The S&P/TSX Composite Index was pointed sharply downward, losing 197.69 points to kick off the session at 21,872.07.
The Canadian dollar sank 0.01 cents to 72.55 cents U.S.
In corporate news, J.P. Morgan started coverage on Shopify with an "overweight" rating, noting a recent pullback in the stock following its quarterly results creates an "attractive" entry opportunity. Shopify shares began Tuesday up 98 cents, or 1.1%, to $87.80.
On the economic front, Statistics Canada reported building permits significantly increased 20.5% to $12.8 billion in April.
ON BAYSTREET
The TSX Venture Exchange dipped 5.88 points, or 1%, to 581.06.
All 12 subgroups took a dive in the first hour, weighed most by materials, down 1.7%, gold, duller in price by 1.4%, energy, off 1.3%.
ON WALLSTREET
Stocks fell Tuesday as the Federal Reserve kicked off a key two-day policy meeting.
The Dow Jones Industrials staggered 315.88 points to 38,552.22.
The S&P 500 index slid 22.36 points to 5,338.43.
The NASDAQ removed 25.94 points to 17,166.59.
The bulk of S&P 500 stocks traded lower on the day, with just about 40 names in the index on track for a gain. At the New York Stock Exchange, roughly 2,000 stocks were lower, while only 458 advanced.
JPMorgan Chase, Amgen and American Express fell more than 1% to lead the Dow lower. Apple was one of the day’s few winning stocks.
The Fed meeting will conclude on Wednesday with an interest rate policy decision and a subsequent press conference featuring Federal Reserve Chair Jerome Powell.
Before the Fed decision on Wednesday, investors will closely follow the consumer price index reading for May.
Shares of Affirm rose more than 5% following the announcement that its buy now, pay later loans will be incorporated into Apple Pay on iPhones and iPads for U.S. users. Affirm said in a filing that the buy now, pay later option is expected to hit those devices later this year.
Prices for the 10-year Treasury strengthened, lowering yields to 4.44% from Monday’s 4.47%. Treasury prices and yields move in opposite directions.
Oil prices slumped 31 cents to $77.43 U.S. a barrel.
Gold prices jumped $5.30 to $2,327.30
