Canadian Market Headed For Another Weak Close

(RTTNews) - After opening marginally higher and advancing a bit further, the Canadian market turned weak on Wednesday as investors stayed cautious amid uncertainty about U.S. and Iran reaching a peace deal.

Meanwhile, a report from the Commerce Department showed consumer prices in the U.S. rose by less than expected on a monthly basis in August, while the annual rate of price growth also came in below estimates.

While the annual rate of consumer price growth remains well above the Fed's 2% target, traders may feel the data reduces the likelihood the central bank will raise interest rates next month.

According to CME Group's FedWatch Tool, the chances the Fed will raise rates by a quarter point have fallen to 37.1% from 50.9% on Tuesday.

The benchmark S&P/TSX Composite Index, which moved to 35,544.69, swiftly dropped to a low of 35,299.16 and was down 99.22 points or 0.28% at 35,361.05 a little while ago.

Healthcare and materials stocks were among the major losers. Financials stocks also shed ground. Communications and energy stocks moved higher.

Ag Growth International soared 32%. BlackBerry moved up 5.2%. Telus Corporation, Russel Metals, Teck Resources, Precision Drilling, Telesat Corporation, goeasy, Aecon Group, Tourmaline Oil Corp, Descartes Systems Group, Badger Infrastructure, Suncor Energy and Thomson Reuters gained 2%-4.3%.

Curaleaf Holdings tumbled nearly 9%. First Quantum Minerals dropped 7.2%. Hut 8 Corp., Extendicare, Celestica, Linamar Corporation, Stella-Jones, Franco-Nevada Corporation and National Bank of Canada lost 2%-5%.

Bombardier, Ssr Mining, iA Financial Corporation, Power Corporation of Canada, Bank of Nova Scotia, G Mining Ventures, Royal Bank of Canada, Endeavour Miing and Great-West Lifeco also drifted notably lower.