A brief dip in crude prices sent a major portion of Canada’s main stock index into the red on Wednesday, though energy was the top performer on the TSX. Once again, the tech sector was the biggest decliner, followed by the financial market. After the bell, Canadian miners such as Alamos Gold and Lundin Mining Corp report their corporate earnings results. European and Asian markets were mixed.
Weakness among technology companies dragged the NASDAQ for another session, fuelled by a 2.8 per cent decline in Nvidia. Traders assessed the minutes from the U.S. Federal Reserve’s last policy meeting, which noted that most Fed officials were worried about moving too fast to cut their benchmark interest rate before inflation cooled back to their 2 per cent target.
The Canadian dollar traded for 74.03 cents compared to 73.95 cents U.S. on Tuesday.
U.S. crude futures traded $0.99 higher at $78.03 a barrel, and the Brent contract added $0.79 to $83.13 a barrel.
The price of gold was down US$0.51 to US$2,024.79.
In world markets, the Nikkei was down 101.45 points to 38,262.16, the Hang Seng was up 255.59 points to 16,503.10, the FTSE was down 58.08 points to 7,661.13, and the DAX was up 50.73 points to 17,119.16.
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