Stocks tumbled Tuesday, shedding earlier gains that came in the light of U.S. President Trump’s return to the White House after contracting COVID-19.
The TSX collapsed 174.06 points, or 1.1%, to close Tuesday at 16,236.13.
The Canadian dollar sank 0.23 cents to 75.18 cents U.S.
Resource stocks took the heaviest wallop on the day, with Osisko Mines down 19 cents, or 5.3%, to $3.40, while Cascades dropped $1.38, or 7.8%, to $16.23.
Among gold interests, Centerra Gold got thumped $2.31, or 14.7%, to $13.43, while Yamana Gold gave back 38 cents, or 4.9%, to $7.46.
Health-care stocks also got roughed up, as Bausch Health Companies docked $1.02, or 4.7%, to $20.47, while Canopy Growth shrank 79 cents, or 4%, to $19.03.
Energy stocks tried to balance things out, with Parex Resources climbing 52 cents, or 3.6%, to $14.79, while Cenovus Energy took on 11 cents, or 2.2%, to $5.11.
In financials, Bank of Montreal grew richer $1.94 a share, or 2.5%, to $80.39, while Great-West Lifeco progressed 56 cents, or 2.1%, to $27.65.
In real-estate units of Crombie REIT collected 24 cents, or 1.8%, to $13.52, while H&R REIT gained 27 cents, or 2.7%, to $10.39.
On the economic slate, Statistics Canada reported that, after two months of strong growth, Canadian merchandise exports and imports stabilized in August. Imports fell 1.2%, while exports were down 1.0%.
As a result, Canada’s merchandise trade deficit with the world narrowed slightly from $2.5 billion in July to $2.4 billion in August.
ON BAYSTREET
The TSX Venture Exchange skidded 6.91 points, or 1%, to 705.89.
Eight of the 12 TSX subgroups were negative to end off the session, with materials and gold each sliding 2.8%, with health-care ailing 1.2%.
The four gainers were led by energy, going north 0.9%, while and real-estate and financial stocks were each better by 0.3%. .
ON WALLSTREET
Stocks fell on Tuesday after President Donald Trump instructed White House officials to halt negotiations on further coronavirus stimulus, sparking a sharp reversal in the major market benchmarks.
The Dow Jones Industrial Average retreated 375.88 points to close Tuesday at 27,772.76, following Monday’s 400-point-plus journey upward.
The S&P 500 shed 47.66 points, or 1.4%, to 3,360.97.
The NASDAQ dropped 177.88 points, or 1.6%, to 11,154.60.
At 2:48 p.m. ET, Tuesday afternoon, Trump tweeted: “I have instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business.”
Shares of Boeing dropped 6.8% to lead the Dow lower. Amazon slid 3.1% while Facebook, Netflix, Alphabet, Microsoft and Apple all declined more than 2%.
Airlines were also under pressure as the industry was hinging on additional aid to avoid more layoffs. United Airlines and Delta were down 3.7% and 2.9%, respectively. American slid 4.5% and Southwest pulled back by 2.4%.
Earlier in the day, Federal Reserve Chairman Jerome Powell once again called for additional fiscal aid, saying it is necessary for the economic recovery to continue.
President Donald Trump left Walter Reed National Military Medical Center on Monday night, though White House physician Dr. Sean Conley acknowledged earlier in the day that Trump “may not entirely be out of the woods yet.”
Prices for the 10-Year Treasury jumped, lowering yields to 0.74% from Monday’s 0.77%. Treasury prices and yields move in opposite directions.
Oil prices added 92 cents to $40.14 U.S. a barrel.
Gold prices slouched $30.10 to $1,890 U.S. an ounce.