Equities in Canada’s largest market gave up gains they’d accumulated much of the day and finished with fairly substantial losses, perhaps owing in part to jitters over a possible second wave of the coronavirus.
The S&P/TSX Composite Index ended Tuesday in the red 222.06 points, or 1.5%, at 14,881.16.
The Canadian dollar sifted off 0.25 cents to 71.11 cents U.S.
Real-estate issues took the worst pounding, with Dream Industrial REIT units failing 58 cents, or 5.9%, to $9.20. Dream Office REIT units dwindled $1.21, or 6%, to $18.99.
Among consumer discretionary concerns, BRP doffed $2.11, or 5.2%, to $38.44, while Spin Master plummeted 90 cents, or 4.8%, to $17.78.
Health-care stocks were also bruised, with Aurora Cannabis tanking $1.31, or 12.5%, to $9.14, while Sienna Senior Living flopped 69 cents, or 5.8%, to $11.14.
Only energy stocks put on a happy face, most notably Prairie Sky Royalty, ahead 48 cents, or 5.1%, to $9.94, while Frontera Energy gained 18 cents, or 4.4%, to $4.29.
Global alarm was sounded on Monday over a potential second wave of coronavirus cases after Germany, relatively successful in slowing the outbreak, reported that infections had accelerated again after the first tentative steps to ease the lockdown in the country.
ON BAYSTREET
The TSX Venture Exchange vaulted 5.51 points, or 1.1%, to 500.71
All but one of the 12 TSX slumped by the closing bell, with real-estate dawdling 3.3%, consumer discretionary stocks suffering 2%, and health-care loafing 1.7%.
Only energy held out against the negative tide, gaining 2%.
ON WALLSTREET
Stocks fell sharply on Tuesday, giving back some of their recently strong gains, as investors evaluated the latest attempts to reopen the economy.
The Dow Jones Industrials tumbled 457.21 points, or 1.9%, to 23,764.78.
The S&P 500 fell 60.2 points, or 2.1%, to 2,870.12.
The tech-heavy index NASDAQ slumped 189.79 points, or 2.1%, to 9,002.55, bringing to a crashing halt its six-session winning streak.
Stocks poised to benefit from economies reopening rolled over in afternoon trading, dragging down the major averages. Bank of America, Citigroup, JPMorgan Chase and Wells Fargo all fell at least 3%. Nike and Disney both closed 2.9% lower.
Investors also cooled off from buying technology stocks. Facebook, Amazon and Apple all slid more than 1%. Netflix and Alphabet both closed 2% lower.
Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, and other health officials testified before the Senate Health Committee to discuss reopening the economy.
Fauci noted a vaccine will be essential in stopping the coronavirus spread, but warned it will be a while before a usable one is available. Fauci added the U.S. could face more "suffering and death" if states start to reopen too quickly.
Several states, including Georgia, Texas and Tennessee have already started to let nonessential businesses resume operations. New York officials have also laid out a plan to gradually reopen the state.
Prices for the 10-Year Treasury gained, lowering yields to 0.66% from Monday’s 0.71%. Treasury prices and yields move in opposite directions.
Oil prices picked up $1.54 to $25.68 U.S. a barrel.
Gold prices increased $8.20 to $1,713.20 U.S. an ounce.
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