Equities in Toronto took a breather from the dizzy heights of the past few days, as jitters over the impending tariffs promised by the White House filtered in investor behaviour.
The TSX Composite Index reversed 178.45 points to close Wednesday at 25,161.06
The Canadian dollar ditched 0.04 cents to 70.02 cents U.S.
In corporate news, Theratechnologies received FDA approval in the U.S. for a new treatment targeting abdominal fat in HIV patients. Theratechnologies shares galloped 47 cents, or 21.3%, to $2.68.
Elsewhere in health-care, Tilray lost four cents, or 4.1%, to 96 cents, while Bausch Health Companies dropped 28 cents, or 2.8%, to $9.72.
Electronic manufacturing services provider Celestica was the biggest loser on TSX, down $14.02, or 10.1%, to $125.04. Bitfarms shares were bruised 12 cents, or 7.8%, to $1.41.
In materials, First Quantum Minerals dropped $1.29, or 5.7%, to $21.36, after Panama did not authorize visits to the miner's shuttered Cobre Panama mine. Teck Resources lost $3.72, or 6.1%, to $57.33.
Telecoms tried to even things out, with TELUS shares forging ahead 30 cents, or 1.5%, to $20.19, while Rogers gained 37 cents, or 1%, to $39.53.
Energy also rumbled on, with Arc Resources rocketing 62 cents, or 2.3%, to $28.87, while Paramount Resources tacked on 38 cents, or 2.1%, to $18.54.
Industrials proved another gainer, as Boyd Group moved higher by $5.08, or 2.5%, or 2.5%, to $210.68, while Canadian National Railways moved forward $2.50, or 1.8%, to $142.84.
ON BAYSTREET
The TSX Venture Exchange dipped 8.57 points, or 1.3%, to 638.06.
All but three of the 12 TSX subgroups were lower on the day, with information technology slumping 3.3%, health-care falling 2.6%, and materials suffering 1.6%.
The three gainers were telecoms, up 0.9%, energy, upward 0.6%, and industrials, ahead 0.4%.
ON WALLSTREET
Stocks dipped on Wednesday, led lower by tech, as pressure on the tariff front mounted.
The Dow Jones Industrials lost 134.07 points to 42,453,43.
The S&P 500 Index faltered 64.45 points, or 1.1%, to 5,712.20
The NASDAQ collapsed 372.84 points, or 2%, to 17,899.01
Other major tech names such as Meta, Amazon and Alphabet lost more than 2% each, while Tesla slid more than 5.5%.
Stocks hit session lows after the White House said that President Donald Trump will unveil new tariffs on auto imports during a press conference at 4 p.m. ET.
General Motors and Ford shares each dropped more than 1%, while Stellantis was down more than 2%.
This will come ahead of a broad array of additional levies expected to be revealed next week.
Trump on Tuesday said that these tariffs will likely be more “lenient than reciprocal,” reflecting a softened stance that added onto reports from earlier this week that the duties could be more
Prices for the 10-year Treasury faded Wednesday, hiking yields to 4.35% from Tuesday’s 4.32%. Treasury prices and yields move in opposite directions.
Oil prices gained 74 cents to $69.74 U.S. a barrel.
Prices for gold handed back $3.70 to $3,022.20 U.S.
