Equities in Canada’s primary marketplace took their bruises Wednesday, as the Bank of Canada sharply lowered interest rates to help curb inflation.
The TSX dropped 143.08 points to finish the session at 24,573.62.
The Canadian dollar backpedaled 0.11 cents to 72.26 cents U.S.
First Quantum Minerals beat third-quarter profit estimates on higher sales volumes for copper and gold along with stronger realized gold prices. The miner’s stock hiked 24 cents, or 1.3%, to $18.61, off its highs of the day.
Gold thundered lower Wednesday, primarily, Aya Gold & Silver, down 74 cents, or 3.9%, to $18.49, while Iamgold dragged 27 cents, or 3.2%. to $8.17.
In the energy space, Birchcliff Energy handed back 17 cents, or 3.1%, to $5.28, while CES Energy Solutions dipped 22 cents, or 2.9%, to $7.34.
Consumer discretionary stocks tried to lift things a bit, with Restaurant Brands climbing $2.03, or 2%, to $101.75, while Magna International grabbed 43 cents to $58.37.
In communications, Quebecor had 51 cents worth of lift, or 1.5%, to $34.86, while Cogeco Communications hiked 89 cents, or 1.3%, to $71.85.
On the economic calendar, the Bank of Canada did not disappoint Wednesday, cutting its benchmark interest rate by 50 basis points on Wednesday, the fourth consecutive decrease since June, bringing its policy rate to 3.75%.
ON BAYSTREET
The TSX Venture Exchange skidded 14.59 points or 2.3%, to 612.72.
All but two of the 12 TSX subgroups lost ground on the day, gold dropping 1.6%, while energy and information technology each retreated 1.4%.
The two gainers were consumer discretionary, better by 0.5%, and communications, clicking 0.3% higher.
ON WALLSTREET
Stocks fell sharply on Wednesday, with the Dow Jones Industrial Average on pace for its worst day in over a month, as higher Treasury yields weighed on market sentiment.
The 30-stock index plummeted 409.94 points to conclude Wednesday at 42,514.95
The S&P 500 fell 53.78 points to 5,797.42.
The NASDAQ stumbled 296.48 points, or 1.6%, to 18,276.65.
Dow member McDonald’s fell more than 4% on Tuesday after the U.S. Centers for Disease Control and Prevention said an E. coli outbreak tied to the fast-food giant’s Quarter Pounder burgers has resulted in 10 hospitalizations and one death. McDonald’s accounted for more than 100 points of the decline in the Dow.
Megacap stocks were under pressure Wednesday, with Apple and Nvidia shares losing 3% to lead the way lower. Apple was headed for its worst day since Aug. 5 — when it shed 4.8%. Meta, Netflix and Amazon were also down more than 2%.
Prices for the 10-year Treasury lost ground, raising yields to 4.24% from Tuesday’s 4.20%. Treasury prices and yields move in opposite directions.
Oil prices sank 72 cents to $71.02 U.S. a barrel.
Prices for gold fumbled $30.20 an ounce to $2.729.60 U.S.
