Stocks in Canada’s largest centre were clobbered Tuesday, the first day back from a long weekend, health-care and energy concerns the main culprits.
The TSX Composite dropped 366.45 points, or 2%, to close Tuesday at 18,216.68.
The Canadian dollar dropped 0.16 cents to 72.44 cents U.S.
Markets in Canada were shuttered Monday for Thanksgiving Day.
Cannabis concerns dropped the most, with Canopy Growth surrendering 55 cents, or 14.4%, to $3.28, while Tilray fell 33 cents, or 7.6%, to $4.00.
In energy stocks, Baytex let go of 55 cents, or 7.6%, to $6.68, while Athabasca Oil lost 22 cents, or 8.5%, to $2.37.
Tech stocks took a pounding, too, Coveo sliding 53 cents, or 9.2%, to $5.24, while BlackBerry dumped 54 cents, or 8.6%, to $5.75.
Only consumer staples held out against the negative tide, with Primo Water advancing $2.09, or 1.5%, to $18.33, while George Weston grabbed $2.09, or 1.5%, to $142.37.
ON BAYSTREET
The TSX Venture Exchange floundered 20.12 points, or 3.3%, to 587.90.
All but one of the 12 TSX subgroups lost ground on the session, with health-care tailing off 5.1%, energy down 3.7%, and information technology skidding 2.8%.
Only consumer staples gained ground, and only 0.7% at that.
ON WALLSTREET
U.S. stocks fell Tuesday, reversing gains from earlier in the day as investors looked ahead to key inflation data out later in the week that will give the Federal Reserve updated information on the state of the U.S. economy.
The Dow Jones Industrials came off its highs of the afternoon, but still beat Monday’s close by 36.31 points, to close Tuesday at 29,239.19, bolstered by jumps in Amgen and Walgreens Boots Alliance.
The S&P 500 lost 23.55 points to 3,588.84.
The NASDAQ Composite dumped 115.91 points, or 1.1%, to 10,426.19, its lowest close since July 2020. Tuesday’s losses notched the fifth day in a row of declines for both indexes.
Stocks fell off highs of the day and bond yields ticked up when the Bank of England said in the afternoon its market intervention will be over soon, and that pension funds have just three days to rebalance positions.
The moves came as investors look ahead to key inflation data that will inform how aggressively the Federal Reserve will hike interest rates to tame inflation.
On Wednesday, the producer price report will be released and followed by the September consumer price index Thursday. On Friday, September retail sales will give further insight into consumption.
JPMorgan CEO Jamie Dimon on Monday warned that the U.S. would likely fall into a recession over the next “six to nine months,” and said the S&P 500 could fall another 20% depending on whether the Federal Reserve engineers a soft or a hard landing for the economy.
Gig economy stocks fell sharply on Tuesday after the U.S. Department of Labor released a proposed rule that could cause the companies to classify drivers employees instead of independent contractors.
Treasury prices settled back, raising yields to 3.94% from Monday’s 3.92%. Treasury prices and yields move in opposite direction.
Oil prices dipped $2.68 to $88.45 U.S. a barrel.
Gold prices faltered $2.10 to $1,673.10 U.S. an ounce.