The Canadian dollar dropped 0.03 cents at 73.21 cents U.S.

On the economic calendar, Canada Mortgage and Housing Corporation reports housing starts in Canada edged up by 8% over a month earlier to 270,466 units in September, above market expectations of 240,000 units.

ON BAYSTREET

The TSX Venture Exchange dipped 0.94 points to start the session at 536.98.

Nine of the 12 TSX subgroups were seriously in the red, weighed most by industrials, down 1.4%, while real-estate and health-care each subsided 1.3%.

The three gainers were gold, up 1.3%, materials, better by 0.6%, while energy stocks improved 0.4%.

ON WALLSTREET

Stocks dropped Wednesday as earnings season gained steam and Wall Street looked ahead to other key financial reports.

The Dow Jones Industrials descended 151.59 points to open for business Wednesday at 33,846.06.

The S&P 500 sank 25.19 points to 4,348.01.

The NASDAQ index plummeted 101 points to 13,432.75.

J.B. Hunt lost nearly 6% on the back of worse-than-expected earnings, while United Airlines fell more than 6% after delivering soft guidance.

Morgan Stanley dropped more than 6% and was on pace for its worst day since 2020 as a weak performance from the bank’s wealth management division overshadowed beats on both lines.

On the other hand, Procter & Gamble rose nearly 3% after beating analyst expectations for the quarter. Investors are now looking to Netflix and Tesla earnings expected after the bell on Wednesday.

Just over 10% of companies in the S&P 500 have reported results. Of those that have already reported, about 78% have surpassed analyst expectations.

Prices for the 10-year Treasury sagged, raising yields to 4.87% from Tuesday’s 4.84%. Treasury prices and yields move in opposite directions.

Oil prices recovered $1.48 to $88.14 U.S. a barrel.

Gold prices eked up $36.50 to $1,972.20.