Equities on both sides of the border were badly wounded Monday, as investors looked with trepidation to prospective inflation figures due out later this week.
The S&P/TSX hurtled lower 206.06 points, or 1.1%, to close Monday at 18,816.80.
The Canadian dollar dropped 0.29 cents to 76.94 cents U.S.
Health-care stocks were weighed down by cannabis concerns, especially Canopy Growth, slumping 35 cents, or 10.3%, to $3.04, while Aurora Cannabis was felled $1.07, or 9.3%, to $1.65.
Among tech stocks, Shopify was again knocked around, $3.95, or 8.6%, to $42.12, while Nuvei Corporation lost $2.92, or 6.6%, to $41.14.
In the consumer discretionary category, Linamar slid $2.81, or 5%, to $53.44, while Aritzia stumbled $1.68, or 4.5%, to $36.02.
ON BAYSTREET
The TSX Venture Exchange gave back nine points, or 1.5%, to 606.38.
All 12 TSX subgroups surrendered ground Monday, as health-care sank 4.2%, information technology gave up 4%, and consumer discretionary fell 2%.
ON WALLSTREET
U.S. equities fell Monday as Wall Street braced for big company earnings reports slated for later in the week which could signal how inflation is impacting businesses.
The Dow Jones Industrials lost 164.31 points to 31,173.84.
The S&P 500 removed 44.95 points, or 1.2%, to 3,854.43.
The NASDAQ Composite slumped 262.71 points, or 2.3%, to 11,372.60.
Monday’s moves lower come as investors remain focused on June inflation data and the start of corporate earnings season for clues into the health of corporate America. The findings could signal how inflation and surging prices are hitting profits.
The season kicks off with reports from PepsiCo and Delta Air Lines scheduled for Tuesday and Wednesday, while banks JPMorgan Chase, Morgan Stanley, Wells Fargo and Citigroup will post earnings later in the week.
Twitter shares fell 11.3% after Elon Musk terminated a deal worth $44 billion to buy the social media company. The billionaire took issue with the number of bots and fake accounts on the platform and said Twitter wasn’t being truthful about how authentic activity on the platform was. However, the company said it gave Musk the information he needed to assess the claims.
The billionaire took issue with the number of bots and fake accounts on the platform and said Twitter wasn’t being truthful about how authentic activity on the platform was. However, the company said it gave Musk the information he needed to assess the claims.
Investors are also looking ahead to the release of June’s consumer price index on Wednesday. It is expected to show headline inflation, including food and energy, rising above May’s 8.6% level to 8.8%, according to Dow Jones estimates.
Treasury prices gained, lowering yields to 2.99% from Friday’s 3.04%. Treasury prices and yields move in opposite directions.
Oil prices demurred $1.06 to $103.73 U.S. a barrel.
Gold prices doffed $12.60 to $1,729.70 U.S. an ounce.
S&P Subsides, NASDAQ Breaks Streak