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Recession Fears Hold Down Markets

Markets in Canada's largest centre sustained more triple-digit losses Wednesday, amid uncertainty over where the world economy was going.

The TSX Composite Index came off its lows of the day, but still got punished 136.69 points to conclude Wednesday at 16,310.97

The Canadian dollar dropped 0.53 cents at 75.10 cents U.S.

Energy took the biggest hits, with NuVista rattled 10 cents, or 6.8%, to $2.19, while Tourmaline Oil lost 84 cents, or 6.7%, to $11.74.

Financials also suffered, with ECN Capital surrendering 15 cents, or 3.4%, to $4.27, while Manulife Financials down 78 cents, or 3.3%, to $23.05.

Among industrials, Exchange Income doffed $2.33, or 5.7%, to $38.37, while NFI Group slid $1.08, or 4%, to $26.19

Gold, as in days past, tried to even things out, with Alacer Gold climbing 29 cents, or 5.5%, to $5.52, while Detour Gold gained 57 cents, or 2.9%, to $20.57.

Among materials, Winpak leaped $3.59, or 8.3%, to $46.66, while Semafo tacked on 15 cents, or 3.4%, to $4.57.

In consumer discretionary issues, The Stars Group soared $6.19, or 30.6%, to $26.44, while Restaurant Brands International gained 63 cents, or 0.7%, to $94.26.

ON BAYSTREET

The TSX Venture Exchange lost 0.07 points to 554.84

Seven of the 12 Toronto subgroups ended the day in negative territory, with energy retreating 2.2%, financials ducking 1.6%, and industrials off 1.3%.

The five gainers were led by gold, ahead 1.9%, consumer discretionary stocks, up 0.9%, and materials, better by 0.8%

ON WALLSTREET

Stocks fell sharply on Wednesday, adding to Wall Street's poor start to the final quarter of 2019 as investors grapple with fears of an economic recession.

The Dow Jones Industrials plunged 497.25 points, or 1.9%, to 26,075.79. The Dow also broke below its 50-day and 100-day moving averages, two technical levels watched by traders.

The S&P 500 slumped 52.64 points, or 1.8%, to 2,887.61, to fall below its 100-day moving average as the tech sector dropped 2%. All 11 S&P 500 sectors were down, with 10 of them sliding at least 1.2%.

The NASDAQ Composite stepped back 123.44 points, or 1.6% to 7,785.25, as large-cap tech companies followed the broader market lower. Amazon, Apple and Alphabet all dropped at least 1.3%. Microsoft shares also fell 1.8%.

Chinese and U.S. officials are scheduled to meet in Washington next week. Both sides have been in a trade war since last year that has rattled investor sentiment and economic growth expectations.

Wall Street's focus remained on the economic data as private payrolls growth slowed down in September, according to a report from ADP and Moody's Analytics. Payrolls increased by 135,000 in September, a drop from 157,000 in August. The gains from August also reflected a downward revision of nearly 40,000 payrolls.

The data from ADP and Moody's Analytics is seen by investors as a preview to the government's monthly jobs report, which will be released Friday

Prices for the benchmark 10-year U.S. Treasury improved, lowering yields to 1.59% from Tuesday's 1.64%. Treasury prices and yields move in opposite directions.

Oil prices slid $1.01 to $52.61 U.S. a barrel.

Gold prices regained $16.70 to $1,505.70 U.S. an ounce.

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