Canada's main ?stock index came out of its cave by noon EST on Tuesday, joining a global market slide driven by inflation fears as the Middle East ?conflict entered its fourth ?day.
The TSX remained negative 864.31 points, or 2.5%, however, to 33,676.96.
The selloff in global stocks deepened on Monday as the conflict in Middle East spiked energy prices, raising fears of inflation among investors.
Prime Minister Mark Carney reached Australia on Tuesday, as the country seeks to diversify trade relations beyond the U.S. Carney is on a multi-leg trip across the Asia-Pacific region, also taking in Japan and India.
In after-market earnings on Monday, Capstone Copper reported quarterly profit below estimates. The copper producer's shares in Toronto shook off $1.02, or 7.4%, to $12.69.
ON BAYSTREET
The TSX Venture Exchange stumbled 40.73 points, or 3.6%, to 1,076.87.
All but two of 12 TSX subgroups were lower, with gold plummeting 7.3%, materials, off69.2%, and consumer discretionary stocks dwindling 1.9%.
Energy gained ground 0.5%, while telecoms inched up 0.2%.
ON WALLSTREET
U.S. equities tumbled on Tuesday, undoing a Monday equity comeback, as oil prices spiked again and traders worried that the U.S.-Iran war could drag on longer than anticipated.
The Dow Jones Industrial Average came off its lows of the morning, but still trailed breakeven by 657.05 points, or 1.3%, to 48,247.73.
The S&P 500 slumped 90.76 points, or 1.3%, to 6,791.36.
The NASDAQ dumped 349.33 points, or 1.5%, to 22,402.24
Each of the S&P 500 sectors were in the red on Tuesday, with all but energy down more than 1% on the day. Materials, industrials and consumer discretionary sectors saw the biggest losses on fears that higher oil prices and borrowing costs could weigh on the U.S. economy.
Several major tech stocks, such as Nvidia, that led the Monday intraday comeback were lower on Tuesday. U.S. memory stocks were also under pressure and were poised to follow the notable declines seen in memory chip stocks in South Korea.
Additionally, shares of Blackstone fell 7% after the Financial Times reported that its private credit fund saw $1.7 billion in net outflows in the first quarter.
Iranian Revolutionary Guard commander said the Strait of Hormuz — the world’s most vital transit route for crude oil — is closed and that Iran would set ablaze ships attempting the route, Reuters reported, citing Iranian media.
President Donald Trump has warned that the conflict could continue for more than four weeks.
The jump in energy prices was boosting Treasury yields on fears it may cause inflation to flare back up, just as U.S. investors are banking on more Federal Reserve rate cuts to boost the economy.
Tech stocks, which led the Monday intraday comeback, were lower Tuesday.
Nvidia and Broadcom lost around 2% each. U.S. memory stocks were also under pressure and were poised to follow the notable declines seen in memory chip stocks in South Korea. Most of the stocks in the S&P 500 were in the red except for oil and energy stocks.
Additionally, shares of Blackstone fell 7% after the Financial Times reported that its private credit fund saw $1.7 billion in net outflows in the first quarter.
Prices for the 10-year Treasury weakened, hiking yields to 4.06% from Monday’s 4.04%. Treasury prices and yields move in opposite directions.
Oil prices resumed their surge, tacking on $5.05 to $76.28 U.S. a barrel.
Gold prices fell back $208.60 to $5,103 U.S. an ounce.
