Another Negative Day for TSX
Athabasca, Spin Master in Focus
Stocks in Toronto advanced toward the breakeven point, but fell far short by Wednesday's closing bell, as energy and consumer stocks failed to rally.
The S&P/TSX were off 104.58 points to conclude the midweek session at 18,729.66.
The Canadian dollar reached to within 0.02 cents of breakeven to 76.72 cents U.S.
Energy stocks again took the brunt of the selling, with Athabasca Oil down 15 cents, or 6.6%, to $2.11, while Freehold Royalties dropped 82 cents, or 6.5%, to $11.87.
Among consumer discretionary concerns, Spin Master spun lower $1.44, or 3.2%, to $43.11, while Magna International faded $2.54, or 3.6%, to $68.91.
In consumer staples, George Weston retreated $3.19, or 2.1%, to $150.39, while Loblaw Companies lost $3.14, or 2.6%, to $115.52.
Industrials tried to level things off, with Ritchie Bros. gaining $1.56. or 1.9%, to $85.60, while Russel Metals grabbed 40 cents, or 1.6%, to $25.07.
In real-estate, Allied Properties REIT added 73 cents, or 2.2%, to $33.86, while Tricon Capital took on 28 cents, or 2.1%, to $13.53.
In cannabis stocks, Tilray picked up 36 cents, or 8.6%, to $4.57, while Cronos Group jumped seven cents, or 1.8%, to $3.96.
The TSX Venture Exchange tumbled 13.59 points, or 2.2%, to 602.35.
Eight of the 12 TSX subgroups were lower, with energy sliding 3.7%, consumer discretionary subsiding 1.6%, and consumer staples declining 1.4%.
The four gainers were led by industrials, rumbling 0.9%, real-estate, up 0.3%, and health-care, eking 0.2%.
U.S. stocks moved slightly higher on Wednesday as investors pored over the latest minutes from the Federal Reserve.
The Dow Jones Industrials pushed out gains of 69.86 points to 31,037.68.
The S&P 500 poked up 13.69 points to 3,845.08.
The NASDAQ Composite recovered 39.61 points to 11,361.85.
Defensive plays and well-established tech stocks were some of the best performers on Wednesday. Shares of Northrop Grumman jumped more than 4%, while UnitedHealth Group added more than 2%. Apple picked up 1.3%, and Cisco Systems 2.2%.
Energy stocks were some of the worst performers, as oil prices continued their recent slide. Shares of Chevron and Diamondback Energy each fell about 3%.
Stocks moved higher after the Fed released the minutes from its June meeting, showing that the central bank was committed to bringing down inflation. Fed members said the July meeting likely also would see another 50- or 75-basis point move, the minutes showed. A basis point is one one-hundredth of one percentage point.
The Institute for Supply Management services PMI data came in better than expected, but did show a slight slowdown in growth. Job openings also came in higher than expected, at more than 11 million.
Treasury prices dropped, bringing yields up to 2.92% from Tuesday's 2.83%. Treasury prices and yields move in opposite directions.
Oil prices slipped $1.12 to $98.38 U.S. a barrel.
Gold prices fell $25.60 to $1,738.30 U.S. an ounce.
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.