Stocks in Toronto as weaker commodity prices weighed on energy and mining stocks, while the shares of a major drug maker tanked.
The S&P/TSX Composite Index faltered 182.07 points, or 1.4%, to greet noon at 13,295.47
The Canadian dollar slid 0.54 cents to 74.84 cents U.S.
Valeant Pharmaceuticals International Inc plunged more than 40% to $50.84 after it cut its 2016 revenue forecast by about 12% and said a delay in filing its annual report could pose a debt default risk.
Oil and gas producer Canadian Natural Resources fell 3.4% to $34.88, while Cenovus Energy was down 2% at $16.99.
Among Canadian mining stocks, First Quantum Minerals declined 7% to $7.44, while Teck Resources fell 7.3% to $9.23.
The financials group fell, including a 1.3% drop in Manulife Financial to $18.51.
Internationally, the Bank of Japan said it would maintain its massive asset buying programme at existing levels and suggested it may roll out more stimulus as it struggles to reach an elusive inflation target.
ON BAYSTREET
The TSX Venture Exchange lost 4.41 points to 566.38
All but two of the 13 TSX subgroups were lower by noon, with health-care off 11.7%, metals and mining skidding 4.2%, and energy drooping 2.6%
The two gainers were gold, up 0.7%, and consumer staples, up 0.3%.
ON WALLSTREET
Equities in America’s greatest financial centre moved lower Tuesday, led by declines in energy and health care stocks, ahead of the Wednesday conclusion of the U.S. Federal Reserve meeting.
The Dow Jones Industrial average dropped 34.79 points to pause for lunch at 17,194.34, with Goldman Sachs the greatest contributor to declines and Apple the top contributor to gains.
The S&P 500 faded 9.39 points to 2,010.25. Health-care, energy and materials traded more than 1% lower to lead S&P 500 decliners. Utilities proved the top gainer.
The NASDAQ index fell 29.74 points to 4,720.54.
Apple traded more than 2% higher, after Morgan Stanley said it sees above-consensus iPhone demand of about 56.5 million units, with the strongest growth from China. Morgan Stanley is "overweight" the stock with a $135.00 U.S. price target.
The iPhone maker is also expected on Tuesday to submit its latest response to the U.S. Justice Department in its high profile encryption case.
Shares of Valeant Pharmaceuticals plunged more than 40% in late-morning trade after the firm gave earnings and revenue guidance far below expectations.
Economically speaking, retail sales fell a less-than-expected 0.1% in February, but January's figure was revised down to show a 0.4% decline versus the previously reported 0.2% increase.
U.S. producer prices fell 0.2% in February, but were unchanged over the last 12 months. That marked the first time since January 2015 that the year-on-year PPI did not decline.
The NAHB Housing Market Index held steady at 58 in March.
Business inventories rose 0.1% in January.
The Federal Open Market Committee kicked off its two-day meeting Tuesday and release its statement and economic projections Wednesday afternoon. Fed Chair Janet Yellen is also due to hold a press conference.
Prices for the 10-year Treasury gained slightly, lowering yields to 1.96% from Monday’s 1.97%. Treasury prices and yields move in opposite directions.
Oil prices stumbled $1.05 a barrel to $36.13 U.S.
Gold prices fell $2.41 to $1,232.86 U.S. an ounce.
Related Stories
