(CORRECTION: REVISES TSX CLOSING FIGURES AND AMOUNT OF LOSS)
Equities in Canada’s largest markets handed over some of their gains from the day before on Wednesday, with gains in consumer stocks offsetting losses in healthcare shares, ahead of the release of minutes from the Bank of Canada’s (BoC) latest policy meeting.
The TSX settled 45.46 points to close Wednesday at 20,679.54.
The Canadian dollar sank 0.32 cents at 74.35 cents U.S.
Health-care stocks suffered the most, with Bausch Health Companies surrendering 40 cents, or 3.8%, to $10.12, while Canopy Growth dipping 10 cents, or 2.7%, to $3.67.
In materials, Silvercrest Metals lost 26 cents, or 3.4%, to $7.38, while Nutrien faded $3.22, or 3%, to $105.60.
Among utilities, Brookfield Infrastructure Partners unit declined 73 cents, or 1.6%, to $45.17, while Emera Inc. ducked 58 cents, or 1.1%, to $52.56.
Consumer staples tried to right the ship, with Loblaw Companies prospering $2.65, or 2.3%, to $116.79, while George Weston hiked $2.92, or 1.8%, to $166.37.
Energy stocks also flexed their muscles, with PrairieSky Royalties soaring 50 cents, or 2.2%, to $23.21, while Nuvista Energy acquiring 18 cents, or 1.6%, to $11.34.
Communications issues were also in the green, with Cogeco Communications up $1.36, or 2%, to $70.00, and Quebecor tallying 44 cents, or 1.4%, to $31.64.
Investors also weighed BoC Governor Tiff Macklem’s speech from Tuesday, where he said that no further interest rate hikes will be needed if the economy stalls and inflation comes down as expected.
The TSX Venture Exchange recovered 2.31 points to 623.45.
Eight of the 12 subgroups were down on the day, with health-care docking 2%, while materials and utilities each gave up 0.7%.
The four gainers were consumer staples, up 1.5%, energy, up 0.6% and communications, ahead 0.3%.
U.S. stocks slid Wednesday as investors returned focus to the latest batch of corporate earnings. Wall Street also continued to weigh the outlook for future Federal Reserve policy moves.
The Dow Jones Industrials plummeted 207.68 points at 33,949.01.
The S&P 500 fell 46.14 points, or 1.1%, to 4,117.86.
The NASDAQ Composite cratered 203.27 points, or 1.7%, to 11,910.52.
Chipotle slid roughly 5% after missing expectations on the top and bottom lines in its latest results. Lumen Technologies tumbled nearly 21% after it reported a fourth-quarter loss of $3.1 billion and gave guidance for the year that was under Wall Street expectations.
Meanwhile, CVS jumped 3%, and Uber gained more than 5% on the back of earnings that came in above Wall Street estimates.
For the first quarter of 2023, 42 companies in the S&P 500 have issued negative earnings guidance. Meanwhile, eight have issued positive guidance, while many others have not changed their guidance or issued any to begin with. That’s a higher share of companies with negative expectations than the historical average.
Around 69% of the 297 S&P 500 companies that have reported fourth-quarter earnings so far beat analysts’ estimates, Refinitiv said, though many analysts lowered their expectations for the quarter amid rising concerns about the health of the economy. Just over 27% missed analyst consensus estimates for the quarter.
Prices for the 10-year Treasury were higher, lowering yields to 3.67% from Tuesday’s 3.69%. Treasury prices and yields move in opposite directions.
Oil prices advanced $1.26 to $78.40 U.S. a barrel.
Gold prices were higher $3.30 to $1,888.10 U.S. an ounce.