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Farewell, TSX Win Streak

Equity markets in Canada's biggest centre set to snap a six-day winning streak on Wednesday, as the energy and materials sectors posted some of the biggest losses.

The S&P/TSX lost 34.46 to finish Wednesday's trading at 16,800.29, the first downward session for the index in the last seven.

The Canadian dollar docked 0.22 cents at 75.28 cents U.S.

Energy and materials proved the greatest weight on the TSX. Ensign Energy Services capitulated 50 cents, or 12.7%, to $3.45, while Birchcliff Energy lost 14 cents, or 5.8%, to $2.29.

Among metals stocks, Ivanhoe Mines ducked 18 cents, or 4.8%, to $3.58, while First Quantum Minerals collapsed 45 cents, or 4.3%, to $10.15

Consumer discretionary stocks also came out on the short end, with Martinrea International dipping 33 cents, or 2.9%, to $11.21, while The Stars Group faded 61 cents, or 2.8%, to $20.94.

The list of gainers was a sparse one, with communications nosing out gains. BCE gathered 43 cents to $63.99, while TELUS picked up 26 cents to $48.86.

In consumer staples, Loblaw moved higher $1.03, or 1.4%, to $73.24, while George Weston prospered 71 cents to $111.42.

In financials, Bank of Montreal gained 66 cents to $97.27, while T-D Bank progressed 36 cents to $76.05.

On the economic front, Statistics Canada's consumer price index rose 1.9% on a year-over-year basis in August, following a 2.0% increase in July. On a seasonally adjusted monthly basis, inflation was unchanged last month.

ON BAYSTREET

The TSX Venture Exchange slumped 1.99 points to 587.67

The 12 Toronto subgroups were evenly divided, as energy and materials each shed 1.3%, while consumer discretionary stocks lost 0.6%.

The half-dozen gainers were communications, consumer staples and financials each up 0.3%.

ON WALLSTREET

Stocks closed little changed on Wednesday after the Federal Reserve failed to signal it will cut rates again in 2019, disappointing traders.

The Dow Jones Industrials recovered 16 points to 27,126.80

The S&P 500 gained 1.03 points to 3,006.73.

The NASDAQ Composite subtracted 8.62 points to 8,156.13.

The major indexes are within striking distance of record set in July. The Dow and S&P 500 were about 1% from their all-time highs. The NASDAQ was 2.2% below its record.

FedEx slashed its fiscal 2020 earnings guidance. The company also posted weaker-than-expected quarterly results, citing “a weakening global macro environment driven by increasing trade tensions.” FedEx shares dropped 13.8%.

The U.S. central bank cut the overnight rate by 25 basis points to a range of 1.75% to 2%, as was widely expected. This is the second time this year the Fed has lowered rates.

However, the Fed was divided in its decision to lower rates, with three officials dissenting. Central bank officials are also split on further action this year.

Prices for the benchmark 10-year U.S. Treasury moved up, lowering yields to 1.80% from Tuesday's 1.81%. Treasury prices and yields move in opposite directions

Oil prices backtracked $1.26 to $58.08 U.S. a barrel.

Gold prices deleted $12.70 to $1,500.70 U.S. an ounce.

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