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Stocks Close Slightly Down



Equities in Canada’s largest market wobbled somewhat Wednesday, finally coming down in the red, weighed most by resource concerns, as investors tried to shake off the Bank of Canada’s decision on interest rate, or lack of it.

The TSX Composite staggered 8.81 to end Wednesday at 21,025.78.

The Canadian dollar sank 0.38 cents at 73.92 cents U.S.

Gold was the biggest load on the market, with B2Gold down 43 cents, or 10.7%, to $3.59, while Novagold faded 42 cents, or 9%, to $4.27.

Health-care also skidded, with Chartwell Retirement Residence units fading 26 cents, or 2.2%, to $11.47, while Tilray handed back six cents, or 2.2%, to $2.68.

In materials, Silvercrest Metals dipped 39 cents, or 5%, to $7.48, while Wheaton Precious Metals retreated $1.20, or 1.9%, to $62.46.

Energy tried to direct things back to the breakeven level, with Paramount Resources surging 83 cents, or 3.2%, to $26.41, while Advantage Oil gathered 29 cents, or 3.3%, to $9.04.

In financials, Brookfield Asset Management climbed 64 cents, or 1.2%, to $53.52, while Bank of Montreal gained $1.30, or 1%, to $130.00.

Techs also gained ground, with Sylogist climbing 40 cents, or 5.5%, to $7.70, while Tecsys jumped 95 cents, or 2.9%, to $34.00.

The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The central bank also said it is continuing its policy of quantitative tightening.

ON BAYSTREET

The TSX Venture Exchange slid 1.19 points to close Wednesday at 550.17.

All but three of the 12 subgroups lost ground on the day, with gold down 1.9%, health-care, tailing off 1.7%, and materials, off 0.9%.

The three gainers were energy, up 1.4%, financials, up 0.3%, and information technology, eking up 0.1%.

ON WALLSTREET

The S&P 500 rose Wednesday as Netflix led a broader rally among technology names, pushing the broader market to new heights.

The Dow Jones Industrials lost whatever momentum they enjoyed during the day and fell 98.93 points to close at 32,806.52, hurt by declines in Verizon and 3M a day after each reported earnings.

The S&P 500 index gained 3.95 points to 4,868.55.

The NASDAQ gathered 55.97 points to 15,481.92.

Netflix shares surged more than 10% after the streamer said its total subscriber count hit an all-time high of 260.8 million. Revenue topped analysts’ estimates, as did current-quarter earnings guidance.

Elsewhere, Microsoft rose nearly 1%, sending its market value briefly higher than $3 trillion for the first time. Meta advanced 1.4%, bringing the Facebook parent’s market cap above $1 trillion.

Beyond technology, AT&T slipped almost 3% on lower-than-expected earnings. Dupont De Nemours tumbled 14% after preannouncing weak fourth-quarter results and issuing disappointing first-quarter guidance.

Earnings reports will remain a focus of traders, with Tesla, Las Vegas Sands and IBM due after the bell. Of the more than 16% of S&P 500 companies that have reported quarterly financials thus far in the earnings season, over 71% have surpassed Wall Street expectations.

On the economic front, traders will be looking toward data on fourth quarter gross domestic product and the closely watched personal consumption expenditures price index expected later in the week.

Prices for the 10-year Treasury sagged, raising yields to 4.18% from Tuesday’s 4.14%. Treasury prices and yields move in opposite directions.

Oil prices regained $1.01 to $75.38 U.S. a barrel.

Gold prices dropped $12.60 to $2,013.20.



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