Equities in Canada’s largest centre fell on Tuesday, pressured by falling miners' shares and a tech-led selloff on Wall Street amid increased expectations of U.S. Federal Reserve rate hikes.
The TSX Composite Index faltered 105.44 to move into Tuesday afternoon at 34,896.74.
The Canadian dollar waned 0.19 cents to 70.43 cents U.S.
E-commerce platform Shopify Inc will ban all vapes from its platform as soon as this week following pressure from a group of U.S. state attorneys general aiming to curb sales of illegal e-cigarettes online.
Shopify shares gained $1.14 to $154.11.
ON BAYSTREET
The TSX Venture Exchange stumbled 19.78 points, or 2.1%, Tuesday to 928.76.
Eight of the 12 TSX subgroups were higher midday, led by consumer staples, up 4.4%, while health-care and telecoms each surged 1%.
The four gainers were weighed most by materials, docking 4%, gold, dulling 3.6%, and information technology, sagging 1.4%.
ON WALLSTREET
The S&P 500 was lower on Tuesday as a tech selloff that began during the prior session picked up steam overnight, with global markets in Asia routed as memory chip-related shares tumbled.
The Dow Jones Industrials gained 16.93 points to 51,729.64.
The much-broader index shed 88.66 points, or 1.2%, to 7,384.13.
The NASDAQ plunged 469.76 points, or 1.8%, to 25,696.74
The major averages came off their lows as tech stocks outside of chipmakers such as Microsoft and Amazon as well as defensive stocks like Walmart, Procter & Gamble and Johnson & Johnson moved higher. Additionally, International Business Machines shares popped 4% following an upgrade to overweight at JPMorgan, while Sherwin-Williams and Merck saw gains as well.
Micron Technology then followed suit, with the memory chipmaker down 10%. Sandisk fell 12% while components maker Seagate Technology also shed more than 6%. Intel pulled back 3%, while Advanced Micro Devices gave up 5% and Qualcomm lost 10%.
Recent IPO Cerebras will report earnings after the bell Tuesday, while Micron will report results on Wednesday after the close.
Prices for the 10-year Treasury rebounded, lowering yields to 4.48% from Monday’s 4.51%. Treasury prices and yields move in opposite directions.
Oil prices sank 92 cents to $72.94 U.S. a barrel.
Gold prices dropped $46.70 to $4,156. U.S. an ounce.
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