Baystreet.ca - Equities in Toronto opened lower on Wednesday, hurt by declines in precious metal prices, but gains in energy and materials shares kept losses in check.
The TSX Composite Index declined 70.34 points to open the mid-week session at 21,718.14.
The Canadian dollar skidded 0.17 to 73.03 cents U.S. Onex Corp-backed WestJet Airlines said a union representing its maintenance engineers rejected its new offer and served a second strike notice, just days after the union called off a strike by agreeing to return to the bargaining table. Parent company Onex’s shares gained 76 cents to $94.98.
ON BAYSTREET
The TSX Venture Exchange added 0.95 points to 565.52.
All but three of the 12 TSX subgroups were lower to open Wednesday, weighed most by communications, off 1.1%, consumer staples, falling 0.9%, and financials, falling 0.8%. The two gainers were materials, picking 0.5%, and information technology, up 0.2%. Health-care stocks were unchanged at first.
ON WALLSTREET
The S&P 500 was flat Wednesday as investors evaluate their holdings following a booming first half of the year led by AI plays. The S&P 500 was on track for its fourth losing day in the last five as it closes out this week a six-month gain of nearly 15%.
The Dow Jones Industrials let go of 151.15 points to 38.961.09.The much-broader erased 1.75 points to 5,467.55.The NASDAQ proved the anomaly, gaining 60.84 points to 17,778.50.
Nvidia (NASDAQ:NVDA) added 1% Wednesday after climbing 7% on Tuesday, its first positive day in four. The artificial intelligence chipmaker’s $3.1 trillion market value has come to dominate the cap-weighted S&P 500, and its 156.6% surge in 2024 has sparked concerns that most other stocks are failing to participate in this year’s rally.
The recent pullback across the broader market has raised speculation of whether the 2024 rally, largely powered by Nvidia, has run its course. Most stocks were lower in the S&P 500 Wednesday, but there were some positive standouts in the market. FedEx (NYSE:FDX) popped 12% after issuing adjusted earnings that surpassed estimates in the fiscal fourth quarter. Rivian Automotive soared 33% after Volkswagen (ETR:VOWG_p) Group said it would invest up to $5 billion in the electric vehicle company.
Prices for the 10-year Treasury slid, raising yields 4.31% from Tuesday’s 4.24%. Treasury prices and yields move in opposite directions. Oil prices regrouped 37 cents at $81.20 U.S. a barrel. Gold prices withered $19.30 to $2,311.50