TSX Woes Continue
Lundin in Forefront
Canada's main stock index declined on Tuesday for the third straight session, tracking a selloff in the broader market after U.S. Treasury yields rose to a fresh 16-year high on worries that the central bank will hold interest rates higher for longer.
The TSX Composite plummeted 207.78 points, or 1.1%, to pause for lunch hour Tuesday at 18,969.40.
The Canadian dollar skidded 0.27 cents at 72.84 cents U.S.
In corporate news, Lundin Mining shares dropped 52 cents, or 5.4%, to $9.20 as the company announced insider Jack Lundin would be the new chief executive officer.
The TSX Venture Exchange sagged 7.19 points, or 1.3%, to 538.26.
All but three of the 12 TSX subgroups were lower midday, with real-estate tailing off 2.3%, information technology, declining 1.8%, and financials poorer by 1.7%.
The three gainers proved to be gold, brighter by 0.8%, communications, improving 0.4%, and consumer staples, eking up 0.02%.
Stocks fell Tuesday as traders kept an eye on rising Treasury yields, which hit a 16-year high.
The Dow Jones Industrials descended 421.08 points, or 1.3%, to regroup Tuesday at 33,012.27.
The S&P 500 index sagged 63.16 points, or 1.5%, to 4,226.96.
The NASDAQ index stumbled 233.12 points, or 1.8%, to 13,074.65.
Stocks moved to their lows of the session as yields spiked further following the release of the August job openings survey, which signaled a still tight jobs market. The survey showed 9.6 million open roles in the month. Meanwhile, economists polled by Dow Jones had anticipated 8.8 million jobs.
The S&P 500 fell to its lowest level since the start of June. Veralto and spice manufacturer McCormick & Company led the broad market index's losses on Tuesday, with both stocks down 9% and more. Cruise company Carnival declined by 6.3%, followed by Airbnb and Viatris both down more than 5%.
Investors are hoping to turn the page on a disappointing September for stocks. All three major indexes closed the month and the third quarter lower. The S&P 500 alone lost nearly 5% in September.
That means key economic reports - such as last month's payroll reports, due Friday - and the kickoff of earnings reporting season next week are back in focus.
Prices for the 10-year Treasury swooned, hiking yields to 4.79% from Monday's 4.69%. Treasury prices and yields move in opposite directions.
Oil prices regained $1.10 to $89.92 U.S. a barrel.
Gold prices faded eight dollars to $1,839.20.
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