Jan 14 (Reuters) - Canada's main stock index dipped on Wednesday, as technology stocks retreated and earnings from major U.S. banks failed to excite investors, while lingering global geopolitical risks kept the commodities rally going.
The S&P/TSX Composite index (.GSPTSE), was down 0.3% at 32,772.24 points as of 10:50 a.m. ET.
Banking and technology stocks drove losses on U.S. indexes, with shares of major lenders Bank of America (BAC.N), Wells Fargo (WFC.N), and Citigroup (C.N), falling after reporting fourth-quarter results.
TSX's financial index (.SPTTFS), lost 0.3%.
Technology stocks (.SPTTTK), were the biggest losers on Wednesday, slumping 4.4% following sharp declines in their Wall Street peers.
Meanwhile, escalating tensions in Iran and a U.S. probe into Fed Chair Jerome Powell continued to fuel safe-haven demand, pushing gold and silver prices to record highs.
"The uncertainty of everything, whether it's geopolitical risk or comments that the president is making within the United States about companies, sectors - all have really added fuel to the gold fire," said Allan Small, senior investment advisor at Allan Small Financial Group with iA Private Wealth.
The broader materials sector (.GSPTTMT), which houses precious metal miners, advanced 0.8% after gold and silver rose to fresh highs.
TSX's energy sub-index (.SPTTEN), added 0.3%, tracking a fifth straight day of gains in oil prices, as the resumption of crude exports from Venezuela did little to ease worries about potential disruptions to Iranian supply.
Also in focus is Canadian Prime Minister Mark Carney's visit to China on Wednesday, as the North American nation seeks to diversify trade away from the U.S.
U.S. President Donald Trump said on Tuesday that while the U.S.-Mexico-Canada trade agreement was irrelevant for his country, "Canada would love it." The agreement is up for review this year.
Telecommunications company Cogeco Communications (CCA.TO), and industrial manufacturer Velan (VLN.TO), are scheduled to announce their quarterly results later in the day.
Reporting by Utkarsh Tushar Hathi in Bengaluru; Editing by Jonathan Ananda
