Stocks Tank on Russia-Ukraine Tension

Canopy, Vermilion Take Their Lumps

Tension ruled the markets all over the world Monday, the damage in Canada as elsewhere an indirect result of apprehension over Russia’s next move involving Ukraine.

The S&P/TSX Composite lost 196.33 points to finish out the day at 21,352.51.

The Canadian dollar fell 0.31 cents at 78.55 cents U.S.

Health-care stocks got bludgeoned, as Canopy Growth tumbled 96 cents, or 8.2%, to $10.75, while Tilray skidded 47 cents,or 5.2%, to $8.57.

In energy plays, Vermilion Energy swooned 67 cents, or 3%, to $21.67, while Tamarack Valley Energy lost 11 cents, or 2.2%, to$4.93.

Financials also took a pasting, most notably, Trisura Group, down three dollars, or 7.5%, to $37.20, while Brookfield Asset Management slid $1.57, or 2.1%, to $72.43.

Gold tried to even things out, with Wesdome Gold hiking 58 cents, or 4.5%, to $13.18, while Eldorado Gold gained 39 cents, or 3%, to $13.18.

Materials also pointed upward, as Agnico Eagle Mines jumped $3.25, or 5.1%, to $66.71, while Silvercrest Metals spiked $3.25, or 5.1%, to $66.71.

In the communications field, Rogers took on 37 cents to $65.90, while TELUS increased 18 cents to $31.75.

Ukrainian Ambassador Vadym Prystaiko said his country was prepared to make some concessions to Russia, easing investor concerns that have rattled global equities following U.S. comments that Russia could invade Ukraine at any time.

A pandemic-driven exodus of young families out of Canada's largest cities has depleted a core age group of workers from the already tight labour market, which experts say risks accelerating wage inflation in certain industries.

ON BAYSTREET

The TSX Venture Exchange shed 7.36 points to 861.41.

All but three of the 12 TSX subgroups were in the red on the day, with health-care giving up 3.5%, energy and financial stocks each dropping 1.2%.

The three gainers were gold, up 2.2%, while materials and communications each picked up 0.2%.

ON WALLSTREET

The Dow Jones Industrial Average and S&P 500 retreated on Monday as investors evaluated concerns about the Federal Reserve’s plan for interest rate hikes and tensions between Russia and Ukraine.

The 30-stock index descended 171.89 points to 34,566.17, dragged down by losses in Walgreens Boots Alliance and Chevron

The S&P 500 hesitated 16.97 points to 4,401.67.

The NASDAQ gave up earlier gains to finish in minus territory 0.23 points to 13,790.92.

Industrial stocks like Caterpillar and Boeing suffered, Caterpillar sliding 0.7% and Boeing 1.1%.

Oil stocks, which outperformed during Friday’s Ukraine-driven trading, were down on Monday. Exxon Mobil fell 1.5% and ConocoPhillips slipped 2.1%.

Earnings are expected to ramp up again this week, with Nvidia, Walmart, Shopify, AMC and more scheduled to report.

Sentiment was helped following comments from Russia’s Foreign Minister Sergey Lavrov to Vladimir Putin in Moscow that suggested Russia would continue diplomatic talks with the West over Ukraine, lowering tensions a bit following a market selloff Friday.

Fed officials opined that the central bank needed to fight inflation more aggressively, echoing comments he made last week that pressured the stock market.

The U.S. Labor Department reported Thursday that inflation in January surged 7.5%, its biggest 12-month gain since 1982.

Prices for 10-year Treasurys flopped, raising yields to 1.99%, from Friday’s 1.92%. Treasury prices and yields move in opposite directions.

Oil prices regained $1.85 to $94.95 U.S. a barrel.

Gold prices $31.50 to $1,873.60 U.S. an ounce.