Baystreet.ca - Stock markets in Canada took some profits Wednesday, after several days of record gains, as tech and resource issues were hit hard.
The TSX Composite Index shed 144.22 points to close Wednesday at 22,851.17.
The Canadian dollar eased 0.1 cents to 73.05 cents U.S.
Techs had the toughest time of all the TSX subgroups, with Shopify (TSX:SHOP) waning $6.95, or 7.3%, to $88.37, while Converge Technology (TSX:CTS) Solutions ducked 27 cents, or 6.1%, to $4.19.
In materials, Ero Copper (TSX:ERO) fell $1.17, or 4%, to $28.31, while Fortuna Silver Mines (TSX:FVI) capsized 26 cents, or 3.5%, to $7.15.
Gold stocks also got bruised, with Equinox Gold (TSX:EQX) faltering 44 cents, or 5.3%, to $7.91, while Aya Gold off 81 cents, or 5.1%, to $15.15.
Communications were pointed up, with Cogeco (TSX:CGO) up $5.28, or 9.4%, to $61.25, while Quebecor (TSX:QBRa) strengthened 55 cents, or 1.9%, to $29.01.
In real-estate, Storagevault Canada agreed to acquire two adjacent properties in southern Ontario from two arm's length vendors for $71.5 million. Storagevault shares gained 16 cents, or 3.4%, to $4.84. while units of Canadian Apartment REIT took on 54 cents, or 1.1%, to $48.06.
On the economic beat, foreign investment in Canadian securities surpassed Canadian investment in foreign securities for a second consecutive month in May. Non-resident investors acquired $20.9 billion of Canadian securities. Meanwhile, Canadian investors purchased a moderate $3.9 billion of foreign securities.
ON BAYSTREET
The TSX Venture Exchange was beaten down 10.97 points, or 1.8% to 588.17.
All but three of the 12 TSX subgroups lost ground Wednesday, with information technology thumped 3.1%, materials, dropping 1.3%, while gold dulled 1.2%.
The two gainers were communications, ahead 1.5%, and real-estate, better by 0.4%. Health-care issues were unchanged by the close.
ON WALLSTREET
The S&P 500 and NASDAQ Composite retreated on Wednesday as the rotation out of high-flying technology shares into more rate-sensitive names continued.
The Dow Jones Industrials climbed 243.60 points to 41,198.08, lifted by a gain of almost 4% in UnitedHealth (NYSE:UNH) following a Wall Street upgrade on the back of its strong earnings report. That builds on Tuesday’s rally of more than 700 points, which marked the blue-chip index’s best day in more than a year.
The much-broader index fell 78.93 points, or 1.4%, to 5,588.27.
The NASDAQ was punished 512.41 points, or 2.8%, to 17,996.92.
Information technology and communication services were the two worst performing S&P 500 sectors in the session. Meta (NASDAQ:META) tumbled more than 6%, while big tech peers Apple (NASDAQ:AAPL), Netflix (NASDAQ:NFLX) and Microsoft (NASDAQ:MSFT) all dropped more than 1%.
Semiconductor stocks struggled in particular. Bloomberg News reported that the Biden administration is considering tougher trade restrictions if companies continue granting China access to U.S.-made technology.
Nvidia (NASDAQ:NVDA) faltered more than 6% and U.S.-listed shares of Taiwan Semiconductor fell more than 7%.
Prices for the 10-year Treasury staged a late gain, dropping yields to 4.15% from Tuesday’s 4.16%. Treasury prices and yields move in opposite directions.
Oil prices recovered $2.14 at $82.90 U.S. a barrel.
Gold prices sank $5.80 to $2,462.