Equities in Toronto fell short Wednesday of making up for losses sustained in previous dates, as difficulties in utilities outweighed strength in health-care and consumer stocks.
The TSX Composite removed 10.4 points to 18,206.28.
The Canadian dollar slumped 0.16 cents to 72.35 cents U.S.
Health-care issues also made a statement, as Tilray moved up 26 cents, or 6.6%, to $4.23, while Canopy Growth gained 13 cents, or 4%, to $3.41.
Consumer staple stocks had a banner morning, with Saputo taking on 90 cents, or 3%, to $31.39, while North West Company increased 95 cents, or 2.8%, to $34.65.
Real-estate issues had a fine day, too, as units of Granite REIT rocketed $2.11, or 3.1%, to $65.88, while Summit REIT jumped 49 cents, or 2.9%, to $17.92.
In utilities, Innergex slid 98 cents, or 6.2%, to $14.90, while Transalta Corporation lost 38 cents, or 3.4%, to $10.79.
Communications took some knocks, too, as BCE slid 74 cents, or 1.3%, to $56.47, while Shaw lost 38 cents, or 3.4%, to $10.79.
ON BAYSTREET
The TSX Venture Exchange slouched 2.41 points to 585.49.
All but three of the 12 TSX subgroups were positive on the day, as health-care was haler 3.1%, real-estate picked up 1.6%, and consumer staples bettered themselves 1.3%.
The three laggards were utilities, retreating 2.4%, communications, tailing off 0.9%, and industrials, worse off 0.5%.
ON WALLSTREET
The S&P 500 fell Wednesday, notching a sixth consecutive daily loss and hitting the lowest close since November 2020 as investors looked ahead to a key consumer report that will inform the pace of the Federal Reserve’s rate hikes going forward.
The Dow Jones Industrials gave up gains and faded 28.34 points by the close to 29,210.85.
The S&P 500 declined 11.81 points to 3,577.03.
The NASDAQ Composite dropped 9.09 points to 10,417.10.
Traders took a comment in the central bank’s September meeting minutes as a sign that the Fed may back off rate hikes in the event of more market turbulence, which initially lifted stocks.
Stocks whiplashed between gains and losses earlier in the morning when the September producer price index, a gauge of final-demand wholesale prices, came in higher than expected.
The print was up 0.4% in September, more than the consensus estimate of a 0.2% increase, according to Dow Jones.
The PPI number is one of the inflation gauges investors are watching alongside the Federal Reserve. If inflation stays high, the central bank is more likely to continue its aggressive path of interest rate hikes to bring it back into check.
That means rates will continue to rise and may stay high for longer than markets expect, weighing on stocks.
Treasury prices climbed, lowering yields to 3.90% from Tuesday’s 3.94%. Treasury prices and yields move in opposite directions.
Oil prices sank $2.27 to $87.08 U.S. a barrel.
Gold prices dumped $4.30 to $1,681.70 U.S. an ounce.