The win streak was finally over for stocks in Toronto Wednesday, as weakness in health-care and tech stocks combined to bring indexes lower.
The S&P/TSX Composite sank 132.59 points to end Wednesday at 21,561.58.
The Canadian dollar settled 0.38 cents at 80.02 cents U.S.
Cannabis concerns weighed most on the market, as Tilray gave back 97 cents, or 6.3%, to $14.42, while Canopy Growth faded $1.01, or 5.8%, to $16.37.
Among techs, Hut 8 Mining dumped $1.47, or 7.7%, to $17.68, while BlackBerry misfired 80 cents, or 5.8%, to $13.11.
Energy issues also suffered, as Vermillion was lower in price $1.67, or 11.3%, to $13.12, while Enerplus reversed 63 cents, or 4.7%, to $12.66.
Gold did its best to even out the score, as Barrick Gold triumphed $1.16, or 4.8%, to $25.57, while Kinross Gold picked up 28 cents, or 3.6%, to $8.05.
Among materials, Endeavour Silver jumped 43 cents, or 6.7%, to $6.89, while SSR Mining hiked $1.04, or 4.7%, to $23.02.
Communications also moved forward, with BCE acquiring 27 cents to $64.13, while Rogers realized 45 cents to $61.35.
The TSX Venture Exchange swooned 15.11 points, or 1.5%, to 982.52.
The 12 TSX subgroups were evenly split, as health-care tumbled 3.7%, information technology backtracked 2.8%, and energy sputtered 2.2%.
The half-dozen gainers were led by gold, shinier by 2.7%, materials, better by 1.1%, and communications, 0.3% to the good.
Stocks retreated Wednesday after October’s consumer price reading showing the biggest annual jump in more than 30 years, triggering a spike in bond yields.
The Dow Jones Industrials took a header, losing 240.04 points, to close Wednesday at 36,079.94.
The S&P 500 stumbled 38.54 points to 4,646.71.
The NASDAQ Composite staggered 263.84 points, or 1.7%, to 15,622.71.
Technology shares were under pressure Wednesday as rising rates discount the value of future earnings and therefore can hit growth stocks particularly hard. Advanced Micro Devices pulled back 6.1%, Nvidia retreated 3.9% and Google-parent Alphabet dipped 2%.
Meanwhile, bank stocks got a lift from the jump in bond yields, capping losses for the overall market. Higher rates mean banks charge greater interest on loans, which typically boosts profits. Bank of America ticked up 0.8% and Wells Fargo gained 0.9%.
The consumer price index jumped 6.2% from a year ago, well above the 5.9% estimate from economists polled by Dow Jones and the largest annual increase since 1990. On a monthly basis, the CPI increased 0.9% against the 0.6% estimate. The CPI is a basket of products ranging from gasoline and health care to groceries and rents.
Prices for 10-year Treasurys tumbled raising yields to 1.57% from Tuesday’s 1.44%. Treasury prices and yields move in opposite directions.
Oil prices dropped $2.89 to $81.26 U.S. a barrel.
Gold prices gained $22.90 to $1,853.70 U.S. an ounce.