Stocks throughout North American got the jitters Tuesday, coming back from a long weekend, as health-care and tech suffered the most from the threat of higher interest rates intended to keep inflation at bay.
The TSX jettisoned 262.3 points, or 1.3%, Tuesday to close the day at 20,252.64.
The Canadian dollar dipped 0.44 cents to 73.88 cents U.S.
Health-care stocks were particularly roughed up, with Tilray stumbling 29 cents, or 7.2%, to $3.76, while Bausch Health Companies slipped 82 cents, or 6.4%, to $11.98.
Among techs, HUT 8 Mining plunged 21 cents, or 7.7%, to $2.51, while BlackBerry was bruised 33 cents, or 5.9%, to $5.29.
Financials also took it on the chin, ECN Capital falling 15 cents, or 5.4%, to $2.82, while ONEX capsized $3.51, or 5.2%, to $63.95.
Only energy held out against the negative tide, with Parex Resources picking up 57 cents, or 2.4%, to $23.52, while Cenovus Energy climbed 57 cents, or 2.3%, to $25.08.
Markets on both sides of the border were closed Monday, those in Canada for Family Day, in the States for Presidents Day.
On the economic slate, Statistics Canada said retail trade hiked 0.5% to $62.1 billion in December. Sales increased in seven of 11 subsectors and were led by higher sales at motor vehicle and parts dealers (+3.8%) and general merchandise stores (+1.7%).
The agency also said its consumer price index rose 5.9% on a year-over-year basis in January, following a 6.3% increase in December. On a seasonally adjusted monthly basis, the CPI rose 0.3% in January.
ON BAYSTREET
The TSX Venture Exchange lost 2.27 points to 625.51.
All but one of the 12 subgroups were lower, with health-care caving 4.4%, information technology skidding 1.7%, and financials, off 1.5%
Only energy kept things from being unanimous, gaining 0.2%.
ON WALLSTREET
U.S. stocks dropped Tuesday as higher rates continue to pressure market sentiment, and the latest batch of retail earnings raised concern about the state of the consumer.
The Dow Jones Industrials tumbled 697.10 points, or 2.1%, to conclude Tuesday at 33,129.59, its worst downturn since Dec. 15, when it fell 2.3%
The S&P 500 retreated 81.75 points, or 2%, to 3,997.34, marking its worst day since Dec. 15, when it fell 2.5%.
The NASDAQ Composite fell back 294.97, or 2.5%, to 11,492.30.
Home Depot was the worst-performing Dow member, losing 7% after the home improvement retailer posted weaker-than-expected revenue for the fourth quarter. The company also issued a muted outlook.
The Federal Reserve on Wednesday is scheduled to release the minutes from its meeting of Jan. 31 and Feb. 1. The central bank hiked rates by 25 basis points after that meeting.
Prices for the 10-year Treasury withered, lifting yields to 3.96% from Friday’s 3.81%. Treasury prices and yields move in opposite directions.
Oil prices gave back 29 cents to $76.05 U.S. a barrel.
Gold prices fell $6.10 to $1,844.10 U.S. an ounce.
