TSX Limps Home Tuesday

Canada's main stock index reached depths it hadn’t seen for a long time on Tuesday with mining and health-care stocks leading broader declines as investors caught up to Monday's global stocks rout after a Canadian market holiday.

The TSX Composite Index sank 248.27 points, or 1.1%, to conclude a dismal Tuesday at 21,979.36.

The Canadian dollar gained 0.14 cents at 72.58 cents U.S.

Suncor Energy is expected to report its quarterly earnings after the closing bell. The oil giant grabbed 15 cents to $51.08.

Mining stocks led the way down, as Algoma Steel faltered 93 cents, or 7.1%, to $12.16, while SSR Mining slipped 45 cents, or 6.8%, to $6.20.

In gold plays, Aya Gold dipped 88 cents, or 6.2%, to $13.39, while Sandstorm Gold was negative 49 cents, or 6.4%, to $7.12.

Health-care stocks ailed, as Tilray closed 10 cents lower, or 3.9%, to $2.48, while Bausch Health Companies fell 25 cents, or 3.2%, to $7.54.

Communications tried to balance things out, as Quebecor picked up 86 cents, or 2.8%, to $31.86, while BCE advanced 57 cents, or 1.2%, to $48.17.

In real-estate, Granite REIT hiked $1.44, or 2%, to $74.78, while First Capital REIT took on 23 cents, or 1.4%, to $16.82.

Markets in Canada were closed Monday for Civic Day.

ON BAYSTREET

The TSX Venture Exchange tumbled 12.89 points, or 2.3%, to 542.67.

All but two of the 12 TSX subgroups were lower, weighed most by materials and gold, each fading 2.5%, while health-care forfeited 1.7%.

The lone gainers proved to be in communications, up 0.5%, and real-estate, inching ahead 0.3%.

ON WALLSTREET

Stocks jumped Tuesday, recovering some losses from the previous three trading days as investors took a pause from recession fears and Japanese equities rallied.

The Dow Jones Industrial index recovered 294.39 points to 38,997.66.

The S&P 500 index gained 53.7 points, or 1%, to 5,240.03.

The NASDAQ surged 166.77 points, or 1%, to close at 16,366.85. All three indexes snapped a three-day stretch of losses.

All 11 sectors of the broad market index were positive for the day. Several mega-cap tech stocks also rebounded after a sharp pullback on Monday. Nvidia rose 3.8%, while Meta Platforms advanced 3.9%.

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 sank, with yields growing to 3.89% from Monday’s 3.84%. Treasury prices and yields move in opposite directions.

Oil prices eked ahead 10 cents at $73.04 U.S. a barrel.

Gold prices faded $15.30 to $2,429.10.