Canada’s commodity-heavy main stock exchange was up on Wednesday.
The S&P/TSX composite index gained 92 points or 0.32% at 29,982.98.
A sharp drop in gold prices drove the average down on Tuesday. Index slumped by 1.7% to 29,888.82, its biggest decline since April and the lowest closing level since October 10.
New data showing a faster-than-anticipated rise in Canada’s annual inflation rate in September also dented sentiment, with analysts suggesting that the number could lower the probability that the Bank of Canada will slash interest rates at its upcoming meeting this month.
Still, the S&P/TSX composite index has logged a blockbuster rally so far this year, jumping by 20.9%.
US stocks lower
U.S. stock was down with investors digesting a slew of corporate earnings, including third-quarter numbers from streaming giant Netflix. Also a Reuters report suggesting new export curbs on China dragged the market.
At 4:00 ET (20:00 GMT), the Dow Jones Industrial Average slipped 334 points, or 0.7%, the S&P 500 index fell 0.5%, and the NASDAQ Composite fell 0.9%.
The main averages on Wall Street notched a mixed close on Tuesday. Strong quarterly results from companies such as Coca-Cola had powered the Dow Jones Industrial Average to a fresh high above 47,000, and the benchmark index closed the session just below that mark at a record high.
However, there remain growing concerns over elevated stock valuations and the strength of the recent rally in equities.
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Investors remain focused on the ongoing quarterly earnings season, with more than three-quarters of the S&P 500 companies that have posted results so far have beaten expectations, according to FactSet.
Figures from electric vehicle manufacturer Tesla (NASDAQ:TSLA) are due after the close, and will kick off highly-awaited reports from the “Magnificent Seven” megacap tech group.
The company unveiled record third-quarter deliveries earlier this month, fueled by a marketing and discounting campaign aimed at boosting sales prior to the withdrawal of a $7,500 U.S. tax credit for EV buyers. Worries have, in turn, swirled around how Tesla’s performance will be impacted following the expiration of the tax credits.
Netflix (NASDAQ:NFLX) reported a third-quarter operating margin of 28%, which missed Wall Street expectations, due largely to charges related to a spat with tax authorities in Brazil.
But revenue and profit for the period grew, powered by the firm’s best-ever quarter for advertising sales, along with an increase in membership and higher prices.
Toy company Mattel (NASDAQ:MAT) also disappointed investors after missing estimates and reporting weaker North American sales.
Away from the corporate sector, doubts have emerged over the much-anticipated meeting between U.S. President Donald Trump and Chinese counterpart Xi Jinping in South Korea later this month, dimming otherwise upbeat hopes around a potential easing in renewed trade tensions between the world’s two biggest economies.
At the same time, a possible summit between Trump and Russia’s Vladimir Putin was put on hold after Russian officials reportedly indicated that there was no intention to end an ongoing war in Ukraine.
