Canada’s main stock index fell at the market open on Wednesday, hurt by financials shares, while investors awaited minutes from the U.S. Federal Reserve’s July policy meeting to assess the interest rate trajectory.
The TSX burrowed ahead 21.94 points to open the mid-week session at 19,921.73.
The Canadian dollar forged ahead 0.14 cents to 74.14 cents U.S.
Suncor Energy said on Tuesday it is continuing talks with French oil major TotalEnergies about buying its nearly one-third stake in the Fort Hills oil sands mine. Suncor stock captured 70 cents, or 1.7%, to $42.61.
Global bus manufacturer NFI Group and pot producer Cresco Labs will report quarterly results later in the day. NFI shares fell eight cents to $11.63, while those for Cresco gained a dime, or 7.1%, to $1.50.
Economically speaking, Statistics Canada notifies us wholesale sales fell 2.8% to $80.5 billion in June., while Canada Mortgage and Housing Corporation informed us that housing starts fell sharply in July to 255,000, from June’s 281,573.
ON BAYSTREET
The TSX Venture Exchange edged up 1.21 points to 590.69.
Seven of the 12 TSX subgroups were lower at the outset, with gold declining 0.6%, materials off 0.4%, and information technology looking downward 0.3%.
The five gainers were led by energy, up 1.2%, health-care, improving 0.8%, and consumer staples, better by 0.5%.
ON WALLSTREET
The Dow Jones Industrial Average traded higher Wednesday as traders awaited the release of the minutes from the Federal Reserve’s July meeting. Wall Street was coming off a losing session that marked the latest leg down in an August slump.
The blue-chip recovered 135.64 points to kick off Wednesday at 35,082.03
The S&P 500 index recouped 9.69 points to 4,447.56.
The NASDAQ index inched up 5.27 points to 13,636.32.
Shares of Travelers, Caterpillar and oil giant Chevron led the Dow’s gains Wednesday. The three companies were up more than 1% for the day.
Energy shares rebounded Wednesday after declining more than 2% Wednesday. The Energy Select Sector SPDR Fund gained nearly 0.9%. Marathon Oil, Phillips 66 and APA led the sector gains.
Meanwhile, the backend of the corporate earnings season rolled on. Target shares popped close to 4.8% even after the retailer cut its full-year outlook. Insurance company Progressive jumped 9%, also on the back of its earnings report.
The Fed is slated to post the minutes from its July meeting at 2 p.m. ET. Back then, the central bank raised rates to their highest levels in more than 22 years.
Prices for the 10-year Treasury climbed, lowering yields to 4.19% from Tuesday’s 4.22%. Treasury prices and yields move in opposite directions.
Oil prices slipped 19 cents to $80.83 U.S. a barrel.
Gold prices moved 40 cents above breakeven to $1,935.60 U.S. an ounce.