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Toronto Stocks Fade at Open Wednesday
Canada's main stock index opened lower on Wednesday, hurt by energy and materials stocks as commodity prices slipped, while investors stayed on the sidelines ahead of an expected U.S. Federal Reserve interest rate rise later in the day.
The TSX declined 8.15 points to begin Wednesday at 20,543.38.
The Canadian dollar slid 0.18 cents to 75.65 cents U.S.
Rogers Communications missed Wall Street estimates on Wednesday for second-quarter revenue, hit by slower growth in the telecom giant's wireless and media businesses. The cable behemoth jumped $2.09, or 3.5%, to $61.24.
Canadian retailer Loblaw on Wednesday beat Wall Street expectations for Q2 revenue and profit, helped by sustained demand for groceries and drugs and higher prices. Loblaw shares docked $2.03, or 1.7%, to $117.45.
ON BAYSTREET
The TSX Venture Exchange gained 2.98 points to open for business Wednesday at 616.87.
Seven of the 12 TSX subgroups were lower at the open, with information technology listing lower 1.1%, consumer staples fading 1%, and gold, dulling 0.5%.
The five gainers were led by health-care, zooming 6.2%, communications, up 0.5%, and industrials, ahead 0.4%.
ON WALLSTREET
The S&P 500 fell Wednesday as investors weighed a batch of corporate earnings from major technology names and geared up for the Federal Reserve’s latest interest rate decision.
The Dow Jones Industrials declined 2.88 points to open Wednesday at 35,435.19, having experienced 12 straight upward sessions.
The much-broader index subtracted 4.83 points to 4,562.63.
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The NASDAQ index slid 15.41 points to 14,129.15.
Google-parent Alphabet rose more than 6% as cloud revenue growth helped propel the company to a better-than-expected quarter. On the other hand, Microsoft slid more than 3% after reporting slowing cloud revenue growth.
Outside of Big Tech, Snap tumbled 19% after giving weak guidance for current-quarter performance.
Elsewhere, Dow component Boeing gained more than 5% after reporting a second-quarter beat following a rise in commercial aircraft deliveries. Meta, Chipotle and Mattel’s earnings are slated to drop after the market closes.
A slate of recent data suggesting easing inflation has investors riding a wave of optimism the Federal Reserve will be done hiking rates after its July meeting. The CME Group’s FedWatch Tool is showing a 98% likelihood policymakers will raise rates by a quarter percentage point at the conclusion of their Wednesday meeting. However, some market participants urge caution against the view the central bank is “one and done.”
Prices for the 10-year Treasury stayed put, keeping yields at Tuesday’s 3.88%.
Oil prices dipped 29 cents to $79.34 U.S. a barrel.
Gold prices brightened five dollars to $1,965.90 U.S. an ounce.
