North American markets were down sharply Tuesday, with both Toronto’s main index and the Dow Jones industrials suffering triple-digit losses.
The S&P/TSX composite index collapsed 193.53 points, or 1.3%, to close Tuesday at 15,173.94
The Canadian dollar gained 0.14 cents to 82.82 cents U.S.
Alimentation Couche-Tard Inc., the convenience store operator, lost $1.29, or 2.7%, to $46.30 to pace a decline among consumer- staples retailers. Loblaw Cos. fell 86 cents, or 1.4%, to $61.68
In the industrial sector, Canadian Pacific Railway Ltd. fell $8.22, or 3.5% to $228.15, while Canadian National Railway Co., tumbled $1.22, or 1.3% to $78.62
Health-care also took it on the chin, as Valeant Pharmaceuticals ducked back $5.27, or 2%, to $264.42.
On the economic slate, Statistics Canada reported Tuesday morning that Canada's imports hiked 2.2% in March while exports edged up 0.4%. As a result, our merchandise trade deficit with the world widened from $2.2 billion in February to a record $3.0 billion in March.
ON BAYSTREET
The TSX Venture Exchange moved down 2.37 points to 696.75
All 14 Toronto subgroups were negative on the day, as health-care slumped 2.4%, industrials 1.8%, and real-estate slid 1.7%.
ON WALLSTREET
U.S. stocks closed about 1% lower on Tuesday as investors eyed higher bond yields, mixed domestic data and renewed concerns over Greece.
The Dow Jones Industrials faded 142.20 points to 17,928.20, Apple was one of the worst-performing blue chips, while other tech giants Microsoft and Google also declined sharply.
The S&P 500 index dipped 25.02 points to 2,089.47,
The NASDAQ stumbled 77.60 points to 4,939.33. Tech giants such as Apple, Microsoft and Google also declined.
Salesforce shares were briefly halted after spiking more than 5% on a Bloomberg report that Microsoft was evaluating a bid for the company.
Earnings season continued, with morning reports from Disney, Estee Lauder, Kellogg, Sprint, Towers Watson, Bloomin' Brands and Zoetis.
Walt Disney delivered quarterly earnings and revenue that topped analysts' expectations on Tuesday.
Electronic Arts, LendingClub, News Corp, Groupon, Herbalife, Newfield Exploration, SolarCity and Weight Watchers are all due after the bell.
The March trade deficit came in at $51.4 billion U.S., above expectations and the largest since 2008 as imports surged. February's figure was increased slightly to $35.9 billion U.S. from $35.4 billion U.S.
The pace of expansion in the U.S. services sector eased from a seven-month high in April on a dip in new business growth, but hiring in the sector accelerated to its highest since June, an industry report showed on Tuesday.
Financial firm Markit said its final reading of its Purchasing Managers Index for the services sector slipped to 57.4 in April, a level that was down from both the preliminary April read of 57.8, as well as the final March read of 59.2. March's level was the highest since August.
April's non-manufacturing ISM topped expectations, coming in at 57.8 versus the expected 56.3 and March's 56.5.
In the continuing Greek debt drama, stocks and bonds sold off in Athens on news the International Monetary Fund may cut a funding lifeline to Greece unless its European partners accept more debt writedowns, the Financial Times reported. Germany's finance minister later rebuffed the report.
Prices for 10-year U.S. Treasuries stumbled, raising yields to 2.17% from Monday’s 2.15%. Treasury prices and yields move in opposite directions.
Oil prices perked $1.53 to $60.46 U.S.
Gold prices gained six dollars to $1,192.80 U.S.
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