S&P/TSX composite edges down as energy and base metal sectors move lower

The S&P/TSX composite index was down 3.85 points at 20,680.83.

Canada’s main stock index edged lower on Wednesday, weighed down by losses in the energy and base metal stocks, while U.S. stock markets were mixed.

Greg Taylor, chief investment officer of Purpose Investments, said the markets seem to be “waiting for the next big event” amid a fairly quiet stretch of days.

“A lot of people are underinvested and cautious in the market and I think the market seems to be pretty resilient,” he said.

The S&P/TSX composite index was down 3.85 points at 20,680.83.

In New York, the Dow Jones industrial average was down 79.62 points at 33,897.01. The S&P 500 index was down 0.35 points at 4,154.52, while the Nasdaq composite was up 3.82 points at 12,157.23.

The U.K. reported inflation remained above 10 per cent for a seventh straight month earlier in the day, above the 9.8 per cent rate economists had forecast.

Taylor said that may have been a factor in why the markets started the day down before regaining some of their losses.

“There were concerns that with inflation being sticky … central banks are going to have to remain hawkish,” he said.