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Selloff Continues

Cenovus, Alamos in Focus

Canada's main stock index extended losses on Monday, led by declines in energy and gold stocks amid fears of aggressive policy tightening by the Federal Reserve after data suggested red-hot U.S. inflation was yet to peak.

The S&P/TSX plummeted 569.71 points, or 2.8%, to reach midday at 19,705.11.

The Canadian dollar lost 0.38 cents to 77.77 cents U.S.

Shares of Cenovus Energy fell $1.11, or 3.7%, to $28.98, after it said it would buy British oil major BP Plc's 50% stake in the Sunrise oil sands project in northern Alberta.

Gold and other resources took it on the chin Monday morning, Alamos Gold sank 86 cents, or 8.3%, to $9.53, while IAMGOLD Corp. drifted lower 25 cents, or 8.5%, to $2.71.

Endeavour Silver got chopped 47 cents, or 9.3%, to $4.58, while K92 Mining lost 94 cents, or 9.5%, to $8.92.

Canada will announce a multi-million-dollar investment on Monday to make the Jansen potash mine run by the globe's largest listed miner, BHP Group, "the cleanest and most sustainable in the world," a government source said.


The TSX Venture Exchange was hammered 39.97 points, or 5.7%, to 664.73.

All 12 TSX subgroups lost ground midday, with gold dulling in price 4.7%, while materials and health-care each slipped 4.5%.


Stocks tumbled Monday, pushing the S&P 500 back into bear market territory, as the major averages came off their worst week since January.

The Dow Jones Industrials handed back 693.41 points, or 2.2%, to 30,699.38.

The S&P 500 stumbled 118.68 points, or 3%, to 3,782.18.

The S&P 500 hit a new intraday low for the year and its lowest level since March 2021. The benchmark is off nearly 22% from its record, back in bear market territory after trading there briefly on an intraday basis about three weeks ago.

The benchmark now sits more than 20% from its January record close with all stocks trading in the red. If it finishes there on Monday, it will confirm a bear market to many on Wall Street.

The NASDAQ Composite plunged 432.29 points, or 3.8%, to 10,907.74.

Monday’s selloff was broad based, with roughly 26 New York Stock Exchange-listed stocks trading lower for every advancer.

Shares of Boeing were off 8%, Dow lost 6%. Salesforce descended 6% and Chevron fell more than 5% dragging down the Dow. Beaten-up tech shares also took a hit with Netflix, Amazon and Nvidia down more than 6% as the NASDAQ touched a fresh 52-week low and its lowest level since November 2020.

Travel stocks also slipped on Monday, with Carnival Corporation and Norwegian Cruise Line down about 10% each. Delta Air Lines lost 7% while United also fell more than 9%.

The Federal Reserve is expected to announce at least a half-point rate hike on Wednesday. The Fed has already raised rates twice this year, including a 50-basis-point (0.5 percentage point) increase in May in an effort to stave off the recent inflation surge. Though some economists after the hot CPI report believed the Fed could even raise rates by 0.75% this week.

Treasury prices fell sharply, raising yields to 3.35% from Friday’s 3.16%. Treasury prices and yields move in opposite directions.

Oil prices reversed their ground and gained 36 cents to $121.03 U.S. a barrel.

Gold prices withered $45.60 to $1,829.90 U.S. an ounce.