Canada’s main stock index fell on Wednesday, as disappointing earnings weighed ahead of keenly awaited U.S. inflation data and the outcome of mid-term elections.
The TSX Composite dumped 134.34 points to pause for lunch at 19,525.97.
The Canadian dollar lost 0.19 cents to 74.35 cents U.S.
Absolute Software plunged $2.14, or 15.3%, to $11.85, after its first-quarter results missed expectations
Canopy Growth reported a smaller second-quarter core loss, helped by higher sales and cost-cutting measures. The stock rose 17 cents, or 4%, to $4.41.
Lending company EQB Inc jumped $5.00, or 11%, to $50.33 after its third-quarter earnings beat estimates, while ATS Automation
Tooling Systems fell $3.39, or 7.1%, to $44.14 on weak quarterly results.
TC Energy gained $1.89, or 3.1%, to $62.05, after it said it was looking to sell $5 billion worth of assets to repay debt and fund new projects and reported an 8% rise in quarterly profit.
ON BAYSTREET
The TSX Venture Exchange woozed 17.07 points, or 2.8%, to 585.31
Eight of the 12 TSX subgroups lost ground by midday, with energy sputtering 2.3%, information technology down 1.6%, and materials off 1%.
The four gainers were led by communication and gold stocks, each picking up 0.5%, and utilities ahead 0.3%.
ON WALLSTREET
Stocks were lower on Wednesday — following recent market gains — as results of the mid-term elections provided no clear answers about who would control Congress yet.
The Dow Jones Industrials tumbled 297.99 points, midday Wednesday to 32,862.84.
The S&P 500 retreated 33.2 points to 3,794.91
The NASDAQ plunged 132.53 points, or 1.3%, to 10,453.67.
Shares of Facebook parent Meta Platforms rose 3% after the social media giant announced it will be laying off more than 11,000 workers. Founder and CEO Mark Zuckerberg said he was too optimistic about growth and now needs to streamline the company.
One stock that weighed on markets was Disney, which fell more than 11% after the entertainment giant missed estimates on the top and bottom lines for its fiscal fourth quarter.
Stocks are coming off three straight days of gains into the election, where Wall Street was expecting Republicans to gain ground and block any future tax and spending plans.
But control of Congress was not clear. Media reports were not yet projecting control of the House of Representatives with one estimate suggesting Republicans could win 220 seats, which would be a narrow majority.
In one of the key races that could determine Senate control, Democrat John Fetterman defeated Republican Mehmet Oz for the pivotal Senate seat in Pennsylvania, according to one projection. Oz had the backing of former President Donald Trump, whose endorsed candidates saw spotty levels of success across the country.
Critical Senate races in Georgia and Nevada were unresolved.
Prices for the 10-year Treasury made slight gains, lowering yields to 4.11% from Tuesday’s 4.14%. Treasury prices and yields move in opposite directions.
Oil prices drooped $2.07 to $86.84 U.S. a barrel.
Gold prices fell 70 cents to $1,715,30 U.S. an ounce.