Equities in Canada’s biggest centre were bloodied Tuesday, as the effects of tariffs and counter-tariffs made their presence felt.
The TSX dumped 390.75 points, or 1.1%, to conclude Tuesday at 36,123.05.
The Canadian dollar regained 0.11 cents to 72.55 cents.
Markets on both sides of the border, of course, were closed Monday for Labour Day.
Iran threatened the ?U.S. with "economic warfare" and said it fired an ?advanced missile at U.S. warships, raising fears that ?the conflict could ?escalate.
Canada's retaliatory tariffs on American goods took effect on Tuesday after Prime Minister ?Mark Carney's government failed to reach a deal with Washington last month.
Meanwhile, U.S. President Donald Trump said on Monday that Bombardier would not be allowed to ?sell its planes in the U.S. unless it started manufacturing in the country.
Bombardier shares plummeted $7.99, or 2.5% to $307.13.
Shopify slid $15.73, or 7.8%, to $185.03. to more than a one-month low, on ?track for its steepest intraday percentage decline since early May, if losses hold.
In tech issues, Kinaxis slid $11.37, or 6.4%, to $165.80, while Docebo sank $1.94, or 5.6%, to $32.44.
In consumer stocks, BRP Inc. slipped $6.02, or 6.5%, to $87.04, while Gildan Activewear handed over $2.79, or 3.8%, to $71.10.
Real-estate stocks were also bruised, FirstService backed off $8.21, or 4.1%, to $191.35, while Colliers International regressed $5.59, or 4.1%, to $131.41.
Energy stocks tried to equal things out, as IPCO improved $1.44, or 4.2%, to $36.00, while Spartan Delta tacked on 42 cents, or 3.2%, to $13.43.
In utilities, TransAlta gained 56 cents, or 3.4%, to $17.11, while Northland Power captured 44 cents, or 2.1%, to $21.36.
In metals, Capstone Copper jumped $1.15, or 7.6%, to $16.20, while Ero Copper muscled up $4.08, or 8.5%, to $52.32.
ON BAYSTREET
The TSX Venture Exchange retreated 5.76 points to 959.64.
All but three of the 12 TSX subgroups were in the red by the close, with information technology stocks down 3%, consumer discretionary stocks off 2.5%, and real-estate, down 1.7%.
The three gainers were energy, up 1.2%, utilities, progressing 0.8%, materials better 0.2%.
ON WALLSTREET
Stocks dropped Tuesday to kick off a shortened week of trading, with investors monitoring escalating tensions in the Middle East ahead of a key inflation reading later this week.
The Dow Jones Industrial index slumped 650.06 points, or 1.2%, to 52,764.24.
The S&P 500 sank 44.95 points, or 0.6%, to 7,673.65
The NASDAQ Composite retreated 85.58 points to 26,421.21.
Traders also have to contend with brewing trade tensions between the U.S. and Canada once again. Retaliatory tariffs from Canada on about $20 billion of U.S. goods take effect on Tuesday.
President Donald Trump on Monday said ahead of the new duties that Canadian aircraft manufacturer Bombardier can’t sell in the U.S. unless Canada begins making its products in the U.S.
Qualcomm is partnering up with Amazon Web Services to “help build out AWS” AI Infrastructure, according to the company’s press release.
Shares for the chipmaker rose $5.35, or 3.2%, to $174.09 following the news.
Shares of Intel gained more than 9% while and Advanced Micro Devices jumped 6%, Broadcom climbed 3%.
The Federal Reserve is due to hold a monetary policy meeting next week. Traders are pricing in a 60% chance the central bank will hike rates by a quarter-percentage point after the meeting.
Prices for the 10-year Treasury were lower, raising yields to 4.79% from Friday’s 4.78%. Treasury prices and yields move in opposite directions.
Oil prices climbed $2.19 to $93.67 U.S. a barrel.
Gold prices stumbled $68.20 to $4,408.40 U.S. an ounce.
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