Stocks in Canada’s largest centre survived a volatile session Wednesday before resting just ahead of breakeven, powered largely utility stocks.
The TSX Composite hung onto gains of 14.01 points to close the mid-week session at 21,728.55.
The Canadian dollar improved 0.11 cents at 72.69 cents U.S.
Utilities led the parade of gainers, with Brookfield Infrastructure units up $3.18, or 11%, to $32.05, while Boralex tallied $1.29, or 4.7%, to $28.92.
In tech issues, Kinaxis vaulted $5.89, or 4%, to $152.48, while Descartes Group soared $2.80, or 2.2%, to $130.50.
Gold stocks were also in positive country, with Sandstorm Gold ahead 17 cents, or 2.3%, to $7.69, while OceanaGold moved ahead 11 cents, or 3.7%, to $3.09.
Health-care stocks weighed things down, however, primarily, Tilray which lost whatever gains they’d amassed Tuesday, dropping 66 cents, or 19.3%, to $2.76, while Bausch Health Companies handed over two cents to $12.03.
In energy stocks, Baytex flopped 26 cents, or 5.1%, to $4.84, while Whitecap Resources fell 44 cents, or 4.2%, to $10.00.
In consumer stocks, Restaurant Brands International capsized $3.68, or 3.5%, to $100.76, while MTY Group docked 91 cents, or 1.8%, to $48.49.
On the economic calendar, the Markit Canada Manufacturing PMI registered 49.4 in April, down from 49.8 in March.
ON BAYSTREET
The TSX Venture Exchange took on 4.43 points to 583.95.
All but three of the 12 subgroups were positive, with utilities surging 1.6%, while information technology and gold each gained 1%.
The three laggards proved to be health-care, plummeting 5%, energy, down 1.6%, and consumer discretionary stocks, off 0.7%.
ON WALLSTREET
The Dow Jones Industrial average rose on Wednesday after Federal Reserve Chair Jerome Powell largely ruled out that the central bank’s next move could be a hike, easing investor worries that it was losing control of sticky inflation. The broader market was lower, with losses from chipmakers dragging down the S&P 500.
The 30-stock index gained 87.37 points to conclude Wednesday at 37,903.29.
The S&P 500 remained negative 17.3 points to 5,018.39.
The NASDAQ slid 52.34 points to 15,605.48.
But stocks tied to artificial intelligence struggled during Wednesday’s session, following disappointing reports from some top AI contenders.
Advanced Micro Devices tumbled 7% after issuing an in-line current-quarter revenue forecast, while Super Micro Computer slid 11% on light revenue.
Several notable earnings reports were also scheduled for release after the bell Wednesday, including Qualcomm and DoorDash.
The central bank opted to hold rates steady, citing a “lack of further progress” in bringing inflation back down toward its 2% goal. However, Powell ruled out the likelihood of a hike in a press conference following the decision.
Investors also reacted positively to the Fed saying it would tap the brakes on one way it tightens conditions for financial markets. Starting in June, the central bank said it will slow the pace at which it allows maturing bond proceeds to roll off its balance sheet without reinvesting them. This is a process known as quantitative tightening.
Investors gained another hint into the state of the labor market ahead of Friday’s April jobs report. ADP’s private employment data showed more workers added than expected last month.
Prices for the 10-year Treasury gained ground, lowering yields to 4.63% from Tuesday’s 4.66%. Treasury prices and yields move in opposite directions.
Oil prices fell $2.79 to $79.14 U.S. a barrel.
Gold prices recovered $23.30 to $2,326.50.