Canada’s main stock index hit over three-week lows on Thursday as commodity stocks tracked a decline in the prices of oil and most metals after the U.S. Federal Reserve hardened its hawkish stance.
The TSX Composite Index tumbled 238.08 points, or 1.2%, to begin Thursday at 20,014.95.
The Canadian dollar lost 0.17 cents at 74.03 cents U.S.
Resource stocks took it on the chin during the morning session, as Ivanhoe Mines dished off 52 cents, or 4.4$, to $11.41, while Teck Resources lost $2.46, or 4.4%, to $54.12.
In gold stocks, Iamgold faltered 13 cents, or 4%, to $3.15, while Wesdome Gold slid 59 cents, or 7.2%, to $7.60.
In the tech sector, Dye & Durham sank 65 cents, or 4.3%, to $14.48, while Sylogist fell 27 cents, or 3.6%, to $7.26.
The TSX Venture Exchange let go of 10.2 points, or 1.8%, to 567.19.
All 12 TSX subgroups suffered losses midday, as materials weakened 1.9%, information technology backpedaled 1.7%, and gold lost 1.6%.
Stocks fell Thursday, deepening losses for the week, as Treasury yields climbed to multiyear highs amid the Federal Reserve’s plan to keep interest rates at higher levels for longer.
The Dow Jones Industrials plunged 183.86 points to 34,257.02.
The S&P 500 index stumbled 45.37 points, or 1%, to 4,356.83.
The NASDAQ index weakened 159.83 points, or 1.2%, to 13,309.44.
Through Thursday’s open, the Dow was set to end the week down about 1%, the S&P 500 was on track to close the week off about 2%, while the NASDAQ was poised to fall more than 3%.
Tech shares have led the losses this week as investors rethink buying growth-oriented stocks if interest rates remain high. Tesla, Alphabet, Meta Platforms and Nvidia were among those lower Thursday.
Marketing automation firm Klaviyo, which debuted on the public markets Wednesday, slipped 3% Thursday. That made the stock the latest in a string of promising IPOs that turned lower this week.
FedEx bucked the negative trend, gaining more than 4% after the delivery company posted adjusted earnings of $4.55 per share in its fiscal first quarter, while analysts called for $3.73 per share, per LSEG.
Prices for the 10-year Treasury slumbered, raising yields to 4.48% from Wednesday’s 4.39%. Treasury prices and yields move in opposite directions.
Oil prices took on 79 cents to $90.45 U.S. a barrel.
Gold prices skidded $27.10 to $1,940.00 U.S. an ounce.