Canada's main stock index dropped to its lowest in five weeks on Tuesday, hit by concerns that the U.S. Federal Reserve could raise interest rates sooner than later.
The S&P/TSX composite index tumbled 155.87 points, or 1.5%, to move into lunch hour at 14,698.62.
The Canadian dollar stumbled 0.18 cents to 79.17 cents U.S.
Base metals had the biggest dive among the major groups, as First Quantum Minerals took a header of 96 cents, or 6.3%, to $14.34, and Capstone Mining went south six cents, or 4.7%, to $1.23.
Financials also declined, as Royal Bank of Canada gave back 2.4% to $75.12, and Toronto Dominion Bank lost 2.5% to $52.86.
Shares of energy producers were down, with the prices of Brent and U.S. crude oil trading lower. Canadian Natural Resources declined 1.4% to $36.16, and Suncor Energy fell 1.5% to $35.41.
ON BAYSTREET
The TSX Venture Exchange lost 4.39 points to 676.29
All but two of the 14 Toronto subgroups were lower midday, with metals and mining down 2.6%, global base metals off 2.4%, and financials sliding 1.7%.
The two gainers were gold, up 0.1%, and utilities inching 0.04%.
ON WALLSTREET
U.S. stocks traded about 1% lower on Tuesday, pressured by a surge in the dollar and some weakness in oil.
The Dow Jones Industrials tumbled 242.81 points, or 1.4%, to 17,752.91, with Pfizer the only blue-chip advancing and United Technologies the greatest laggard.
The S&P 500 fell 26.58 points to 2,052.85, with financials leading all sectors except utilities lower.
The NASDAQ index weakened 69.66 points to 4,872.68. On this day in 2000, the NASDAQ set its all-time closing and intraday highs of 5,048.60 and 5,132.50, respectively.
Chip maker Qualcomm announced a 14% dividend hike to 48 cents U.S. per share as well as a $15-billion U.S. stock buyback program.
Credit Suisse has named Prudential chief Tidjane Thiam as its new chief executive officer. His appointment will become effective at the end of June, when current CEO Brady Dougan will step down.
UBS upgraded Hewlett-Packard to buy from neutral, noting a recent pullback in the stock's price and CEO Meg Whitman's upgrade of the executive team.
Urban Outfitters reported quarterly profit of 60 cents U.S. per share, two cents above estimates, with revenue in line. Comparable store sales were up 6% for the quarter, better than the 2% reported for the full year. Urban's rise in comparable store sales was its first in a year.
American Eagle Outfitters, Analogic and Verifone are due to report earnings after the bell.
On the economic scene, U.S. wholesale inventories for January rose 0.3%, beating expectations for contraction.
Job openings for January at five million were the highest level in 14 years, the U.S. Bureau of Labor Statistics said.
The NFIB small business index for February was an encouraging 98.0, little changed from January's 97.9 but above the key level of 96 that experts recommended as a benchmark.
Prices for 10-year U.S. Treasuries rose sharply, lowering yields to 2.14% from Monday’s 2.20%. Treasury prices and yields tend to move in opposite directions.
Oil prices fell 57 cents to $49.43 U.S.
Gold prices faded $4.30 to $1,162.30 U.S.
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