Much of the suspense haunting American markets made itself felt here in Canada Tuesday, the first trading day after the Victoria Day long weekend, as techs and industrials saw a good deal of selling.

The TSX dumped 205.05 points, or 1%, to close trading at 20,146.01.

The Canadian dollar eked down 0.02 cents to 74.03 cents U.S.

Techs proved responsible for much of the damage Tuesday, with Constellation Software falling $115.69, or 4.2%, to $2,613.67, while Docebo lost $1.76, or 3.9%, to $43.47.

In industrial concerns, Canadian Pacific shed $4.89, or 4.4%, to $106.69, while Bombardier dipped $2.24, or 3.7%, to $57.91.

In consumer staples, Maple Leaf Foods lost 79 cents, or 2.9%, to $26.20, while Metro decreased in price $1.96, or 2.6%, to $73.24.

Bausch Health Companies rose 18 cents, or 1.6%, to $11.40, after brokerage Jefferies lifted its price target to $9.5 from $7. Elsewhere in health-care, Bellus Health captured 23 cents, or 1.2%, to $19.69.

Africa Oil Corp surged 22 cents, or 8.1%, its best day in over seven months, to $2.82, after the energy firm announced withdrawal from its Kenya project, following which Barclays turned bullish on the stock. Elsewhere in energy, Scotiabank raised the rating on MEG Energy, sending shares of the oil explorer up 86 cents, or 4.2%, to $21.42.

In the economic docket, Statistics Canada says the industrial product price index for April fell 0.2%, and was 3.5% lower than April 2022. The Raw Materials Price Index rose 2.9% on a monthly basis in April and fell 10.8% year over year.

ON BAYSTREET

The TSX Venture Exchange lost 1.44 points to 611.35.

All but two of the TSX subgroups were lower on the day, with information technology off 2.9%, industrials losing 2/4%, and consumer staples, falling 1.9%.

The two gainers proved to be energy, up 1.6%, and health-care, up 0.4%.

ON WALLSTREET

Stocks fell Tuesday as ongoing debt ceiling discussions appeared to yield little progress.

The Dow Jones Industrials lost their mojo during the afternoon, plummeting 231.07 points to close Tuesday at 33,055.51.

The S&P 500 dropped 47.05 points, or 1.1%, to 4,145.58.

The NASDAQ collapsed 160.53 points, or 1.3%, to 12,560.25.

Some traders interpreted the lack of any major updates on negotiations as a sign that lawmakers, perhaps, are struggling to progress as hoped.

Investors have been closely eyeing debt-limit negotiations in Washington, hoping for more certainty as the so-called June 1 X-date set by Treasury Secretary Janet Yellen fast approaches. Some House Republicans on Tuesday questioned the accuracy of this projected default date.

On Monday, President Joe Biden and House Leader Kevin McCarthy and Biden met at the White House, in a discussion that the House speaker described as “productive” and “professional,” even though the hourlong talk concluded without a resolution.

Apple moved 1% lower after announcing a multi-billion-dollar chip production deal with Broadcom. The chip stock gained about 2%. Yelp popped 6.6% as an activist investor called for the company to explore a sale

Prices for the 10-year Treasury regained lost ground, lowering yields to 3.70% from Monday’s 3.71%. Treasury prices and yields move in opposite directions.

Oil prices added $1.02 to $73.07 U.S. a barrel.

Gold prices were unchanged at $1,977.20 U.S. an ounce.