Markets in Toronto suffered the same malaise endured by their brethren worldwide, as jitters over how the Russian-Ukraine situation will play itself out.
The S&P/TSX index reversed 163.65 points to close Wednesday at 20,744.17.
The Canadian dollar gained 0.17 cents to 78.50 cents U.S.
Royal Bank of Canada kicks off Canadian bank earnings on Thursday. RBC shares greeted the close Wednesday down 35 cents, or 1.7%, to $140.00.
Health-care stocks, however, weighed on the markets Wednesday, with Aurora Cannabis sliding 17 cents, or 3.4%, to $4.78.
Among industrials, Air Canada was grounded 58 cents, or 2.3%, to $24.87.
Tech stock also suffered, primarily BlackBerry, off 23 cents, or 2.8%, to $7.99.
Gold tried to make things even, with Iamgold, ahead but three cents to $3.99. In materials, Franco-Nevada picked up $2.15, or 1.6%, to $187.03.
In the energy field, Imperial Oil gained 18 cents to $55.24.
Prime Minister Justin Trudeau announced on Tuesday a first round of economic sanctions on Russia a day after Moscow recognized the Ukraine separatist regions of Donetsk and Luhansk as independent.
ON BAYSTREET
The TSX Venture Exchange fell short 0.07 points to 828.62.
Eight of the 12 TSX subgroups were in minus territory, with health-care listing lower 2.1%, industrials off 1.9%, and information technology issues settling 1.4%.
The four gainers were led by gold, up 1.7%, while materials advanced 0.4%, and energy stocks added 0.3%.
ON WALLSTREET
The S&P 500 fell for a fourth straight session Wednesday, sliding deeper into correction territory, as Russia-Ukraine tensions escalate.
The Dow Jones Industrials took a pasting, losing 464.85 points, or 1.4%, to 33,131.76, and closed below its lowest level so far this year.
The Dow notched its fifth straight session of losses.
The S&P 500 stumbled 79.26 points, or 1.8%, to 4,225.50.
The NASDAQ Composite Index withered 344.03 points, or 2.6%, to 13,037.49. The tech-heavy index is nearing bear market territory as it sits more than 18% from its November closing record.
Stocks moved broadly lower with reopening plays like airlines and cruise lines in the red, as well as some technology names. Delta Air Lines lost 4.1%, and Tesla was off by 7%. E-commerce giant Amazon fell 3.5% and Apple dropped 2.5%.
Retailers were a sea of red with Macy’s falling 5.2% and TJX Companies dropping 4.2%. Best Buy lost 2.1% and Nordstrom fell 3.4%.
Meanwhile, home retailing giant Lowe’s closed higher after beating earnings forecasts and announcing sales rose 5%.
Investors have been juggling brewing tensions between Russia and Ukraine. The Ukraine Ministry of Digital Transformation said Wednesday there was another mass DDoS [denial of service] attack on Wednesday that prevented certain entities from accessing government websites.
Ukraine also warned its citizens against traveling to Russia and to leave the neighboring country, if they are there. Meanwhile, the U.K. warned that it was ready to impose more sanctions on Russia
As of Friday 78% of S&P 500 companies that have reported have topped earnings estimates, while 78% have exceeded revenue expectations.
Investors are also facing concerns about record inflation and the Federal Reserve’s monetary policy pivot which could result is rate hikes as soon as next month.
On Tuesday afternoon, President Joe Biden announced a first tranche of sanctions against Russia. The measures target Russian banks, the country’s sovereign debt and three individuals.
Wall Street is betting that there’s a 100% chance of a rate hike at the Federal Reserve’s March meeting. With inflation running hot, calls for a 50-basis point hike at the March meeting had been accelerating.
Prices for the 10-year Treasury lost ground, raising yields to 1.99% from Tuesday’s 1.95%. Treasury prices and yields move in opposite directions.
Oil prices acquired 43 cents to $92.34 U.S. a barrel.
Gold prices took on $3.50 to $1,912.50.
