Equities in Toronto opened slightly higher on Wednesday, as energy stocks offset weakness in technology and healthcare shares, while investors braced for a rate hike by the U.S. Federal Reserve.
The TSX Composite eked up 7.29 points to open the mid-week session at 20,030.75.
The Canadian dollar fell 0.20 cents at 73.75 cents U.S.
Anxious traders will be hoping for a quick verdict as a 20-month-old M&A battle between Canada's competition bureau, Rogers Communications and Shaw Communications draws to a close.
On the research front, CIBC cut Canadian National Railway to "neutral" from "outperform".
On the economic scoreboard, Statistics Canada reported manufacturing sales improved 2.8% in October, mainly on higher sales in the petroleum and coal, food and chemical products industries.
ON BAYSTREET
The TSX Venture Exchange inched north 0.82 points to 575.09.
All but three of the 12 subgroups gained ground, with real-estate collecting 0.6%, while energy and utilities each gained 0.5%.
The three laggards were health-care, off 0.8%, communications, ditching 0.3%, and financials, shedding 0.1%.
ON WALLSTREET
Stocks rose slightly Wednesday as investors awaited the Federal Reserve’s latest interest rate hike decision in its efforts to crush inflation.
The Dow Jones Industrials jumped 135.59 points soon after the open to 34,244.23.
The S&P 500 gathered 20.04 points to 4,039.69
The NASDAQ Composite Index picked up 54.35 points to 11,311.16.
Shares of Delta rose more than 2% after the airline said it expects 2023 earnings will roughly double because of “robust” travel demand.
The Fed will conclude its December meeting and is expected to deliver a 50-basis-point rate hike. That’s a smaller bump after four consecutive 75-basis-point hikes. A basis point is equal to one-100th of 1%
Chair Jerome Powell will also speak Wednesday, giving further clues about what’s coming from the Fed in 2023. In previous meetings this year, traders have been sensitive to Powell’s language, interpreting his tone as hawkish or dovish.
Prices for the 10-year Treasury were up slightly, lowering yields to 3.49% from Tuesday’s 3.51%. Treasury prices and yields move in opposite directions.
Oil prices progressed $1.51 to $76.90 U.S. a barrel.
Gold prices docked $3.10 to $1,822.40 U.S. an ounce.
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