Equities in Canada’s largest market finished deeply in the red Monday, as a decline in tech dragged things down, along with a drop in health-care stocks.
The S&P/TSX Composite Index slid 84.49 points to finish Monday at 15,071.01
The Canadian dollar dipped 0.2 cents at 75.87 U.S.
Health-care stocks in particular took it on the chin, as Aphria plunged 81 cents, or 6.4%, to $11.88, while Canopy Growth was down $3.23, or 7%, to $43.09.
Tech stocks were also roughed up, as BlackBerry stepped back 48 cents, or 4.1%, to $11.34, while Shopify was hammered $22.42, or 11.3%, to $176.38.
Consumer discretionary also felt the bruises, as Canadian Tire unloaded 19 cents to $152.49, while Gildan Activewear fell 18 cents to $41.20.
In a bright spot, Bombardier surged 40 cents, or nearly 24%, to $2.07, after the company received a contract for its double-deck trains worth $291 million.
ON BAYSTREET
The TSX Venture Exchange slumped 9.26 points, or 1.5%, to 615.24
All but two of the 12 subgroups were lower, with health-care plunging 5.2%, information technology down 4.3%, and consumer discretionary stocks subsiding 1.2%
The two gainers were industrials, advancing 0.5%, and communications, inching up 0.02%.
ON WALLSTREET
Stocks dropped sharply on Monday as the biggest and most popular technology stocks plunged. Facebook and Apple led the losses.
The Dow Jones Industrial Average was bloodied 395.78 points, or 1.6%, to 25,017.44
The S&P 500 skidded 45.54 points, or 1.7%, to 2,690.73, as the technology sector pulled back 3.8%
The NASDAQ withered 219.4 points, or 3%, to 7,028.48, as Amazon dropped 5.1%.
The popular "FAANG" trade made up of Facebook, Amazon, Apple, Netflix and Alphabet is now in a bear market with each member down more than 20% from their one-year highs.
Apple led tech shares lower after The Wall Street Journal reported the company has cut production orders for the new iPhones unveiled earlier this year. The company's stock fell nearly 4% and fell back into a bear market, down 20% from its 52-week high.
Facebook shares dropped 5.7% as the company was hit with more negative publicity regarding the fallout from its handling of the 2016 election and foreign influence on its platform.
A Wall Street Journal report said Facebook CEO Mark Zuckerberg blamed COO Sheryl Sandberg for how the company handled the situation.
This report comes after backlash from a New York Times article detailing how Facebook ignored and then tried to hide that Russia used the platform to disrupt the U.S. election in 2016.
Tech shares also fell after media reports of Chinese allegations of "massive evidence" of anti-trust violations by Samsung, SK Hynix and Micron Technology. The report also said China would deepen its investigation into the three companies, which are the largest memory-chip manufacturers in the world.
Micron shares fell 6.6% while Advanced Micro Devices dropped 7.5%. Shares of Netflix sank 5.5%, and Alphabet dropped 3.8%.
The technology sector was the best performer in the S&P 500 last year and is the second-best performer for 2018. However, tech is down more than 10% from its 52-week high, which was reached earlier this year.
Stocks also declined on Monday after Vice President Mike Pence said in a speech Sunday that there would be no end to U.S. charges on $250 billion worth of Chinese goods unless Beijing changed its ways. His comments came at an APEC meeting in Papua New Guinea.
Pence's comments also follow President Donald Trump saying last week he may not impose further tariffs on Chinese goods.
China and the U.S. have been in a trade spat for most of the year. The world's largest economies have slapped tariffs on billions of dollars worth of each other's goods. This has raised concern among global investors that the world economy could slow down amid tighter trading conditions.
Prices for the benchmark for the 10-year U.S. Treasury were higher, lowering yields to 3.06%, from Friday’s 3.07%. Treasury prices and yields move in opposite directions
Oil prices regained 71 cents to $57.17 U.S. a barrel.
Gold prices acquired $1.50 at $1,224.50 U.S. an ounce.
