Markets throughout North America took steep dives Wednesday, as bond yields and oil prices climbed, in the wake of more tensions out of the Middle East.
The TSX Composite Index was hammered 367.92 points, or 1.1%, to adjourn Wednesday at 34,801.54.
The Canadian dollar declined 0.3 cents to 71.97 cents U.S.
Canada had a positive meeting with the U.S. on the review of their free trade deal, Federal Trade Minister Dominic LeBlanc said in Washington on Tuesday, but declined to provide many details.
Meanwhile, Shopify said on Tuesday its board had approved an additional $3-billion share buyback program, bringing the Canadian e-commerce company's total repurchase authorization to $5 billion.
Shares in Shopify dumped $4.87, or 3%, to $157.08.
In the tech world, Docebo failed $2.92, or 11.2%, to $23.23, while Constellation Software descended $134.79, or 4.7%, to $2,750.25.
Materials also weighed on markets Wednesday, as AbraSilver fell $1.50, or 8.1%, to $17.01, while G Mining Ventures slumped $2.86, or 7%, to $37.75.
In health-care, Curaleaf demurred 24 cents, or 4.8%, to $4.73, while Bausch Health Companies slid seven cents, or 1%, to $6.90.
Consumer staples tried to even things out, as Empire Company hiked $1.05, or 2.2%, to $48.20, while North West Company gathered $1.13, or 2.2%, to $52.20.
In energy, Advantage Oil & Gas picked up 49 cents, or 4.9%, to $10.48, while Athabasca Oil improved 36 cents, or 3.1%, to $11.84.
In consumer discretionary stocks, Restaurant Brands jumped $2.06, or 2.1%, to $101.09, while Aritzia added $2.15, or 1.4%, to $160.34.
The U.S. military on Wednesday said it has thwarted Iranian missile attacks on Bahrain, Kuwait and other regional targets.
ON BAYSTREET
The TSX Venture Exchange demurred 27.9 points, or 2.7%, to 1,005.20.
Seven of the 12 TSX subgroups were lower, weighed most by information technology, off 3.4%, materials, off 2.7%, and gold, sinking 2.2%.
The five gainers were led by consumer staples, ahead 1.4%, energy, up 1.4%, and consumer discretionary stocks, better by 0.9%.
ON WALLSTREET
Stocks fell on Wednesday as oil prices and Treasury yields moved higher amid worries the U.S.-Iran conflict could keep lifting inflation.
The Dow Jones Industrials were clobbered 619.36 points, or 1.2%, to 50,688.43.
The S&P 500 subtracted 55.43 points to 7,554.35.
The NASDAQ slipped 239.93 points to 26,853.98.
Declines in artificial intelligence-related stocks also weighed on the broader market. Nvidia lost more than 3%, while Dell Technologies shed around 3%, and Oracle declined more than 5%. Microsoft also moved lower by 3%.
Shares of U.S. private equity firms were a sore spot of the day, falling after Swiss-based private equity firm Partners Group announced it was capping investor withdrawals from one of its funds. KKR dropped 5%, while Blackstone declined 3%.
Late Tuesday, the Kuwait army said in a social media post that air defense systems were “intercepting hostile targets.”
U.S. Central Command later said that American forces defeated Iranian ballistic missiles and drones, and they also carried out “self-defense strikes” on Qeshm Island “in response to attempted attacks by Iran across the Middle East.”
President Donald Trump also said Iran agreed to not having nuclear weapons, but added “they can change their mind.”
Prices for the 10-year Treasury gained, lowering yields to 4.49% from Tuesday’s 4.50%. Treasury prices and yields move in opposite directions.
Oil prices strengthened $2.31 to $96.07 U.S. a barrel.
Gold prices plummeted $46.10 to $4,473.800 U.S. an ounce.
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