Canada's main stock index rose on Wednesday as investors assessed quarterly results from National Bank of Canada alongside ongoing trade tensions with the U.S.
The TSX dropped 47.15 points to 36,910.48
The Canadian dollar slumbered 0.24 cents to 72.03 cents U.S.
National Bank of Canada reported a rise in third-quarter profit, driven by a robust performance in its wealth management segment. National shares were pounded in the early going, losing $11.58, or 5.1%, to $210.95.
The latest results add to a series of stronger-than-expected quarterly results by Bank of Montreal and Bank of Nova Scotia on Tuesday, which helped the TSX notch a record high.
BMO shed seven cents to $239.87, while those for Scotiabank climbed $1.72, or 1.4%, to $130.45.
Traders kept an eye on the ongoing trade war with the U.S. after Canada hit back with retaliatory tariffs on about $20 billion worth of U.S. annual imports, matching Washington's latest duties dollar-for-dollar.
ON BAYSTREET
The TSX Venture Exchange tanked 9.26 points to 1,001.67.
Seven of the 12 TSX subgroups were lower, weighed most by gold, sliding 2.6%, materials, worse off by 2.2%, and consumer discretionary stocks, off 0.8%.
The five gainers were led by energy, charging ahead 1.2%, while industrials added 0.9%, and financials prospered 0.3%.
ON WALLSTREET
The S&P 500 was relatively unchanged on Wednesday after the latest personal consumption expenditures price index reading revealed that inflation remains elevated.
The Dow Jones Industrials sagged 99.91 points to 53,477.49.
The much-broader index stepped back 2.17 points to 7,675.11.
The NASDAQ Composite lost 67.48 points to 26,083.82.
Meta reached a settlement with state attorneys general over a lawsuit alleging that its social media apps harmed young users. Meta was higher 2%.
Nvidia is set to report its earnings for the second quarter on Wednesday after the bell. Wall Street projects earnings per share of $2.09 on $92.28 billion in revenue.
July’s personal consumption expenditures price index — a monthly report detailing changes in prices of goods and services and the Federal Reserve’s preferred metric of inflation — showed a month-over-month and year-over-year increase of 0.2% and 3.7%, respectively. Both figures were 0.1% above what economists polled by Dow Jones had expected.
Prices for the 10-year Treasury fell, raising yields to 4.66% from Tuesday’s 4.63%. Treasury prices and yields move in opposite directions.
Oil prices skidded 16 cents to $82.20 U.S. a barrel.
Gold prices stumbled $31.50 to $4,663.00 U.S. an ounce.
