Baystreet.ca - 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 (TSX:SU) and iA Financial (TSX:IAG) 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 (NASDAQ:NVDA) rose 3.6%, while Meta (NASDAQ:META) Platforms advanced 2.5%. Meanwhile, Apple (NASDAQ:AAPL) 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.