Canada’s main stock index fell deep into the red on Tuesday as a drop in the gold price offset a rebound in oil prices. Investors kept cautious ahead of the U.S. Federal Reserve interest rate decision and key domestic economic data coming later this week. The biggest drag on the TSX was sustained by the heavyweight energy, financial and mining sectors, while industrials and utilities also fell. Only the healthcare market advanced.
After a positive start to the week, U.S. markets also sunk as investors brace for megacap earnings, the latest Fed rate decision, and a jobs report. Stocks are also on pace to snap a six-month winning streak.
The Canadian dollar traded for 72.66 cents compared with 73.13 cents U.S. on Monday.
U.S. crude futures traded $0.91 lower at $81.72 a barrel, and the Brent contract lost $0.54 to $87.66 a barrel.
The price of gold was down US$39.99 to US$2,293.22.
In world markets, the Nikkei was up 470.90 points to 38,405.66, the Hang Seng was up 16.12 points to 17,763.03, the FTSE was down 2.90 points to 8,144.13, and the DAX was down 196.37 points to 17,921.95.
The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.