Stocks in Toronto failed to catch up with the dizzy gains experienced early in the week, and fell on losses by tech and gold stocks.
The TSX faded 71.91 points to finish Wednesday at 19,983.69.
The Canadian dollar gained 0.16 cents to 74.78 cents U.S.
Techs weighed matters down, as Kinaxis flopped $11.27, or 5.9%, to $179.15, while HUT 8 Mining settled 15 cents, or 5.4%, to $2.63.
In gold stocks, Iamgold lost 16 cents, or 4%, to $3.88, while Torex Gold retreated $1.38, or 6.3%, to $20.80.
In consumer staples, North West Company dropped $4.68, or 12.2%, to $33.72, after the food retailer reported quarterly profit below market expectations, pulling consumer staples to the bottom of the sector indexes. Empire Company shed 92 cents, or 2.7%, to $33.68.
Energy stocks tried to balance things out, with Precision Drilling higher $2.76, or 4.5%, to $63.51, while Birchcliff Energy taking on 27 cents, or 3.5%. to $8.08.
In industrials, Canadian Pacific surged $2.88, or 2.8%, to $105.69, while Richelieu Hardware captured 39 cents to $42.74.
Communications were also positive, as Cogeco Communications grew $2.22, or 3.5%, to $66.94, while Quebecor climbed 55 cents, or 1.7%, to $33.01.
On the economic calendar, Statistics Canada reported this country’s merchandise exports increased 2.5% in April, while imports edged down 0.2%. As a result, Canada’s merchandise trade surplus with the world widened from $231 million in March to $1.9 billion in April.
The Bank of Canada today increased its target for the overnight rate to 4.75%, its highest in 22 years, with the Bank Rate at 5% and the deposit rate at 4.75%. The central bank is also continuing its policy of quantitative tightening.
ON BAYSTREET
The TSX Venture Exchange skidded 0.3 points to 612.28.
Seven of the 12 TSX subgroups moved lower by the close, with information technology down 3.6%, while gold dulled in price 1.8%, and consumer staples were lower 1.5%.
The five gainers were led by energy, up 1.2%, industrials, ahead 0.6%, and communications, progressing 0.5%.
ON WALLSTREET
The S&P 500 and NASDAQ closed lower Wednesday, with the broad market index fluctuating near its highest closing levels since August 2022.
The Dow Jones Industrials gained 91.74 points to end Wednesday at 33,605.02.
The much-broader S&P 500 backpedaled 16.33 points to 4,267.52.
The tech-heavy NASDAQ index withered 171.52 points, or 1.3%, to 13,104.90.
Shares of PacWest Bancorp jumped 14.4%, while Zions Bancorporation added 4.5%.
Stocks have been boosted recently as the promise of artificial intelligence lifts tech stocks. Over the past three months, the S&P 500 is up more than 7%.
The U.S. trade deficit continued to increase in April, but came in slightly below economists’ expectations. The deficit could translate into lower GDP growth for the second quarter.
Prices for the 10-year Treasury sagged, raising yields to 3.79% from Tuesday’s 3.68%. Treasury prices and yields move in opposite directions.
Oil prices recovered 87 cents to $72.61 U.S. a barrel.
Gold prices retreated $25.20 to $1,956.30 U.S. an ounce.