Canada’s main stock index opened higher on Wednesday, with gains in material shares offset by declines in information technology stocks, ahead of the Bank of Canada’s policy rate decision due later in the session.
The TSX Composite Index zoomed 77.96 points to begin Wednesday to 24,145.89.
The Canadian dollar resumed its upward trek 0.17 cents to 71.81 cents U.S.
In corporate news, Parkland said Bob Espey will step down as president and Chief Executive Officer of the oil and gas firm.
Shares in Parkland dipped 72 cents, or 2.2%, to $31.98.
The Bank of Canada held its benchmark interest rate steady at 2.75% on Wednesday, ending a run of seven consecutive cuts.
ON BAYSTREET
The TSX Venture Exchange moved higher 5.13 points to 635.17.
Eight of the 12 subgroups were higher as gold popped 4.1%, materials hiked 2.7%, and energy roared ahead 1.9%.
The four laggards were weighed most by information technology, hesitating 1.5%, industrials, off 0.4%, and financials, fading 0.1%.
ON WALLSTREET
Stocks fell on Wednesday as investors assessed a stark warning from Nvidia that pressured global tech.
The Dow Jones Industrials sank 269.04 points to start off Wednesday at 40,099.92.
The S&P 500 folded 70.87 points, or 1.3%, to 5,325.76
The NASDAQ Composite slid 364.54 points, or 2.2%, to 16,458.63
Shares of Nvidia lost 6% after the chip giant said it will post a $5.5-billion quarterly charge related to exporting its H20 graphics processing units to China and other nations. The company said in a filing that the U.S. government required a license to send chips from the U.S. to China.
Other chipmakers followed Nvidia lower. AMD slid more than 6%, while Micron Technology slid 3%. Adding to the broader chip decline was a disappointing earnings report from ASML, with U.S.-listed shares losing more than 5%.
Big tech also felt pressure. Meta Platforms slid more than 2%, while Google-parent Alphabet and Tesla each declined by more than 1%.
Prices for the 10-year Treasury were static early Wednesday, keeping yields at Tuesday’s 4.33%.
Oil prices gained 93 cents to $62.26 U.S. a barrel.
Prices for gold jumped $80.20 to $3,320.60 U.S.