Markets in Toronto tracked their counterparts stateside and overseas, and tumbled nearly 2% shortly after the open, as hard-hit mining stocks led losses on the back of commodity demand concerns.
The S&P/TSX composite index collapsed 251.43 points, or 1.8%, to open Tuesday at 13,528.01
The Canadian dollar moved lower 0.06 cents at 75.40 cents U.S.
Paradigm Capital cut the target price on Eldorado Gold to $7.00 from $10.75 to reflect Greece’s rational approach towards taxation and job creation. Eldorado shares dipped 12 cents, or 3%, to $3.94.
H2O Innovation reports Q4 earnings today, looking to break even. Its shares were unchanged at the outset, at $1.47.
Orbit Garant Drilling is expecting a Q4 loss of three cents per share. Orbit shares were also static at 90 cents.
ON BAYSTREET
The TSX Venture Exchange moved down 2.91 points to 546.85
All 14 TSX subgroups were punished in the first hour, mostly metals and mining, skidding 5.4%, global base metals, regressing 4%, and materials, falling 3.3%.
ON WALLSTREET
U.S. stocks traded sharply lower Tuesday, pressured by continued anxiety over slowing global growth following the Federal Reserve's decision to keep rates unchanged.
The Dow Jones industrial average capsized 215.43 points, or 1.3%, to 16,294.76. The index is more than 11% from its 52-week high, in correction territory.
The S&P 500 dropped 20.12 points, or 1%, to 1,946.85,
The NASDAQ index backtracked 59.32 points, or 1.2%, to 4,769.63,
Materials plunged more than 1.5% to lead all S&P sectors lower. Goldman Sachs and United Technologies put the greatest pressure on the blue-chip index.
Meanwhile, miners were slammed with Glencore down more than 10%.
On the earnings front, AutoZone, ConAgra, Darden and General Mills posted better-than-expected results.
In a day of light economic news, the July U.S. Federal Housing Finance Agency's home price index showed an increase of 0.6%.
Prices for 10-year U.S. Treasuries hiked, lowering yields to 2.15% from Monday’s 2.20%. Treasury prices and yields move in opposite directions.
Oil prices slipped $1.09 a barrel to $45.59 U.S.
Gold prices slid $10.60 to $1,122.20 U.S. an ounce.
