Canada’s main stock index opened lower on Tuesday with miners leading broad declines, as investors caught up with the global stocks sell-off on Monday triggered by recession fears in the United States.
The TSX Composite Index sank 302.24 points, or 1.4%, to begin a short week at 22,925.39.
The Canadian dollar nicked lower 0.01 cents at 72.42 cents U.S.
In corporate news, Suncor Energy and iA Financial among others are set to report their quarterly figures after the closing bell on Tuesday. Suncor shares shed 66 cents, or 1.3%, to $50.27, while those for ia slumped $1.71, or 1.9%, to $88.09.
Markets in Toronto were closed Monday for Civic Day.
ON BAYSTREET
The TSX Venture Exchange tumbled 14.71 points, or 3%, to 555.56. On the week, the index fell 23.8, or 4.1%.
All but one of the 12 TSX subgroups were lower, weighed most by gold, sagging 3%, materials, dropping 2.8%, and health-care, ailing 2.7%.
The lone gainer proved to be communications, up 0.2%.
ON WALLSTREET
Stocks jumped Tuesday, recovering some losses from the previous trading session.
The Dow Jones Industrial index recovered 328.83 points to 39,032.10.
The S&P 500 index gained 58.62 points, or 1.8%, to 5,244.95.
The NASDAQ hiked 141.21 points, to 16,341.30.
Several big technology stocks rebounded after a sharp pullback on Monday. Nvidia rose 3.6%, while Meta Platforms advanced 2.5%. Meanwhile, Apple continued its decline and fell nearly 2%.
Helping sentiment was a rebound in Japanese stocks. The Nikkei 225 posted its best day since October 2008, soaring 10.2%. That surge comes a day after the benchmark suffered its worst day since 1987, losing 12.4%.
The moves follow a sharp selloff during Monday trading amid concerns over the state of the economy. The 30-stock Dow dropped 1,033.99 points, or 2.6%, while the S&P 500 slid 3%. Both indexes notched their worst sessions since September 2022. The NASDAQ Composite shed 3.4%, tumbling deeper into a correction.
Prices for the 10-year Treasury popped, with yields falling to 3.86% from Monday’s 3.84%. Treasury prices and yields move in opposite directions.
Oil prices gained 77 cents at $73.71 U.S. a barrel.
Gold prices moved lower $10.80 to $2,433.60.
