Baystreet.ca - Canada's main stock index opened lower on Wednesday due to losses in energy and mining stocks, while investors digested upbeat earnings from major domestic lenders and awaited Nvidia (NASDAQ:NVDA)'s quarterly earnings.
The TSX Composite Index lost 25.02 points to begin Wednesday at 23,234.94.
The Canadian dollar backslid 0.12 cents to 74.37 cents U.S.
Investors assessed earnings from the Royal Bank of Canada (TSX:RY) and the National Bank of Canada (TSX:NA), both of which reported higher third-quarter profits on Wednesday. RBC shares improved $3.87, or 2.5%, to $160.44, while National shares jumped $5.60, or 4.7%, to $125.49.
In corporate news, Canadian energy firm Pieridae Energy Limited announced equity rights offering of $30 million, along with a standby offering of $25 million. Pieridae shares stayed put at 32 cents.
ON BAYSTREET
The TSX Venture Exchange fell 3.87 points to 569.16.
Eight of the 12 TSX subgroups were negative, with materials and gold each dipping 1.6%, and information technology off 0.9%.
The four gainers were led by financials, up 0.6%, while industrials and communications each climbed 0.3%.
ON WALLSTREET
Investors sent the NASDAQ Composite lower on Wednesday as they waited for Nvidia’s quarterly earnings announcement.
The Dow Jones Industrials slipped 0.43 points to commence Wednesday at 41,250.07
The S&P 500 skidded 3.74 points to 5,623.06
The tech-heavy NASDAQ faded 53.29 points to 17,701.58.
Wall Street is keeping an eye on Nvidia to gauge the sustainability of the broader tech and AI trade. The semiconductor giant — slated to report after the close — has surged 159% in 2024, raising questions of how much
Prices for the 10-year Treasury inched higher, lowering yields to 3.83% from Tuesday’s 3.84%. Treasury prices and yields move in opposite directions.
Oil prices sank $1.20 at $74.33 U.S. a barrel.
Gold prices dropped $10.50 to $2,542.40.
NASDAQ Dips on Nvidia Fortunes