Equities in Toronto spent much of Tuesday feeling around for the bruises, after geopolitical events weighed heavily on the markets, most notably resource and financial issues.
The TSX remained lower 756.33 points, or 2.2%, to close Tuesday at 33,784.94.
The selloff in global stocks deepened on Monday as the conflict in Middle East spiked energy prices, raising fears of inflation among investors.
Prime Minister Mark Carney reached Australia on Tuesday, as the country seeks to diversify trade relations beyond the U.S. Carney is on a multi-leg trip across the Asia-Pacific region, also taking in Japan and India.
Capstone Copper reported quarterly profit below estimates. The copper producer's shares in Toronto shook off $1.42, or 10.2%, to $12.29.
Elsewhere in materials, First Majestic Silver withered $4.44, or 10.3%, to $38.75.
Gold stocks took it on the chin, with New Gold tanking $1.96, or 10.7%, to $16.29, while shares in Novagold lost $2.06, or 10.6%, to $17.37.
Financials ailed, with Sprott Inc. declining $8.11, o 3.6%, to $217.73, while Scotiabank was bruised $2.92, or 2.8%, to $100.45.
On the positive side, Constellaation Software prospered $126.48, or 4.9%, to $2,693.13, while Kinaxis captured $4.56, or 3.5%, to $133.56.
In telecoms, TELUS grabbed 39 cents, or 2.1%, to $18.77, while Quebecor gained 53 cents to $58.63.
ON BAYSTREET
The TSX Venture Exchange stumbled 41.37 points, or 3.7%, to 1,076.23.
All but two of 12 TSX subgroups were lower, with gold plummeting 8.6%, materials, off 7.3%, and financial stocks dwindling 1.3%.
The two gainers were information technology, up 0.8%, and telecoms, nosing ahead 0.6%.
ON WALLSTREET
Stocks had another wild session on Tuesday as concerns around a prolonged U.S.-Iran conflict rattled markets, though comments from President Donald Trump appeared to somewhat assuage those worries.
The Dow Jones Industrial Average fell back by close 403.51 points to 48,501.27.
The S&P 500 slumped 64.99 points to 6,816.63.
The NASDAQ dumped 232.17 points to 22,516.69
Trump said Tuesday afternoon that the U.S. Navy will escort tankers through Strait of Hormuz, if necessary.
“No matter what, the United States will ensure the FREE FLOW of ENERGY to the WORLD,” Trump said in a Truth Social post. “The United States’ ECONOMIC and MILITARY MIGHT is the GREATEST ON EARTH — More actions to come.”
Several major tech stocks, such as Nvidia, that led the Monday intraday comeback were lower on Tuesday. U.S. memory stocks were also under pressure and were poised to follow the notable declines seen in memory chip stocks in South Korea.
Additionally, shares of Blackstone fell 2% after the Financial Times reported that its private credit fund saw $1.7 billion in net outflows in the first quarter.
Prices for the 10-year Treasury weakened, hiking yields to 4.06% from Monday’s 4.04%. Treasury prices and yields move in opposite directions.
Oil prices tacked on $2.51 to $73.74 U.S. a barrel.
Gold prices fell back $210.90 to $5,109.70 U.S. an ounce.
