TSX Weakens at Open

Canada's main stock index fell on Wednesday led by a selloff in energy and materials shares due to lower commodity prices, while investors globally awaited minutes from Federal Reserve's latest monetary policy meeting.

The TSX stumbled 88.58 points to commence Wednesday trading at 22,379.58.

The Canadian dollar lost 0.02 cents at 73.12 cents U.S.

In company news, Power Corporation of Canada has shut its China investment unit and dismissed all staff, becoming the latest Western financial firm to pull back amid the country's economic challenges.

Copper miner Hudbay Minerals plans to raise $300.2 million in an equity offering to help fund near-term growth initiatives at its Copper Mountain unit, among other purposes.

ON BAYSTREET

The TSX Venture Exchange handed back 5.35 points to 615.17.

All but two of the 12 TSX subgroups were lower to start the session, with materials slumping 1.9%, gold down 1.7%, and energy off 1.5%.

The two gainers proved to be information technology, ahead 1.4%, and industrials, inching up 0.1%.

ON WALLSTREET

U.S. stocks traded near the flatline Wednesday as investors looked ahead to the widely-anticipated release of Nvidia’s latest earnings report.

The Dow Jones Industrials inched up 4.34 points to kick off Wednesday at 39,877.33.

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The S&P 500 hesitated 0.8 points to 5,320.61.

The NASDAQ gained 6.39 points to 16,839.01.

Target shares fell more than 8% on weaker-than-expected earnings, with management citing weaker spending trends in discretionary categories. The retailer’s troubles raised broader concerns about the health of the consumer.

Nvidia shares pulled back 0.7% Wednesday ahead of its quarterly earnings results after the bell. Analysts are expecting another strong quarter from the chipmaker. LSEG data shows consensus estimates call for earnings per share and revenue to have risen 400% and 240% year on year.

Existing home sales unexpectedly fell in April, indicating a potential cooldown in the housing market. Economists polled by Dow Jones had expected home sales to rise during the month.

Traders will also watch out for minutes from the latest Federal Open Market Committee meeting.

Prices for the 10-year Treasury slipped, raising yields to 4.43% from Tuesday’s 4.41%. Treasury prices and yields move in opposite directions.

Oil prices fell $1.12 to $77.54 U.S. a barrel.

Gold prices dipped $33.50 to $2,392.40.