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TSX Lower on Bank Rate Hike
Stocks opened lower on Wednesday in Canada’s largest centre as investors digested an interest rate hike by the Bank of Canada.
The S&P/TSX Composite Index docked 7.82 points to open Wednesday’s session at 15,277.35
The Canadian dollar slid 0.02 cents to 76.40 cents U.S.
Restaurant Brands International reported a quarterly profit that missed analysts' estimates as its Burger King unit struggled in a fiercely competitive U.S. market, offsetting gains in its Tim Hortons cafes.
Restaurant Brands opened lower by five cents to $74.36.
Canadian National Railway reported a better-than-expected third-quarter profit on Tuesday as the railroad shipped higher volumes of crude and grains.
CN shares chugged ahead $1.68, or 1.6%, to $109.93
National Bank of Canada cut the target price on IPL Plastics to $13.50 from $16.00. IPL shares docked 11 cents to $12.24.
CIBC cut the target price on TVA Group to $3.00 from $4.25. TVA shares nine cents, or 4.7%, to $1.99.
The Bank of Canada today increased its target for the overnight rate to 1.75%. The Bank Rate is correspondingly 2% and the deposit rate is 1.5%
ON BAYSTREET
The TSX Venture Exchange regained 4.42 points to 654.95
The 12 subgroups were evenly divided, as industrials soared 0.9%, energy progressed 0.7%, and health-care was haler 0.6%.
The half-dozen laggards were weighed by financials, down 0.7%, utilities, off 0.3%, and gold, dipped 0.2%
ON WALLSTREET
The Dow Jones Industrial Average gave back a 100-point gain on Wednesday as losses in tech shares outweighed a post-earnings bounce in Boeing.
The 30-stock index was mildly lower, shedding 15.1 points to 25,176.33
The S&P 500 doffed 9.71 points to 2,730.98, as the communications services dipped 1.3%, and technology sectors pulled back 0.8%.
The NASDAQ regressed 32.81 points to 7,404.73, as Facebook, Amazon, Netflix and Alphabet all traded lower.
Boeing a posted better-than-forecast profit and revenue and raised its full-year guidance on earnings and sales. The report sent the stock up more than 3.5%.
The results come as investors slog through the busiest week of the earnings season. More than 100 S&P 500 companies are scheduled to report this week, including Amazon, Alphabet and NBCUniversal-parent Comcast. So far, 80% of the companies that have reported have topped earnings expectations, according to data from FactSet.
AT&T and UPS also reported earnings before the bell Wednesday, but their shares fell.
Tech shares, meanwhile, fell broadly, adding to their steep losses from this month. The S&P 500 technology sector is down more than 7% in October. On Wednesday, Facebook and Alphabet both fell 0.8%, while Apple slipped 0.2%.
Prices for the benchmark for the 10-year U.S. Treasury sprang to life, lowering yields to 3.17% from Monday’s 3.2%. Treasury prices and yields move in opposite directions.
Oil prices backpedaled $3.05 at $66.31 U.S. a barrel.
Gold prices gained $8.70 an ounce to $1,233.30
