Three-Week Low for TSX After Selloff
The TSX Composite stumbled 351.45 points, or 1.7%, at noon hour Tuesday at 20,715.85.
The Canadian dollar fell 0.56 cents at 73.75 cents U.S.
Shopify fell $12.03, or 10% to $107.86, weigh the most on technology stocks, after it forecast its Q1 revenue growth rate below estimates.
Consumer discretionary stocks were dragged down by Restaurant Brands International that shed $3.10, or 2.9%, to $102.28, after its fourth-quarter results.
SSR Mining plummeted $6.80, or 52%, to $6.28, to the bottom of the index after the company announced suspension of operations at its Çöpler mine.
Meanwhile, oil and gas company Parex Resources lost $1.55, or 7%, to $20.46, after it announced an update on disrupted operations in Northern Llanos.
ON BAYSTREET
The TSX Venture Exchange retreated 6.86 points, or 1.3%, to 542.06.
All 12 subgroups were in the red, with gold falling 3.9%, information technology, down 3.8%, materials, off 3.1%.
ON WALLSTREET
Stocks dropped on Tuesday after hotter-than-expected inflation data for January spiked Treasury yields and raised doubts that the Federal
Reserve would be able to cut rates several times this year, a key part of the bull case for the equity market.
The Dow Jones Industrials swooned 422.12 points, or 1.1%, to move into Tuesday at 38,375.26, in its biggest drop since March 2023, when it fell 1.6%.
The S&P 500 index slid 51.67 points, or 1%, to 4,970.17.
The NASDAQ index jettisoned 189.04 points to 15,753.51.
In corporate news, JetBlue Airways spiked 12% after activist investor Carl Icahn reported a nearly 10% stake in the airline. Toymaker Hasbro lost 6% after missing analyst expectations for the fourth quarter. Shares of Avis Budget Group slipped 20% on the back of disappointing fourth-quarter revenue.
The consumer price index rose 0.3% in January from December. CPI was up 3.1% on an annual basis. Economists polled by Dow Jones expected CPI to have increased by 0.2% month over month in January and 2.9% from a year earlier.
Core prices, which exclude volatile food and energy components, rose 0.4% month over month and 3.9% from a year ago. Core CPI was expected to have increased 0.3% in January and 3.7% from a year earlier, respectively.
Prices for the 10-year Treasury withered, raising yields to 4.28% from Monday’s 4.19%. Treasury prices and yields move in opposite
directions.
Oil prices jumped $1.06 to $77.98 U.S. a barrel.
Gold prices lost $23.50 to $2,009.50.
Provided Content: Content provided by Baystreet. The Globe and Mail was not involved, and material was not reviewed prior to publication.
