Canada Markets closed

Stocks hesitate at open

Baystreet.ca

Canada's main stock index was somewhat flat on Wednesday as worries over the escalating trade war between the United States and China weighed on investor sentiment.

The S&P/TSX Composite Index was in the minus column by 2.65 points to open Wednesday at 16,091.60

The Canadian dollar eked up 0.03 cents to 76.59 cents.

Hudson's Bay Co said its second-quarter loss widened due to lower sales from its Lord & Taylor, Hudson's Bay and Saks OFF 5th banners. As well, RBC raised its target price on the company’s stock to $11.00 from $10.00

Bay shares progressed 29 cents, or 2.7%, to $10.87.

Barclays raised the price target on Dollarama Inc. to $53.00 from $52.00. Dollarama gained 16 cents to $51.03.

National Bank of Canada raised the price target on Wesdome Gold Mines to $4.50 from $4.00. Wesdome shares stepped back two cents to $3.50

The Organization of Petroleum Exporting Countries further trimmed its forecast for 2019 global oil demand growth and said the risk to the economic outlook was skewed to the downside, adding a new challenge to OPEC's efforts to support the market next year.

Canada is ready to offer the United States limited access to the Canadian dairy market as a concession in negotiations to rework the North American Free Trade Agreement.

ON BAYSTREET

The TSX Venture Exchange strengthened 5.97 points to 728.17

Eight of the 12 subgroups were lower in the first hour of trade, with financials, industrials and utilities each sliding 0.3%.

The four gainers were led by health-care, sprinting 3.7%, energy, up 0.7%, and materials, ahead 0.3%.

ON WALLSTREET

Stocks were little changed on Wednesday as a fall in chipmaker shares and lingering trade concerns capped gains in the market.

The Dow Jones Industrial Average was fixed upward 38.01 points to 26,009.07, as Chevron and Exxon Mobil outperform.

The S&P 500 lost 1.38 points to 2,886.51, as losses in tech offset a 1% jump in energy.

The NASDAQ weakened 46.3 points to 7,926.18. Shares of Micron dropped more than 3% after Goldman Sachs downgraded them to neutral from buy, citing a "snowballing" decline in memory-chip demand.

Shares of Dow-member Intel fell nearly 1% while Applied Materials gave way 3.7%, and Lam Research pulled back 2.6%.

Tech shares have also fallen amid increasing regulatory pressure toward social media companies, especially Facebook and Twitter. Facebook shares slipped 1.3% while Twitter dropped 2.5%.

Tech's decline this month has pushed equities away from all-time highs reached late in August, along with ongoing worries over global trade.

China will seek permission from the World Trade Organization to inflict sanctions upon the U.S. as tensions between the two largest global economies continue.

Prices for the benchmark for the 10-year U.S. Treasury gained ground, weighing down yields to 2.96% from Tuesday’s 2.98%. Treasury prices and yields move in opposite directions.

Oil prices gained 92 cents to $70.17 U.S. a barrel.

Gold prices fell $1.10 to $1,201.10