TSX Gains Dwindle by Close

Canada's main stock index rose in broad-based gains on Wednesday, rebounding from the previous session's losses, as attention shifted to a crucial interest rate decision by the U.S. Federal Reserve, released Wednesday.

The TSX Composite Index saw some of its gains weakened, but was still in the green 18.46 points to conclude Wednesday at 26,559.85

The Canadian dollar skidded 0.08 cents to 73 cents U.S.

On the markets side, utilities and the energy sector were the only two trading in red.

Bausch Health Companies jumped 64 cents, or 8.2%, to $8.44, topping the index's gains after U.S. investment firm Paulson & Co reported a 8.9% stake in the global pharmaceutical company.

Sienna Senior Living moved up three cents to $18.55.

Tech stocks did well, too, as Celestica climbed $6.31, or 3.5%, to $186.92, while Constellation Software jumped $109.56, or 2.3%, to $4,942.50.

In financial stocks, Brookfield Corporation hiked $2.21, or 3.4%, to $81.83, while goeasy Ltd. spiked $4.86, or 3.1%, to $160.86.

Keyera Corp advanced $2.40, or 5.7%, to $44.47, after the oil and gas refining firm said on Tuesday it has agreed to buy substantially all of U.S.-based Plains' Canadian natural gas liquids business.

Elsewhere in energy, Pason Systems handed back 29 cents, or 2.2%, to $12.64.

In utilities, Superior Plus shares shook off 16 cents, or 1.9%, to $8,12, while Brookfield Infrastructure Partners docked 60 cents, or 1.3%, to $44.54.

In consumer discretionary stocks, Dollarama dropped $2.83, or 1.5%, to $191.28, while PET Valu fell 28 cents to $31.89.

Meanwhile, the Group of Seven nations meeting ended with the members struggling to find unity over the conflict in Ukraine while Canada promised more aid to the country.

Earlier this week, Prime Minister Mark Carney said he had agreed with U.S. President Donald Trump that their two nations should try to wrap up a new economic and security deal within 30 days.

Carney also invited non-G7 members Mexico, India, Australia, South Africa, South Korea and Brazil, as he tries to shore up alliances elsewhere and diversify Canada's exports away from the United States.

ON BAYSTREET

The TSX Venture Exchange dipped 4.2 points to 718.64.

Seven of the 12 TSX subgroups were higher Wednesday, with health-care haler 2.3%, information technology ahead 1.1%, and financials up 0.6%.

The five laggards were weighed most by energy, down 0.8%, and utilities, off 0.3%, and consumer discretionary stocks, lower by 0.1%.

ON WALLSTREET

The Dow Jones Industrial Average ended Wednesday modestly lower following the Federal Reserve’s latest policy update, where the central bank kept interest rates steady and Chair Jerome Powell signaled it would wait to see the impact of President Donald Trump’s tariffs on inflation before proceeding on rates.

The 30-stock index withered 44.14 points as Wednesday’s closing bell at 42,171.66.

The S&P 500 index sank 1.85 points to 5,980.87.

The NASDAQ Composite ended positive 25.18 points, to 19,546.27.

Meta Platforms is reportedly poaching staff from OpenAI with lucrative signing bonuses that have totaled as much as $100 million U.S. Meta shares galloped $2.89 to $700.12.

The Fed left its key rate unchanged Wednesday in a range between 4.25%-4.5%, as markets expected. Nevertheless, it turned out to be a mixed bag of news for investors, as the central bank still signaled two rate cuts this year while simultaneously hinting at a stagflationary threat.

The policymakers lowered the 2025 forecast for economic growth to just 1.4% and raised the core inflation outlook to 3.1%.

Stocks are coming off a downbeat session Tuesday as the Israel-Iran conflict mounted.

The attacks between the two countries entered their sixth day Wednesday as Iran’s supreme leader, Ayatollah Ali Khamenei, said that Iran won’t surrender and warned that the U.S. will “undoubtedly be met with irreparable damage” if it enters the conflict.

This comes after President Donald Trump took to his Truth Social platform Tuesday to threaten the Iranian leader, saying that “our patience is wearing thin” and calling for “UNCONDITIONAL SURRENDER!” Current and former administration officials also told media outlets that Trump is weighing options on Iran, including whether to launch a military strike.

Prices for the 10-year Treasury were lower, lifting yields back to Tuesday’s 4.39%. Treasury prices and yields move in opposite directions.

Oil prices dropped four cents to $74.80 U.S. a barrel.

Gold prices slid $22.40 to $3,384.50 U.S. an ounce.