12:13 PM EDT, 10/30/2024 (MT Newswires) -- The Toronto Stock Exchange, which was down 130 points in early trade, has recovered most of the earlier losses and is now down 34 points at midday. Miners (-1.3%) is the biggest decliner, followed by info tech and telecoms. Both sectors are down 0.25%.

Oil prices rose early on Wednesday, rebounding from two days of losses after a report showed an unexpected drop in U.S. inventories last week, even as concerns mount over rising supply as demand remains weak limit gains.

Gold rose to a fresh record high, spurred on by continued safe-haven buying ahead of the U.S. election, while a report showed an unexpectedly large rise in U.S. private-sector employment.

According to Thierry Wizman, Global FX & Rates Strategist at Macquarie, a "bout of caution" ahead of key events next week and this week, including the U.S. election, an FOMC meeting, and lots of data is probably what's been keeping stock market bulls at bay today. "But we'd add to that the poorer earnings reports in Europe, which haven't been conducive to a rally there, and have done more than enough 'bad' to offset the 'good' that U.S. stock traders felt when they went home yesterday, after hearing about Alphabet's revenue beat," Wizman said.

Meanwhile, Scotiabank said in its morning note there is low risk in Canada with just round two of parliamentary testimony by Governor Macklem and Senior Deputy Governor Rogers on tap after the close (a 4:15pm ET). "Yesterday's first round of testimony was a snoozer," the bank added.