Google-parent Alphabet popped more than 8% after its quarterly numbers topped analyst expectations. The company reported a quarterly beat on the top and bottom lines and announced a 20-for-one stock split, indicating the company might soon be included on the Dow Jones Industrial Average as well.
Chip stock Advanced Micro Devices also gained 5% on strong earnings and guidance. Facebook parent Meta Platforms, which is scheduled to report earnings after the closing bell, added 1%. Microsoft rose slightly.
Elsewhere, General Motors shares dipped after coming up light on quarterly revenue, despite beating earnings estimates and raising its 2022 forecast.
PayPal slid 24% after issuing disappointing guidance for the current quarter, which it blamed on inflation. Starbucks dipped slightly after the company reported a quarterly earnings miss and cut its earnings outlook for fiscal 2022.
Earnings season continues on Wednesday with key reporting from Meta Platforms, formerly Facebook, and Qualcomm. AbbVie, D.R. Horton and T-Mobile also report earnings on Wednesday.
So far this earnings season, more than 36% of the S&P 500 has reported and more than 78% have topped Wall Street’s expectations.
On the economic front, private payroll data fell by 301,000 for the month of January, which was down from December’s growth of 807,000 private payrolls, ADP reported Wednesday. Economists polled by Dow Jones were expecting 200,000 private jobs were added in January.
Prices for 10-year Treasurys gained ground, lowering yields to 1.75% from Tuesday’s 1.80%. Treasury prices and yields move in opposite directions.
Oil prices forfeited 32 cents to $87.88 U.S. a barrel.
Gold prices added nine dollars to $1,810.50 U.S. an ounce.
