Canada's main stock index tumbled more than 2% on Tuesday as a selloff in commodities walloped resource stocks, leading to across-the-board declines.
The S&P/TSX composite index hurtled earthward 314.49 points, or 2.3%, to greet noon at 13,464.95
The Canadian dollar moved lower 0.16 cents at 75.30 cents U.S.
First Quantum Minerals sank 10.5% at $5.64, while Goldcorp fell 3.2% to $17.02.
In the materials sector, Labrador Iron Ore Royalty collapsed $1.77, or 11.1%, to $14.25, while Teck Resources reversed 71 cents, or 9.2%, to $7.00.
Toronto-Dominion Bank fell 2.5% to $51.28, while Royal Bank of Canada declined 2.1% to $71.61.
ON BAYSTREET
The TSX Venture Exchange moved down 5.8 points to 543.96
All 14 TSX subgroups were punished Tuesday morning, mostly metals and mining, skidding 7.1%, global base metals, regressing 4.5%, and materials, falling 4.3%.
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 stumbled 270.48 points, or 1.6%, to 16,294.76, with United Technologies leading all blue chips lower.
The S&P 500 dropped 33.53 points, or 1.7%, to 1,933.44, with materials plunging more than 1.5% to lead all 10 sectors lower.
The NASDAQ index demurred 101.07 points, or 2.1%, to 4,727.88.
The blue-chip index is more than 11% from its 52-week high, in correction territory. The S&P and NASDAQ composite remained within 10% of their 52-week highs.
Materials plunged more than 2% to lead all S&P sectors lower. Goldman Sachs, Boeing and United Technologies put the greatest pressure on the blue chip index.
Commodities set the tone, with copper slumping more than 3.5%
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 2.13% from Monday’s 2.20%. Treasury prices and yields move in opposite directions.
Oil prices slipped $1.20 a barrel to $45.48 U.S.
Gold prices slid $7.40 to $1,125.40 U.S. an ounce.
