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Inside the Market

Before the bell: Stocks head for steep descent

The Before the Bell report is constantly updated to reflect the latest news developments and market moves in the premarket. Check back later for updates.

Here comes the profit-taking. After the TSX rose for six straight sessions, and the S&P 500 journeyed further into record high territory, market sentiment is decidedly bearish this morning, led by a steep selloff in Asian shares overnight. The resource-heavy TSX will also have the burden of some significant weakening in commodity prices this morning, especially in the energy sector, where the price of West Texas Intermediate crude oil is down more than 1.5 per cent to now well below the $100 (U.S.) per barrel level.