The Toronto Stock Exchange (TSX) is now at its lowest level since September of this year as falling energy prices drag down the market.
The TSX starts the trading week at 19,947.07, down 2.6% over the past week and at its lowest level since September.
Investors appear to be bracing for a potential 50-basis point interest rate increase from the U.S. Federal Reserve when it makes its latest policy decision on December 14.
At the same time, the Toronto Stock Exchange's energy sector fell 0.7% in recent days as crude oil prices dropped as low as $70 U.S. a barrel, erasing all their gains for the past 12 months.
Crude oil prices fell a total of 11% over the last week on rising concerns that a global recession will hurt demand.
Slumping technology stocks also continue to weigh on the TSX, which is now down 6% in 2022. That compares with a 18% decline in the benchmark S&P 500 index in the U.S.
