By Ketki Saxena
Investing.com -- At 10:00 a.m in Toronto, the S&P/TSX Composite Index was at 19,784.96 points, down 2.42% in the day’s trading and officially into correction territory from its all time high. On Wall Street, the S&P 500 is also set for a bear market, down 20% from its peak.
Markets continue to be dominated by worries of aggressive rate moves by central banks, exacerbated by Friday’s hot U.S. inflation data, and concerns of an economic slowdown.
Sentiment this week will be driven by the Federal Reserve's policy meeting on Wednesday, June 15. The U.S. central bank is widely expected to raise the interest rates by another 50 basis points. Following Friday's CPI reading, however, markets are now pricing in the possibility of a 75-basis-point hike.
Canada’s commodity-heavy index was also pressured by crude, following news of a new COVID-19 outbreak in Beijing. The Canadian dollar was also hurt by weaker market sentiment and lower crude prices, while demand for the safe-haven greenback soared.
Here’s a snapshot of markets at the open:
Indices:
- S&P/TSX 60: -2.13%
- S&P/TSX Venture Composite: -4.10%
- S&P 500: -2.48%
- Dow Jones: -1.96%
- Nasdaq: -2.84%
- CBOE Volatility Index: +18.67%
Commodities:
- Brent: -1.10% at $120.67
- WTI: -1.13% at $119.31
- Gold: -2.26% at $1,833.05
- Silver: -3.66% at $21.128
- Copper: -2.11% at $4.2037
Bonds and Currencies:
- Canada 5 year: +0.114 points at 3.454%
- Canada 10 year: +0.091 points at 3.401%
- United States 10-Year: +0.123 points at 3.820%
- USD/CAD: +0.67% at 1.2867
Cryptocurrencies: