Canada’s main stock index edged lower on Wednesday, led by gold miners and material stocks, ahead of the U.S. Federal Reserve’s monetary policy decision.
The TSX began Wednesday’s session down 21.09 points to 25,098.62.
The Canadian dollar nosed up 0.02 cents to 69.90 cents U.S.
In corporate news, lithium miner Patriot Battery Metals secured a $69-million investment from automotive giant Volkswagen for a 9.9% stake. Shares trading under the symbol “PMET” galloped 70 cents, or 26.4%, to $3.35.
ON BAYSTREET
The TSX Venture Exchange regained 2.93 points to 600.18
All but three of the 12 TSX subgroups were lower, weighed most by gold and materials, each down 0.8%, while energy demurred 0.4%.
The three gainers were communications and industrials, each up 0.1%, and health-care, ahead 0.04%.
ON WALLSTREET
The Dow Jones Industrial Average was slightly higher on Wednesday as traders looked ahead to the Federal Reserve’s December interest rate decision.
The 30-stock index shot higher 147.14 points to 43,597.07. If the Dow were to fall for a 10th day on Wednesday, it would be its worst losing streak since an 11-day slide in 1974.
The S&P 500 index recovered 8.67 points to 6,059.28
The tech-heavy NASDAQ regained 25.38 points to 20,134.44.
Nvidia, which fell into correction territory earlier this week, was bouncing in trading Wednesday, up nearly 3%. Nvidia entered the Dow last month. Broadcom, the chip stock seeing big inflows this month as investors dumped Nvidia, was lower in early trading Wednesday.
The Dow’s worst funk in 46 years was mostly caused by a rotation out of old economy shares and into technology stocks, a sector that the century-old measure underweights compared to broader market metrics. Despite the streak, the Dow sits less than 4% from an-all time high.
Other measures of the market are holding up this month, with the S&P 500 in the green for December and sitting about 1% from an all-time high. The Nasdaq is up 4.6% this month as investors flooded into to tech shares, while shunning the Dow.
The Fed’s policy decision is due at 2:00 p.m. ET. Fed funds futures trading currently shows a 95% chance that the central bank will cut interest rates by a quarter percentage point.
Prices for the 10-year Treasury stayed put, keeping yields at Tuesday’s 4.40%.
Oil prices regained 81 cents to $70.89 U.S. a barrel.
Prices for gold slumped $10.50 an ounce to $2,651.50 U.S.