Canada's benchmark ?index fell on Monday as a steep decline in metal prices weighed on mining stocks, while a rebound in crude revived inflation concerns, bolstering expectations that interest rates could stay higher for longer.
The TSX folded 353.09 points, or 1%, to near noon EDT Monday at 35,447.80.
The Canadian dollar swooned 0.06 cents to 70.58 cents.
Brent crude futures gained nearly 4% to about $108.25 a barrel after U.S. President Donald Trump rejected a peace deal from Iran to resolve their conflict and reopen the Strait of Hormuz
In company news, International Petroleum repurchased 148,500 shares last week under its normal course issuer bid, continuing its share buyback program.
IPCO shares gathered 53 cents, or 1.5%, to $35.14.
Miners Aris ?Mining fell $1.97, or 7.4%, to $24.83, AbraSilver Resource lost 88 cents, or 7%, to $11.79, and NovaGold ?Resources dropped 60 cents, or 6%, to $9.47
Technology shares also took a hit, as e-commerce giant Shopify fell two dollars, or 1%, to $199.20.
Meanwhile, drone services firm Draganfly jumped 66 cents, or 8.8%, to $8.16, after the company said Unusual Machines which has Donald Trump Jr. on its advisory board, and an unnamed U.S. investment fund each invested $5 million
ON BAYSTREET
The TSX Venture Exchange slumped 24.85 points, or 2.7%, to 896.16.
All but three of the 12 subgroups were lower midday, gold falling 4.7%, materials subsided 3.7%, and telecoms fell 1.5%.
The three gainers were energy, progressing 1.5%, consumer discretionaries, inching up 0.2%, and consumer staples, edging up 0.04%.
ON WALLSTREET
Stocks fell Monday, weighed down by a jump in oil prices and Treasury yields to start the week.
The Dow Jones Industrials dumped 394.75 points to 51,433.87
The S&P 500 index moved lower 67.1 points to 7,667.63.
The NASDAQ Composite lost 280.6 points, or 1%, to 26,709.15.
Brent crude traded more than 2% higher at $106.79 per barrel. West Texas Intermediate futures gained around 2% as well to $94.40, after President Donald Trump rejected conditions for a ceasefire presented by Iran.
Stocks fell Monday, weighed down by a jump in oil prices and Treasury yields to start the week. Rates will be in focus again this week, with a slew of key economic data on deck.
The August personal consumption expenditure price index, the Fed’s preferred inflation gauge, is due out Wednesday. New U.S. manufacturing numbers are due Thursday, while the closely watched September jobs report is set for release Friday.
Prices for the 10-year Treasury regained lost ground, spiking yields to 5.26% from Friday’s 5.16%. Treasury prices and yields move in opposite directions.
Oil prices regained $2.87 to $95.28 U.S. a barrel.
Gold prices were faded $170.00 to $4,151.20 U.S. an ounce.
