Canada's main stock index slid on Tuesday, tracking a fall in global markets, as worries about a global recession unnerved investors returning from a long weekend, with energy, technology and financial stocks among big losers.
The TSX Composite swooned 304.51 points, or 1.6%, to travel into noon hour EDT at 18,278.62.
The Canadian dollar dropped 0.22 cents to 72.37 cents U.S.
Markets in Canada were shuttered Monday for Thanksgiving Day.
Cannabis concerns dropped the most, with Canopy Growth surrendering 31 cents, or 8.1%, to $3.52, while Cronos Group fell 16 cents, or 4.1%, to $3.75.
In energy stocks, Vermilion Energy tumbled $1.66, or 5.4%, to $29.17, while Suncor Energy backed off $1.34, or 3%, to $43.70.
Consumer staples tried to help out the cause, with North West Company moving higher 60 cents, or 1.8%, to $33.80, and George Weston grabbing $2.10, or 1.5%, to $142.38.
ON BAYSTREET
The TSX Venture Exchange removed 11.5 points, or 1.9%, to 596.52.
All but one of the 12 TSX subgroups were lower midday, with health-care tailing off 2.6%, energy down 2.4%, and information technology skidding 2%.
Only consumer staples gained ground, 0.9% at that.
ON WALLSTREET
U.S. stocks fell Tuesday as investors worried that higher interest rates and stubborn inflation will tip the economy into recession and hurt corporate earnings.
The Dow Jones Industrials jumped 180.4 points, to break for lunch Tuesday at 29,383.29, uplifted by jumps in Amgen and Walgreens Boots Alliance.
The S&P 500 lost 3.74 points to 3,608.65, hurt by weaker tech stocks such as Meta Platforms, whose high valuations are sensitive to rising rates.
The NASDAQ Composite faded 33.75 points to 10,508.35,
The moves came as investors look ahead to key inflation data that will inform how aggressively the Federal Reserve will hike interest rates to tame inflation.
On Wednesday, the producer price report will be released and followed by the September consumer price index Thursday. On Friday, September retail sales will give further insight into consumption.
JPMorgan CEO Jamie Dimon on Monday warned that the U.S. would likely fall into a recession over the next “six to nine months,” and said the S&P 500 could fall another 20% depending on whether the Federal Reserve engineers a soft or a hard landing for the economy.
Gig economy stocks fell sharply on Tuesday after the U.S. Department of Labor released a proposed rule that could cause the companies to classify drivers employees instead of independent contractors.
Shares of Uber fell more than 12%, while Lyft dropped 13.5%. Doordash fell nearly 10%.
Treasury prices recovered, lowering yields to 3.90% from Monday’s 3.92%. Treasury prices and yields move in opposite direction.
Oil prices dipped $1.93 to $89.20 U.S. a barrel.
Gold prices regained $7.80 to $1,683 U.S. an ounce.
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