Markets in Toronto seesawed back and forth between positive and negative Wednesday, before settling in the red after several straight days of all-time records.
The S&P/TSX Composite Index fell 142.17 to end the session at 21,932.18.
The Canadian dollar gained 0.15 cents to 79.60 cents U.S.
Techs took the biggest bruises of all subgroups, Tecsys collapsing $2.61, or 7.5%, to $32.72, while Converge Tech Solutions was down 43 cents, or 4%, to $10.23.
Financials had a rough go of it Wednesday, with BMO staggering $5.61, or 3.7%, to $148.11, while goeasy Financial lost $4.46, or 3.2%, to $135.84.
Consumer discretionary stocks also lost some of their mojo, with Restaurant Brands International weakening $1.81, or 2.5%, to $71.33, while BRP Inc. dipped $3.12, or3.4%, to $89.19.
Energy stocks did their best to keep things positive, with Vermilion Energy gained 86 cents, or 3.2%, to $27.60, while Whitecap Resources collected 31 cents, or 3.1%, to $10.43.
In the consumer discretionary section, BRP gave up $1.91, or 2.1%, to $90.40, while Linamar Corp. surrendered $1.36, or 2.4%, to $56.38.
Quebec on Tuesday announced payments of $500 each to residents to counter the rising cost of living ahead of a fall election and said it sees a $6.5-billion budget deficit for fiscal 2022/23.
The TSX Venture Exchange added 4.52 points to 876.20.
All but three of the 12 TSX subgroups were lower on the day, information technology sinking 2.1%, financials poorer by 1.8%, and consumer discretionary stocks off 1.5%.
The three gainers proved to be gold, brighter by 2.3%, energy, rumbling 2.2%, and materials, ahead 1.6%.
U.S. stocks eased Wednesday as oil prices rose, renewing inflation fears.
The Dow Jones Industrials blundered 448.96 points, or 1.3%, to 34,358.50.
The S&P 500 fell 55.37 points, or 1.2%, to 4,456.24
The NASDAQ Composite crumbled 186.21 points, or 1.3%, to 13,922.60.
Traders digested the latest news on the Ukraine-Russia war. Ukrainian President Volodymyr Zelenskyy called for more pressure on Russia from other countries as the conflict appears to be entering a stalemate.
All three averages are on track to close the month more than 1% higher. The S&P 500 has recouped its losses since Russia invaded Ukraine in February.
Energy stocks rallied Wednesday as oil prices rose. Hess advanced 4.6% while Diamondback Energy rose 3.9%, to prove the top two gainers on the S&P 500.
General Mills added nearly 2.5% after the food maker reported better-than-expected quarterly earnings Wednesday and raised its full-year outlook.
On the downside, Adobe shares fell 9.3% after the company forecasted lower-than-expected profit and revenue in its fiscal second quarter.
Treasury prices hiked, lowering yields to 2.29% from Tuesday’s 2.38%. Treasury prices and yields move in opposite directions.
Oil prices regained $5.32 to $114.99 U.S. a barrel.
Gold prices jumped $25.30 to $1,946.80 U.S. an ounce.