Canada’s main stock index opened lower on Wednesday, pressured by technology stocks, in the hour or so following the Bank of Canada’s interest rate decision.
The S&P/TSX Composite lost 78.56 points to 21,084.09
The Canadian dollar inched forward 0.13 cents at 79.21 cents U.S.
Cenovus Energy forecast slightly higher capital expenditures next year, betting on a sustained recovery in energy prices with crude climbing over $70.00 a barrel. Cenovus shares descended 20 cents, or 1.2%, to $16.03.
Eight Capital initiated coverage on Capstone Mining with a buy rating. Capstone shares gained 13 cents, or 2.2%, to $5.96.
CIBC raised the target price on Dye & Durham to $50.00 from $46.00. Dye & Durham shares descended 47 cents, or 1%, to $46.30.
Acumen Capital raised the target price on Mainstreet Equity to $135.00 from $126.00. Mainstreet shares ditched $2.20, or 1.8%, to $117.80.
Government documents show that for three straight years, Alberta’s government granted Canada’s most emissions-intense oil sands facility reductions in payments that polluters are required to make for generating higher emissions than most of the industry.
On the economic slate, as expected the Bank of Canada today held its target for the overnight rate at the effective lower bound of 0.25%, with the Bank Rate at 0.5%
ON BAYSTREET
The TSX Venture Exchange edged up 0.91 points to 921.46.
Seven of the 12 TSX subgroups were lower in the first hour, as information technology dived 2.8%, industrials were down 0.9%, and communications slumped 0.4%.
The five gainers were led by health-care, haler by 0.7%, materials, stronger 0.3%, and real-estate, 0.2% more solid.
ON WALLSTREET
U.S. stocks were little changed Wednesday as the market took a pause from its two-day rally earlier in the week.
The Dow Jones Industrials grabbed onto 26.2 points to open at 35,745.63
The S&P 500 index picked up 4.56 points to 4,691.31.
The NASDAQ struggled to gain 11.69 points at 15,698.60.
Some of the recent comeback was validated by vaccine news Wednesday. Pfizer and BioNTech said three doses of their vaccine are effective at neutralizing the omicron variant, citing their own preliminary lab tests. The companies said two doses may still protect against severe disease.
Pfizer shares, which are up 8% in the last one month, inched higher.
Travel-related stocks, which have pushed higher all week as investors bet on the economic reopening, continued their move higher in early morning trading. Delta and American Airlines rose about 1%. Royal Caribbean, Las Vegas Sands and Expedia each rose about 2%.
Elsewhere, shares of Stitch Fix tumbled about 24% after issuing disappointing current-quarter revenue guidance and membership metrics.
Stocks have recovered this week from last week’s market rout on fears of the omicron COVID variant and a possible faster-than-expected taper of the Federal Reserve’s bond buying program.
In individual stock news, Apple shares climbed 0.8% despite a report that the iPhone maker is expected to fall 15 million units short of its 230 million-unit goal this year due to supply chain problems.
While the majority of S&P 500 companies have reported third-quarter earnings, GameStop and Rent the Runway will report on Wednesday after the bell.
On Wednesday, the U.S. Bureau of Labor Statistics will release October’s Job Openings and Labor Turnover Survey. Economists polled by Dow Jones are expecting there were 10.6 million open positions in October, up from 10.4 million in September.
Prices for 10-year Treasurys declined, raising yields to 1.51% from Tuesday’s 1.48%. Treasury prices and yields move in opposite directions.
Oil prices dipped 26 cents to $71.79 U.S. a barrel.
Gold prices fell 40 cents to $1,784.30 U.S. an ounce.