(MENAFN- Baystreet.ca)
Stumble for TSX Wednesday
GM Pummeled
Stocks in Toronto dumped some of its earlier gains Wednesday, on weak performance by energy and health stocks.
The TSX Composite index fell 28.4 points to close Wednesday at 20,337.45.
The Canadian dollar shed 0.09 cents to 79.70 cents U.S.
Energy stocks took the brunt of the selloff, with Enerplus slipping 59 cents, or 7.6%, to $7.19, while Crescent Point Energy dumping 36 cents, or 7.5%, to $4.45.
Among health-care concerns, Bausch Health Companies wilted $1.71, or 5.2%, to $31.42, while OrganiGram Holdings fell 13 cents, or 4%, to $3.11.
Materials also got bruised, as Endeavour Silver lost 31 cents, or 4.7%, to $6.30, while Stella-Jones faltered $2.70, or 5.9%, to $43.00.
Tech stocks tried to leaven things, with Hut 8 Mining jumping 49 cents, or 8.1%, to $6.56, while Lightspeed POS climbed $2.37, or 2.2%, to $111.91.
Financials did their bit, too, with Fairfax Financial Holdings up $25.04, or 4.7%, to $557.86, and Canaccord Financial firming 22 cents, or 1.6%, to $13.69.
On the economic slate, Statistics Canada reported the total value of building permits rose 6.9% to $10.3 billion in June.
The agency added seven provinces contributed to the gain, led by Ontario, which jumped 22.7%. Construction intentions in the residential sector were up 9.1%, while the non-residential sector advanced 2.2%.
ON BAYSTREET
The TSX Venture Exchange gave back 4.12 points to 924.06.
All but two of the 12 TSX subgroups were lower, with energy stumbling 4.1%, health-care taking a head of 2.9%, and materials off 1%.
The two gainers were information technology, up 0.7%, and financials, picking up 0.4%.
ON WALLSTREET
U.S. stocks fell on Wednesday after the earnings of a major automaker and a private sector jobs report came in lower than expected.
The Dow Jones Industrials tumbled 323.73 points to 34,792.67`, after a sharp rise on Tuesday
The S&P 500 faltered 20.49 points to 4,402.66, from Tuesday's all-time closing high.
The NASDAQ gained 19.24 points to 14,780.53.
Shares of General Motors fell about 9%., weighing on the broader market, after the automaker missed earnings expectations for the second quarter. The automaker did raise its guidance for a key profit metric for the rest of the year.
Cyclical stocks that are tied to the economic recovery were some of the weakest performers on Wednesday. Energy stocks fell, along with oil prices, with Chevron dropping more than 2%. Banks and industrials, such as Honeywell, also struggled. Shares of Coca-Cola lost more than 1%.
Meanwhile, shares of Robinhood surged 50%, continuing a volatile jump after last week's soft initial public offering. Semiconductor stocks were another bright spot, with Nvidia and Advanced Micro Devices rising.
The ADP private payroll survey showed a gain of 330,000 jobs for July, well short of the consensus estimate of 653,000. The U.S. Labor Department's official jobs report, which typically has more impact with investors, will be released on Friday.
The labour market readings come as the delta variant of COVID-19 has spread across the U.S., leading to new restrictions and mandates from some companies and local governments.
Treasury Secretary Janet Yellen will say on Wednesday that enacting the trillion-dollar bipartisan infrastructure bill is key to keeping America's status as the "world's pre-eminent economic power." Her comments come as investors await the final details of the bill, over which the Senate is currently haggling.
Prices for 10-Year Treasurys were higher, moving yields back to Tuesday's 1.18%. Treasury prices and yields move in opposite directions.
Oil prices faltered $2.60 to $67.96 U.S. a barrel.
Gold prices regained 90 cents to $1,815.00 U.S. an ounce.
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