Equities in Canada’s largest market were flat in choppy trading on Wednesday as investors assessed weak domestic and U.S. economic data, while tracking signs of any progress on trade talks ahead of President Donald Trump's July 9 tariff deadline.
The TSX Composite Index was 11.08 points to the bad by noon hour Wednesday at 26,848.03
The Canadian dollar inched up 0.08 at 73.37 cents U.S.
Trump said on Tuesday he was not considering extending the deadline for countries to negotiate trade deals with the U.S.
Canada aims to lift all tariffs as part of a deal with the U.S., Ottawa's Washington Ambassador told The Globe and Mail.
Among Canadian stocks, Hudbay Minerals gained 65 cents, or 4.5% to $15.10, and Capstone Copper picked up two cents to $18.61.
Communication stocks rose with Rogers Communications adding $2.06, or 5.1%, to $42.45, after BMO raised its price target.
Conversely, technology stocks were the biggest laggards, BlackBerry shares fell 47 cents, or 7.5% to the bottom of the index at $5.79.
Among individual stocks, Bombardier rose $21.38, or 18%, to the top of the index at $140.02 after the company said on Monday it had secured an order for 50 Challenger and Global aircraft in a $1.7-billion deal including a service agreement.
MDA Space was up $1.45, or 4.1%, to $36.56 after it completed the acquisition of SatixFy Communications.
First Quantum rose $1.54, or 6.4%, to $25.73, after Barclays raised its price target.
In the U.S., Senate Republicans passed Trump's massive tax-and-spending bill on Tuesday by the narrowest of margins. The legislation now heads to the House of Representatives for possible final approval.
ON BAYSTREET
The TSX Venture Exchange rumbled 14.82 points, or 2%, to 748.19
Seven of the 12 TSX subgroups were ahead midday Wednesday, led by health-care, booming 2.5%, telecoms, up 1.8%, while energy prospered 1.5%.
The five laggards were weighed most by consumer staples sagged 2.1%, while information technology and utilities each gave up 0.6%.
ON WALLSTREET
The S&P 500 rose on Wednesday after President Donald Trump announced a U.S.-Vietnam trade deal. However, investor optimism was limited due to a new report showing private payrolls surprisingly decreased in June, raising concern over the state of the U.S. economy.
The Dow Jones Industrials recouped 42.53 points to 44,537.47
The much-broader index strengthened 16.39 points to 6,214.40
The NASDAQ Composite added 143.02 points to 20,345.91.
Shares of Nike, which manufactures about half of its footwear in Vietnam as well as China, were 3% higher after the announcement.
The private sector lost 33,000 jobs last month, according to the latest report by ADP. That marks the first monthly decline in ADP’s payrolls report since March 2023. Economists polled by Dow Jones expected payrolls to grow by 100,000.
The report comes with the stock market near record highs despite concerns that lingering trade tensions between the U.S. and other countries could slow U.S. and global economic growth.
To be sure, the ADP report has a lackluster record predicting the government’s monthly jobs report, which is due out Thursday. Economists expect growth of 110,000 jobs for June.
Prices for the 10-year treasury were lower, raising yields to 4.29% from Tuesday’s 4.25%. Treasury prices and yields move in opposite directions.
Oil prices took on 42 cents to $65.87 U.S. a barrel.
Gold prices recovered three dollars to $3,352.80 U.S. an ounce.
