Stocks Down Amid Weakness In Tech, Gold Issues

(MENAFN- Baystreet)

Canada’s main stock index was muted on Wednesday, as declining technology and mining shares outweighed gains in energy,??while investors continued monitoring developments in the Middle East.
The TSX remained negative 206.56 points to begin Wednesday at 33,064.09.
The dollar sank 0.10 cents to 73.52 cents U.S.
International Energy Agency’s decision on plans to release crude reserves that could offset potential supply shocks. Two sources told Reuters that the oil release could total 400 million barrels.
Amid the recent swings in oil prices, Canadian energy stocks have emerged the strongest performers so far this year, while information technology has remained a laggard.
Focus would be on shares of goeasy, which sank $8.72, or 17.5%, to $41.00, after projecting an incremental charge-off of $178 million against its $5.5-billion-loan book in the fourth quarter. At least two brokerages downgraded their rating on the stock, while several cut their price targets.
ON BAYSTREET
The TSX Venture Exchange decreased 23.46 points, or 2.2%, to 1,066.08.
All but two of the 12 TSX subgroups were lower midday, with gold fading 3.3%, information technology descending 2.8%, and materials dipping 2.2%.
The two gainers were energy, surging 2.2%, and utilities, ahead 0.5%.
ON WALLSTREET
The Dow Jones Industrial Average fell on Wednesday as investors continued to eye developments in the U.S.-Iran war and oil prices.
The 30-stock index slumped 500 points to break for lunch Wednesday at 47,206.08.
The S&P 500 index sank 33.62 points to 6,747.86.
The NASDAQ let go of 64.22 points to 22,632.85.
The United Kingdom Maritime Trade Operations also said Wednesday that three cargo ships off Iran’s coast, one of which was in the Strait, have been struck by projectiles.
This comes just days after President Donald Trump said earlier this week that the war will end“very soon.”
The consumer price index increased 2.4% on a year-over-year basis in February. That was in line with what economists polled by Dow Jones anticipated. The report comes after signs of a weakening labor market have grown in recent months.
Oracle shares were a bright spot Wednesday, jumping 10% after the software vendor’s earnings and revenue for the fiscal third quarter exceeded analysts’ expectations. The company also raised its fiscal 2027 revenue forecast.
Prices for the 10-year Treasury lost ground, raising yields to 4.22% from Tuesday’s 4.15%. Treasury prices and yields move in opposite directions.
Oil prices climbed $3.59 to $87.04 U.S. a barrel.
Gold prices dumped $64.20 to $5,177.90 U.S. an ounce.

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