Equities in Canada’s biggest market sustained their biggest one-day loss in more than a month on Tuesday, as heavyweight energy stocks weighed heavily with U.S. crude settling at under $40 a barrel on persistent supply concerns.
The S&P/TSX Composite dropped 110.91 points to end Tuesday at 14,471.83
The Canadian dollar gained 0.17 cents to 76.36 cents U.S.
Markets in Canada were closed Monday for the Civic Holiday
The worst losses were taken by health-care stocks, as Valeant Pharmaceuticals plummeted $1.35, or 4.6%, to $27.73. Rival Concorida International was bruised $3.83, or 16.8%, to $18.97.
Energy stocks also found their way downward, as Baytex Energy was hammered 41 cents, or 6.7%, to $5.72, and EnCana Corporation fizzled 25 cents, or 2.4%, to $10.25.
Among metals and mining concerns, Teck Resources skidded 81 cents, or 3.9%, to $20.00, while Endeavour Mining collapsed $1.37, or 5.4%, to $24.00.
Gold provided one of the few bright spots on the day, with Kinross Gold leaping 48 cents, or 7.1%, to $7.23, while Goldcorp sprinted 38 cents, or 1.6%, to $23.71.
The economic calendar was a scant one Tuesday, with the newly-renamed Markit Canadian Manufacturing PMI at a seasonally-adjusted 51.9 in July of 2016, up from 51.8 in June.
ON BAYSTREET
The TSX Venture Exchange gained 9.06 points to close Tuesday at 805.23
All but two of the 13 subgroups were lower as health-care stocks dropped 3.6%, energy dwindled 2.6%, and metals and mining stocks went south 1.7%.
The two gainers were gold, up 3.1%, while materials advanced 2%.
ON WALLSTREET
Stocks closed lower Tuesday as U.S. oil settled below $40.00 for the first time since April and as the Dow Jones Industrials closed lower for the seventh straight day.
The Dow stumbled 108.03 points to 18,296.48, recording its first seven-day losing streak since August of last year. Boeing and Goldman Sachs contributed the most losses within the Dow.
The S&P 500 slipped 17.22 points to 2,153.62, as consumer discretionary lagged.
The NASDAQ Composite descended 56.93 points, or 1.1%, to 5,127.27. The index also snapped a five-day winning streak.
Meanwhile, earnings season continued Tuesday, as Dow component Pfizer posted quarterly results.
On the economic data front, personal income rose 0.2% in June, just below expectations, while personal consumer spending for the same month advanced 0.4%, beating estimates. July auto sales data is also due throughout the day Tuesday.
Investors will digest the latest employment statistics on Friday, when Washington releases the July non-farm payrolls report
Prices for the 10-year Treasury fell, raising yields back to Monday’s 1.55%. Treasury prices and yields move in opposite directions.
Oil prices lost 40 cents a barrel to $39.66 U.S.
Gold prices gained $12.30 to $1,371.90 U.S. an ounce.
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