North American stock markets continue to trend sharply lower Monday, with the most closely watched indexes posting significant losses for a third consecutive session.
The S&P/TSX composite index collapsed 213.83 points, or 1.4%, to close at 14,743.33. That brought its losses since Thursday to well over 400 points.
The Canadian dollar spiked 0.24 cents to 80.65 cents U.S.
The energy sector led the broad-based decline, as Canadian Oil Sands tumbled 48 cents, or 4.5%, to $10.23, and Canyon Services Group demurred 28 cents, or 4.2%, to $6.44.
The metals and mining group retreated, as Teck Resources faded 36 cents, or 2.5%, to $14.10, while Sherritt International jettisoned five cents, or 2.1%, to $2.35.
Among industrials, WSP Global staggered $1.46, or 3.4%, to $41.23. Financials were also down on losses of 19 cents, or 2.5%, by Canaccord Genuity, which ended trading Monday at $7.36
Only gold stocks held out against the negative tide, as Detour Gold moved skyward 92 cents, or 6.7%, to $14.74.
First Nickel was the most heavily traded stock, dropping half a cent, or 50%, to 0.5 cents, on 13.4 million shares.
Economically speaking, Statistics Canada reported that building permits in April totaled $7.8 billion, up 11.6% from March. The agency attributes the gain in April to higher construction intentions in both the residential and non-residential sectors in Ontario.
Moreover, Canadian housing starts jumped much more than expected in May from April, suggesting the country's post-crisis housing boom still has momentum.
The report from the Canadian Mortgage and Housing Corp showed the seasonally-adjusted annualized rate of housing starts rose to 201,705 units in May from an upwardly revised 183,329 in April. Forecasters had expected 185,000 starts.
ON BAYSTREET
The TSX Venture Exchange skidded 3.47 points to 686.38.
All but one of the 14 TSX subgroups ended the day lower, as energy weakened 2.4%, while global base metals surrendered 1.6%, as did their cousins in the metals and mining field.
Gold stocks moved 0.2% higher, the only group in the green.
ON WALLSTREET
U.S. stocks closed near session lows on Monday as investors weighed multi-month highs in bond yields amid greater expectations of tightening following Friday's strong jobs report.
The Dow Jones Industrials fell 82.91 points to close at 17,766.55, with Intel leading decliners and Exxon Mobil the greatest advancer.
The S&P 500 index faded 12.06 points to 2,080.77, with information technology leading nine sectors lower and telecommunications the only advancer.
The NASDAQ lost 43.24 points to 5,025.22
Apple closed 0.7% lower after falling more than 1% during its highly anticipated Worldwide Developers Conference at which the iPhone maker announced its new Apple Music service.
Deutsche Bank closed up nearly 5% after briefly leaping more than 5.5% on news of the appointment of John Cryan as co-CEO, effective July 1. Cryan replaces long-time executive Anshu Jain. Co-CEO Juergen Fitschen will remain in his position until next May, after which Cryan will become sole CEO.
McDonald's reversed initial gains to close down 0.2% after reporting a less-than-expected decline in global same-store sales as a 2.3% increase in European sales offset a 2.2% fall in the United States. Last month, the fast food retailer said it would stop reporting same-store sales beginning July.
Prices for 10-year U.S. Treasuries gained ground, lowering yields to 2.38% from Friday’s 2.41%. Treasury prices and yields move in opposite directions.
Oil prices dropped 75 cents a barrel to $58.38 U.S.
Gold prices moved ahead $5.50 at $1,173.60 U.S. an ounce.
