Canada's main stock index was set to fall for a fourth session on Tuesday as weaker metal prices weighed on mining stocks, while investors set their sights upcoming central bank meetings that will likely signal an end to easy monetary policy.
The S&P/TSX Composite was lower by 291.18 points, or 1.4%, at noon hour to 20,280.12.
The Canadian dollar slumped 0.10 cents at 79.10 cents U.S.
Techs were roughed up the worst, as Shopify tumbled $89.32, or 3.5%, to $1,099.14, while Kinaxis pointed downward $6.79, or 4.4%, to $148.99.
Health-care issues also got bruised, as Tilray sank 30 cents, or 4.1%, to $7.06, while Aurora Cannabis fell 20 cents, or 3.7%, to $5.20.
Consumer discretionary stocks took a hit, with Martinrea International swooning 47 cents, or 4.5%, to $9.88, while Linamar stumbled $1.71, or 2.5%, to $65.96.
Energy tried to one-sector rally, with Baytex Energy picking up 18 cents, or 4.3%, to $4.36, while Crescent Point Energy advanced 24 cents, or 3.1%, to $8.01.
ON BAYSTREET
The TSX Venture Exchange moved lower 3.01 points to 835.40.
All but one of the 12 TSX subgroups began the day lower, with information technology sliding 4.1%, health-care down 3.2%, and consumer discretionary off 2.1%.
Only energy emerged into the afternoon sun, gaining 0.7%.
ON WALLSTREET
U.S. stocks fell Tuesday, a day after one of the biggest comebacks on record for the major averages.
The Dow Jones Industrials came off their lows of the morning, but still had 320.14 points worth of catching up to do on Monday’s close to 34,044.36.
The S&P 500 gave back 77.49 points, or 1.8%, to 4,332.64.
The NASDAQ stumbled 368.15 points, or 2.7%, to 13,486.97.
The Dow on Monday rallied from a more than 1,100-point loss to close up higher and snap a six-day losing streak. The NASDAQ reversed a 4.9% decline from earlier in the day to finish positive — its biggest rebound since 2008. The S&P 500 also rallied from major losses to close up.
The selling on Tuesday was broad with less than 10 stocks in the S&P 500 trading in positive territory.
General Electric was among the biggest decliners on the benchmark index with a 7.1% loss after the company topped quarterly earnings expectations, but missed revenue estimates. Johnson & Johnson was among the top losers on the Dow after a weak quarterly report, falling more than 1%.
American Express was the top gainer on the S&P 500 after an earnings beat, rising 8.92%.
The Federal Reserve’s two-day policy meeting begins Tuesday as investors look for updates on when the central bank will raise interest rates and by how much. Market participants expect the Fed to signal a rate hike as soon as March and more policy tightening on the table to address high inflation.
Investors also monitored geopolitical tension at the Russia-Ukraine border. President Joe Biden spoke with European leaders Monday amid fears of a possible Russian invasion of Ukraine.
Prices for 10-year Treasurys regained strength, lowering yields to 1.76% from Monday’s 1.77%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.50 to $84.81 U.S. a barrel.
Gold prices brightened $7.30 to $1,849.00 U.S. an ounce.
