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TSX Steps Back from Recent Highs
Canada's main stock index fell on Wednesday after four consecutive sessions of gains, as an uptick in domestic core annual inflation tempered hopes of an interest rate cut.
The TSX Composite Index dipped 61.35 points to enter noon hour Wednesday at 17,013.85
The Canadian dollar gained 0.29 cents at 76.27 cents U.S.
The largest percentage gainers on the TSX were Aecon Group, which jumped 53 cents, or 3%, to $18.15, after the construction company said it was awarded three contracts and TransAlta Corp, which was up 26 cents, or 2.9%, to $9.14.
The biggest decliners were cannabis companies Hexo Corp, down 18 cents, or 6.5%, to $2.59, and Aurora Cannabis, which fell 19 cents, or 6.2%, to $2.89.
On the economic slate, Statistics Canada reported 448,100 people received regular employment insurance benefits in October, similar to the previous month.
The agency also said its consumer price index rose 2.2% on a year-over-year basis in November, following a 1.9% increase in each of the previous three months.
On a seasonally-adjusted monthly basis, the CPI rose 0.1% in November.
ON BAYSTREET
The TSX Venture Exchange skidded 1.65 points to 541.90
Eight of the 12 subgroups lost ground, with health-care tumbling 2.7%, while consumer staples faded 1.2%, and utilities lost 1%.
The four gainers were led by information technology, ahead 0.9%, while real-estate and gold each acquired but 0.1%.
ON WALLSTREET
Stocks rose slightly on Wednesday as Wall Street tried to extend its winning streak to six days. However, gains were kept in check as investors digested weak earnings from shipping giant FedEx.
The Dow Jones Industrials paused from its record trek and let go of 5.3 points, to break for lunch at 28,261.86
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The S&P 500 added 2.17 points to 3,194.69, also for a new peak.
The NASDAQ added 19.41 points to Tuesday’s all-time record, at 8,842.77.
The market’s current winning streak comes after President Donald Trump and Chinese officials announced that the world’s two largest economies had agreed on a so-called "phase-one" deal.
But Wednesday’s session got off to a slow start after FedEx shares dropped more than 9% on disappointing quarterly numbers. The company’s earnings and revenue missed analyst expectations. FedEx also cut its guidance for the rest of its fiscal year.
FedEx cited weaker economic conditions across the globe and losing a "large customer."
General Mills shares climbed more than 1% after the company posted a quarterly profit that topped analyst expectations. General Mills also reaffirmed its fiscal year earnings outlook.
Prices for the 10-Year U.S. Treasury were lower, raising yields to 1.93% from Tuesday’s 1.88%. Treasury prices and yields move in opposite directions.
Oil prices gave up four cents to $60.90 U.S. a barrel.
Gold prices moved backward 90 cents at $1,479.70 U.S. an ounce.
S&P, NASDAQ Continue Record Hike
