Canada's main stock index opened lower on Wednesday, following two consecutive sessions of record-high closings, in a thinly-traded holiday-shortened session.
The TSX lost 120.91 points to begin Wednesday at 31,937.82. To begin an abbreviated week, the index has gained 410 points, or 1.3%.
The Canadian dollar regained 0.08 cents to 73.15 cents U.S.
In corporate updates, First Quantum Minerals announced that its wholly-owned subsidiary Cobre Las Cruces has entered into a binding agreement to sell the Las Cruces mine in Spain for up to $190 million to Global Panduro.
First Quantum Minerals shares dipped 65 cents, or 1.8%, to $36.30.
The TSX will close early on Wednesday at 1 p.m. ET on Christmas Eve and will be closed Thursday for Christmas Day.
ON BAYSTREET
The TSX Venture Exchange settled 4.53 points to 986.15. On the week, the index has gained 31 points, or 3.3%.
Eight of the 12 TSX subgroups pointed downward in the first hour, weighed most byn gold, sliding 1.5%, materials down 1.4%, and health-care, ailing 1.3%.
The four gainers were led by telecoms, up 0.4%, financials, better by 0.2%, and consumer discretionary stocks, up 0.1%.
ON WALLSTREET
The S&P 500 rose to a new all-time high on Wednesday after notching a record close in the prior trading day.
The Dow Jones Industrials leaped 169.04 points to open the last session before Christmas at 48,611.45.
The broader index took on 9.36 points to 6,918.15, yet another all-time high.
The NASDAQ erased 12.15 points to 23,549.69.
Nike was among the day’s winners, advancing around 5% after Apple CEO Tim Cook disclosed he bought shares in the apparel maker.
Micron Technology was another standout, with shares up more than 4%.
Stocks were coming off a winning session, led by tech names including Google parent Alphabet, Nvidia, Broadcom and Amazon
Those moves came after the Commerce Department issued its a third-quarter reading of the U.S. gross domestic product that came in at 4.3%, surpassing the Dow Jones consensus estimate of 3.2%.The report, which had been delayed by the government shutdown, initially led traders to lower their expectations of interest rate cuts early next year. However, fed funds futures trading still indicates two rate cuts by the end of 2026.
Investors continue to hope for the coveted Santa Claus rally, a year-end stock market surge that occurs between the last five trading days of the year and the first two of the new year — in this case from the opening bell on Dec. 24 until Jan. 5.
The New York Stock Exchange will close early on Wednesday at 1 p.m. ET on Christmas Eve and will be closed Thursday for Christmas Day.
Prices for the 10-year Treasury gained back, lowering yields to 4.16% from Tuesday’s 4.17%. Treasury prices and yields move in opposite directions.
Oil prices squeezed up eight cents to $58.46.
Gold prices dropped $12.40 to $4,493.30
