Equities in Canada’s largest market took their lumps Wednesday, weighed most by real-estate and industrial issues, as housing numbers made their presence felt.
The TSX Composite stumbled 242.1 points to adjourn Wednesday at 19,450.70.
The Canadian dollar dropped 0.3 cents at 72.93 cents U.S.
Real-estate took the heaviest body shots, with Tricon Capital sliding 34 cents, or 3.4%, to $9.67, while Storagevault Canada dropping 14 cents, or 3.4%, to $4.03.
Industrials also suffered, with ATS Corporation sinking $3.03, or 5.8%, to $49.46, while CAE Inc. doffed $1.42, or 4.6%, to $29.54.
In communications, Quebecor shed 65 cents, or 2.3%, to $28.36, while BCE tumbled $1.02, or 2%, to $51.34.
Energy, however, did acquire some traction, with Paramount Resources picking up $1.31, or 4.2%, to $32.22, while Arc Resources grew 36 cents, or 1.7%, to $22.23.
On the economic calendar, Canada Mortgage and Housing Corporation reports housing starts in Canada edged up by 8% over a month earlier to 270,466 units in September, above market expectations of 240,000 units.
ON BAYSTREET
The TSX Venture Exchange slid 12.08 points, or 2.3%, to end the session at 525.84.
All but one of the 12 TSX subgroups were negative, with real-estate and industrials each plunging 1.9%, and communications weaker by 1.8%.
Only energy held out against the negative tide, taking on 0.3%.
ON WALLSTREET
Stocks dropped Wednesday as earnings season gained steam and Treasury yields climbed to multi-year highs.
The Dow Jones Industrials swooned 332.57 points, or 1%, to close the day at 33,665.08.
The S&P 500 capsized 58.6 points, or 1.3%, to 4,314.60.
The NASDAQ index plummeted 219.45 points, or 1.6%, to 13,314.30.
J.B. Hunt lost more than 6% in the session on the back of worse-than-expected earnings, while United Airlines fell more than 9% after delivering soft guidance. Morgan Stanley dropped more than 6% and was on pace for its worst day since 2020 as a weak performance from the bank’s wealth management division overshadowed beats on both lines.
On the other hand, Procter & Gamble rose 2.5% after beating analyst expectations for the quarter. Investors are now looking to Netflix and Tesla earnings expected after the bell on Wednesday.
Just over 10% of companies in the S&P 500 have reported results. Of those already out with results, about 78% have surpassed analyst expectations.
Prices for the 10-year Treasury sagged, raising yields to 4.91% from Tuesday’s 4.84%. Treasury prices and yields move in opposite directions.
Oil prices recovered $1.56 to $88.22 U.S. a barrel.
Gold prices leaped $28.50 to $1,964.20.