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The S&P/TSX Composite Index slid 4.86 points, or 0.02%, to 19,971.15 on Wednesday, June 2. The marginal decline came after the Canadian benchmark index crossed the historic 20,000-mark on Tuesday on the back of strong performance in the energy sector.
The energy sector gained 1.3% on Wednesday, driven by the surge in oil prices after the Organization of the Petroleum Exporting Countries (OPEC) and other allies decided to continue with their existing production plans.
The materials sector, on the other hand, fell 0.5% as gold prices rose. The yellow metal’s prices, however, remained below the five-month peak as US Treasury Yields improved and investors awaited key economic data.
1-Year Price Chart (as on June 03, 2021). Source: EODHD/Others
Major Movers and Gainers
Active Volume
BlackBerry Limited, with 37.11 million, Baytex Energy Corp, with 13.46 million, and Zenabis Global Inc, with 9.71 million, were the most actively traded shares on the TSX on Wednesday.
Wall Street
With the tussle between economic optimism and inflation anxiety continuing to play out in the US markets, the Dow clinched its fifth straight rise as the Fed's Beige Book indicated that the economy is expanding moderately.
The Dow Jones Industrial Average closed flat, with a positive bias at 34,600. The S&P 500 and Nasdaq Composite Index also finished flat at 4,208 and 13,756, respectively.
Commodity Update
Gold extended its gain on Wednesday, climbing 0.26% to US$ 1,909.90.
Oil retained its gains on the prospect of a recovery in demand as economies open up. Brent Oil improved by 1.57% to US$ 71.35/bbl, while WTI Crude Oil closed higher at US$ 68.83/bbl, up 1.64%.
Currency News
The Canadian Dollar gain some grounds against the US greenback, with currency pair USD/CAD slipping 0.31% to close at 1.2032 on Wednesday.
The US Dollar Index closed in green against the basket of major currencies at 89.91, up 0.09%, on Wednesday.
Money Market
On June 2, 2021, the US 10-year bond yield corrected for the second straight session and closed at 1.589, down 1.06%.
The Canada 10-year bond yield, on the other hand, gained for the second trading session on Wednesday and closed at 1.495, up 0.20%.
