Equities in Toronto fell to their lowest since late January, again weighed down by bank and energy company shares as investors globally retreat from equity markets.
The S&P/TSX composite index tumbled 284.06 points, or 2.3%, to approach noon hour at 12,251.34.
The Canadian dollar gained back 0.58 cents to 72.37 cents U.S.
Energy stocks got bruised, Suncor Energy losing 2.1% to $30.71 and Canadian Natural Resources fell 2.5% to $28.50.
Among financials, Royal Bank of Canada fell 1.3% to $68.36, Toronto-Dominion Bank declined 1.4% to $50.77 and Bank of Nova Scotia fell 1.8% to $54.66.
Insurers also fell, with Manulife Financial down 2% to $17.87 and Sun Life Financial Inc off 1% to $38.09.
Fortis Inc shares fell 8.4% to $37.92 after the utility said it would buy a U.S. power transmission company.
Shares in Agrium Inc fell 2.4% to $114.30 after the fertilizer and farm products retailer forecast lower-than-expected profit for 2016, blaming weak prices.
Cineplex Inc rose 5.9% to $49.45 after the movie theater operator reported better than expected fourth quarter revenue and raised its dividend.
ON BAYSTREET
The TSX Venture Exchange turned negative 1.93 points to 506.32
All but three of the 13 TSX subgroups were negative by noon, as metals and mining jettisoned 7.9%, while energy and utilities each shed 4.6%.
The three gainers proved to be information technology, up 0.3%, industrials, ahead 0.2%, and consumer staples, nosing up 0.1%.
ON WALLSTREET
U.S. equities traded in a wide range on Tuesday as U.S. oil prices seesawed and investors looked ahead to Federal Reserve Chair Janet Yellen's testimony.
The Dow Jones industrial average ditched 64.31 to pause for lunch at 15,962.74, with Chevron leading decliners and DuPont the greatest advancer.
The S&P 500 dropped 7.68 points to 1,845.76, with energy leading six sectors lower and materials the greatest advancers.
The NASDAQ index dipped 13.21 points to 4,270.54
WTI futures slipped 2.1%, or 63 cents, to trade at $29.06 U.S. a barrel in choppy trading. Earlier, the International Energy Agency said that demand for oil will "ease back considerably" in 2016, before turning positive.
Yellen is scheduled to testify before Congress on Wednesday and Thursday.
Coca-Cola, Viacom and Wendy's reported quarterly earnings before the open, with Disney results due after the bell.
On the data front, investors digested U.S. wholesale inventories data, which showed inventoried declined 0.1% in December, less than expected. Also, the latest JOLTS survey showed job openings rose in December.
Prices for the 10-year Treasury gained, lowering yields to 1.73% from Monday’s 1.76%. Treasury prices and yields move in opposite directions.
Oil prices shed 18 cents a barrel to $29.61 U.S.
Gold prices progressed $5.72 to $1,194.95 U.S. an ounce.
