Baystreet.ca - Hopes of a recovery on Bay Street quickly went a-glimmer Wednesday, as indexes stumbled into minus territory.
The TSX Composite Index gave up earlier gains and finished Wednesday in the red 99.43 points to 21,879.02.
The Canadian dollar eked up 0.21 cents at 72.74 cents U.S.
Materials were the hardest hit Wednesday, with Ero Copper (TSX:ERO) bruised $1.76, or 6.6%, to $24.90, while K92 Mining (TSX:KNT) sank 47 cents, or 6.4%, to $6.83.
In gold stocks, Kinross Gold (TSX:K) ditched 65 cents, or 5.5%, to $11.17, while Oceanagold dipped 23 cents, or 7.1%, to $3.00.
Consumer staples also took their share of hits, with Alimentation Couche-Tard down $2.32, or 2.9%, to $78.39, while North West Company (TSX:NWC) flopped 91 cents, or 2.1%, to $43.26.
Tech stocks tried to pave the way upward, Shopify (TSX:SHOP) powering $13.31, or 17.9%, to $87.87, while Tecsys grabbed 75 cents, or 1.9%, to$40.02.
In energy issues, Suncor (TSX:SU) hurtled $2.23, or 4.4%, to $53.20, while Imperial Oil (TSX:IMO) gained $1.50, or 1.6%, to $95.62.
In communications, Quebecor (TSX:QBRa) tallied 21 cents to $32.00, while Telus Corp (TSX:T). added eight cents to $22.58.
The seasonally-adjusted IVEY PMI index tailed off to 57.6 in July from 62.5 in June and 48.6 in July 2023. A reading above 50 indicates an increase in activity.
ON BAYSTREET
The TSX Venture Exchange also bade farewell to morning gains and lost 8.94 points to 533.73
All but three of the 12 TSX subgroups were lower on the day, as materials shed 2.8%, gold let go of 2.6%, and health-care ailed 1.4%.
The three gainers proved to be information technology, up 3.6%, energy, better by 1.5%, while communications inched ahead 0.2%.
ON WALLSTREET
Stocks closed lower on Wednesday as the market’s attempt to fully recover from Monday’s sell-off failed.
The Dow Jones Industrial index retreated 234.28 points to 38,763.38.
The S&P 500 index dropped 40.53 points to 5,199.50.
The NASDAQ slumped 171.05 points to 16,195.81.
A rollover in Nvidia (NASDAQ:NVDA) and other big technology stocks following an early jump led to the major averages rolling over in the afternoon. Nvidia pulled back 5%, while shares of Super Micro Computer tumbled 20% after the server company’s fiscal fourth-quarter earnings missed analyst estimates. Tesla (NASDAQ:TSLA) also lost 4.4% and Meta (NASDAQ:META) Platforms shed 1%.
Wall Street came off a strong session. The S&P 500 and the NASDAQ each advanced 1%, while the 30-stock Dow added nearly 300 points.
On Monday, the Dow and the broad-market S&P 500 posted their worst session since 2022, fueled by recession worries and the unwinding of the yen carry trade.
Prices for the 10-year Treasury skidded, yields hiking to 3.95% from Tuesday’s 3.89%. Treasury prices and yields move in opposite directions.
Oil prices grew $2.21 at $75.41 U.S. a barrel.
Gold prices slid $4.50 to $2,427.10.