Equity markets in Canada’s largest centre slipped on Tuesday, pressured by losses in financial, industrial and tech stocks, with Shopify shares falling to a one-month low, while investors remained cautious ahead of key U.S. inflation data due later in the week.
The TSX tumbled 214.59 points by noon EDT Tuesday at 36,299.21.
The Canadian dollar regained 0.13 cents to 72.57 cents.
Markets on both sides of the border, of course, were closed Monday for Labour Day.
Iran threatened the ?U.S. with "economic warfare" and said it fired an ?advanced missile at U.S. warships, raising fears that ?the conflict could ?escalate.
Canada's retaliatory tariffs on American goods took effect on Tuesday after Prime Minister ?Mark Carney's government failed to reach a deal with Washington last month.
Meanwhile, U.S. President Donald Trump said on Monday that Bombardier would not be allowed to ?sell its planes in the U.S. unless it started manufacturing in the country.
Bombardier shares plummeted $22.62, or 7.2% to $292.50.
Shopify slid $14.98, or 7.4%, to $185.78. to more than a one-month low, on ?track for its steepest intraday percentage decline since early May, if losses hold.
ON BAYSTREET
The TSX Venture Exchange retreated 1.53 points to 963.87
All but three of the 12 TSX subgroups were in the red midday, with information technology stocks down 2.7%, consumer discretionary stocks off 2.6%, and real-estate, down 1.8%.
The three gainers were energy, up 1.5%, materials better 0.7%, and utilities ahead 0.6%.
ON WALLSTREET
Stocks dropped Tuesday to kick off a shortened week of trading, with investors monitoring escalating tensions in the Middle East ahead of a key inflation reading later this week.
The 30-stock index let go of 566.25 points, or 1.1%, to 52,848
The S&P 500 sank 28.32 points to 7,690.28
The NASDAQ Composite retreated 9.72 points to 26,497.28.
Traders also have to contend with brewing trade tensions between the U.S. and Canada once again. Retaliatory tariffs from Canada on about $20 billion of U.S. goods take effect on Tuesday.
President Donald Trump on Monday said ahead of the new duties that Canadian aircraft manufacturer Bombardier can’t sell in the U.S. unless Canada begins making its products in the U.S.
Qualcomm is partnering up with Amazon Web Services to “help build out AWS” AI Infrastructure, according to the company’s press release.
Shares for the chipmaker rose over $6.24, or 3.7%, to $174.98 following the news.
The Federal Reserve is due to hold a monetary policy meeting next week. Traders are pricing in a 60% chance the central bank will hike rates by a quarter-percentage point after the meeting.
Prices for the 10-year Treasury were lower, raising yields to 4.79% from Friday’s 4.78%. Treasury prices and yields move in opposite directions.
Oil prices climbed $1.21 to $92.69 U.S. a barrel.
Gold prices dulled $29.20 to $4,447.40 U.S. an ounce.
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