Toronto's main stock index took a pummeling at the opening on Tuesday, as concerns over the impact of China's slowing economy weighed on commodity prices.
The S&P/TSX Composite Index fell 87.46 points soon after the opening bell to 12,392.24.
The Canadian dollar faltered 0.85 cents at 100.46 cents U.S.
Air Canada is again in the news. The private company that maintains some of the airline's planes laid off workers and filed for creditor protection on Monday, blaming the company for much of its financial difficulty.
ON BAYSTREET
The TSX Venture Exchange skidded 19.52 points to 1,579.26, while the Nasdaq Canada index demurred 7.31 to 413.83
All 14 Toronto subgroups were in the red to begin the session. Metals and mining stocks went for a 2.6% plunge, while global base metals suffered 2.5%, and industrials lost 1.2%.
ON WALLSTREET
In New York, stocks opened lower Tuesday as Asian and European markets lost ground and investors consider new data on the housing market.
The Dow Jones Industrials took a downward slide of 93.39 points to 13,145.70.
The S&P 500 gave back 10.57 points to 1,399.18, while the Nasdaq fell 24.53 points to 3,053.79.
Investors will be also watching for clues about the direction of the U.S. economy in comments from senior policymakers.
While recent reports on the job market and retail sales suggest that the economy may be healing, the housing market remains a trouble spot.
In the afternoon, Federal Reserve Chairman Ben Bernanke will deliver a lecture at the George Washington University School of Business. Treasury Secretary Tim Geithner, meanwhile, will testify before the House Financial Services Committee.
With housing in focus, shares of homebuilder KB Home advanced and shares of PulteGroup also climbed.
Jefferies Group posted quarterly earnings of 33 cents U.S. per share on strong gains in its investment banking business, topping analyst estimates. The firm also beat on revenue.
Shares of Tiffany & Co rose after the luxury jeweler reported sales of $1.2 billion U.S. -- in line with forecasts -- and issued an upbeat outlook.
Shares of Adobe Systems fell after the software maker issued earnings and guidance in line with expectations late Monday.
Oracle is slated to report earnings after the bell Tuesday. The tech firm is expected to earn 56 cents a share on $9 billion U.S. of revenue.
Michael Kors' stock got a boost after the fashion company hiked its outlook.
Bank of America shares edged up after the bank denied speculation Monday that it's planning to raise money by issuing stock in a secondary offering.
Apple shares moved between small losses and gains in premarket trading. The company announced late Monday that it had sold more than three million new iPads, since the new version's March 16 launch.
Earlier in the day, Apple announced plans for a share buyback and a quarterly dividend.
On the economic beat, future home construction showed signs of strength in February, with permits climbing 5.1% to annual rate of 717,000, topping analyst predictions of 695,000.
Housing starts dipped 1.1% to 698,000, below estimates.
The price on the benchmark 10-year U.S. Treasury gained back lost ground, pushing the yield lower to 2.35% from 2.38% Monday. Treasury prices and yields move in opposite directions.
Oil for February delivery slid $1.34 to $106.53 U.S. a barrel.
Gold futures for April delivery fell $21.60 to $1,645.90 U.S. an ounce.
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