It was a struggle Wednesday, but stocks in Toronto managed to move into positive territory by the closing bell, on the strength of health and industrial stocks.
The TSX Composite Index squeezed higher 5.42 points to finish Wednesday at 21,806.16.
The Canadian dollar skidded 0.23 to 72.96 cents U.S.
Onex Corp-backed WestJet Airlines said a union representing its maintenance engineers rejected its new offer and served a second strike notice, just days after the union called off a strike by agreeing to return to the bargaining table. Parent company Onex’s shares gave up earlier gains and backed off $2.11 to $92.11.
Elsewhere, among real-estate concerns, First Capital REIT units lost 40 cents, or 2.7%, to $14.40, while units of CAPREIT shrank a dollar, or 2.3%, to $43.59.
Among communications, TELUS dipped 36 cents, or 1.7%, to $20.84, while Rogers gave up 58 cents, or 1.1%, to $50.82.
In utilities, Brookfield Renewable dropped 85 cents, or 2.4%, to $34.76, while Brookfield Infrastructure Partners doffed 80 cents, or 2.1%, to $37.84.
In materials, First Quantum Minerals spiked $1.35, or 7.4%, to $17.54, while Capstone Mining took on 43 cents, or 4.6%, to $9.76.
Health-care gainers consisted of Tilray grabbed a dime, or 4.5%, to $2.31, while Sienna Senior Living advanced six cents to $14.26.
In industrials, Brookfield Business Partners jumped $1.65, or 7.1%, to $24.96, while Air Canada leaped 89 cents, or 5.4%, to $17.54.
Traders now see the Canadian central bank holding rates steady in July, while anticipating roughly two 25-basis-point rate cuts later this year.
BofA Securities, however, expects a cut in July, as it anticipates a fall in July CPI data which is expected to be released right before BoC’ monetary policy meeting.
ON BAYSTREET
The TSX Venture Exchange fought its way ahead 1.01 points to 565.68.
Eight of the 12 TSX subgroups were lower by close, weighed most by real-estate, off 1.5%, communications, dropping 1%, while utilities lost 0.8%.
The four gainers were led by materials, up 1.1%, health-care, advancing 0.5%, industrials up 0.4%.
ON WALLSTREET
The S&P 500 was little changed Wednesday as investors evaluate their holdings following a booming first half of the year led by artificial intelligence plays. The index was on track for its fourth losing day in the past five as it closes out this week with a six-month gain of nearly 15%.
The Dow Jones Industrials fought their way into plus values, gaining 15.57 points to close Wednesday at 39,127.73.
The much-broader index eked ahead 8.61 points to 5,477.91.
The NASDAQ gained 87.5 points to 17,805.16. The NASDAQ is set for a 18.2% first-half gain because of a big run in Nvidia.
Nvidia declined 0.9% Wednesday after climbing 7% on Tuesday, its first positive day in four. The AI chipmaker’s $3.1-trillion market value has come to dominate the cap-weighted S&P 500, and its 150% surge in 2024 has sparked concerns that most other stocks are failing to participate in this year’s rally.
Most stocks were lower in the S&P 500 on Wednesday, but there were some positive standouts in the market. FedEx popped 12% after issuing better-than-expected fiscal fourth-quarter results. Rivian Automotive soared 21% after Volkswagen Group said it would invest up to $5 billion in the electric vehicle company.
Stocks were also sluggish as investors await fresh inflation data on Friday with the release of May’s personal consumption expenditures price index. The Federal Reserve keeps a close eye on this gauge, and investors are hopeful that the central bank will lower interest rates at some point later this year if price increases continue to moderate.
Prices for the 10-year Treasury slid, raising yields 4.32% from Tuesday’s 4.24%. Treasury prices and yields move in opposite directions.
Oil prices shed 22 cents at $80.61 U.S. a barrel.
Gold prices withered $21.20 to $2,309.60
