Canada's main stock index fell on Wednesday and was on track to decline for a third straight session, as intensifying U.S.-Iran tensions drove oil prices toward $100 a barrel, rekindling worries about prolonged inflation and dampening risk appetite.
The TSX dumped 220.82 points to move into Wednesday afternoon at 35,903.23.
The Canadian dollar dipped 0.04 cents to 72.54 cents.
Meanwhile, the U.S. on Tuesday expanded trade restrictions on ?Canada, banning imports of numerous alcoholic beverages, motorcycles ?and dairy products.
The levies followed 50% ?tariffs that the ?U.S. had imposed on some $20 billion of Canadian goods last month after several rounds ?of talks broke down.
Lithium Americas rose after J.P. Morgan assumed coverage with "overweight" rating. Lithium shares in Canada gained 20 cents, or 4.8%, to $4.34.
North West Company climbed $3.90, or 7.9%, to hit a three-month peak at $53.00, after reporting higher revenue in the second quarter.
Shopify slipped $8.01, or 4.3%%, to $177.02, extending declines from the previous session, amid a selloff in software stocks on concerns over AI-led disruptions.
ON BAYSTREET
The TSX Venture Exchange dipped 2.56 points to 957.08.
All but four of the 12 TSX subgroups were in the red by noon EDT, with industrials, down 1.1%, consumer discretionary and financials each down 1%.
The three gainers proved to be gold, ahead 0.8%, energy, better by 0.7%, and materials, up 0.4%.
Health-care stocks were unchanged by midday.
ON WALLSTREET
Stocks fell on Wednesday as rising Treasury yields and oil prices continued to rattle investors.
The Dow Jones Industrials fell 394.83 points, or 1.2%, to 52,391.24.
The S&P 500 sank 39.86 points to 7,633.66
The NASDAQ Composite retreated 194.22 points to 26,227.19.
Treasury yields jumped on Wednesday after the Treasury Department said it’s going to triple its buyback operation of longer-dated government debt to $6 billion. The move follows the Treasury Department’s announcement last month that it’s going to at least double the level of government debt buybacks.
Oil prices rose as escalating tensions between the U.S. and Iran fuel concerns over further disruptions to Middle East energy supplies.
Prices for the 10-year Treasury were lower, raising yields to 4.83% from Tuesday’s 4.79%. Treasury prices and yields move in opposite directions.
Oil prices added $3.57 to $96.60 U.S. a barrel.
Gold prices slid $1.40 to $4,437.60 U.S. an ounce.
