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TSX Flat at Open


Equities in Canada barely cleared the breakeven line Wednesday, ahead of a day packed with key domestic economic data and the U.S. Federal Reserve’s decision on interest rates.

The TSX Composite struggled for a gain of 7.35 points to open Wednesday at 21,235.22.

The Canadian dollar was up 0.12 cents at 74.73 cents U.S.

On the corporate side, railroad operator Canadian Pacific Kansas City reported its fourth-quarter results above analysts’ estimates after the bell on Tuesday. CP shares gathered $2.10, or 2%, to $108.47.

Information technology service provider CGI reported its first-quarter earnings on Wednesday that beat estimates. CGI accumulated $2.47, or 1.7%, to $151.65.

On the economic docket, Statistics Canada reported gross domestic product grew 0.2% in November, with goods-producing industries increasing 0.6% and services-producing industries edging up 0.1%.

ON BAYSTREET

The TSX Venture Exchange skidded 1.45 points to kick off the mid-week session at 557.33.

The 12 subgroups were evenly divided, with gold ahead 1.4%, materials surging 0.8%, and industrials, better by 0.6%.

The half-dozen laggards were weighed most by energy, down 0.7%, communications, off 0.4%, and information technology, sliding 0.2%.

ON WALLSTREET

The NASDAQ fell Wednesday after a mega-cap tech company posted its latest quarterly results. Wall Street also looked toward the Federal Reserve’s decision on rate policy.

The Dow Jones Industrials surged 38.88 points to open Wednesday at 38,506.19.

The S&P 500 index sagged 34.91 points to 4,889.26.

The NASDAQ tumbled 211.35 points, or 1.4%, to 15,298.55.

Shares of Alphabet dropped more than 5% and were on pace for their worst day since Oct. 25 as disappointing ad revenue overshadowed better than expected earnings and sales. The pullback in Alphabet, despite its largely positive results, may be more of a short term, “buy on rumors, sell on news information” trend, according to one expert.

Prices for the 10-year Treasury showed their strength, lowering yields to 3.97% from Tuesday’s 4.04%. Treasury prices and yields move in opposite directions.

Oil prices sagged $1.42 to $76.40 U.S. a barrel.

Gold prices surged $21.00 to $2,071.90.



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