Canada’s main stock index joined the global plummet as markets tumbled heavily around the world.
Hopes of a rebound in Chinese demand for crude were stifled following a flare-up in COVID-19 cases in Beijing; oil prices dropped.
Led by declines in energy and gold stocks, traders have come to accept that the red-hot U.S. inflation has yet to peak.
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Fears that the Federal Reserve’s aggressive rate hikes would tip the economy into recession spurred the S&P 500 to kick off the week on track to confirm a bear market. Worries over inflation, rate hikes, and the Ukraine war pushed the benchmark index into bear market territory for the second time since 2020’s pandemic-led rout on Wall Street. It is more than 20 per cent below its record closing high of January 3, 2022.
Today in the Markets
| TSX | 19,742.56 | -532.26 |
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| TSXV | 671.90 | -32.80 |
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| CSE | 296.05 | -18.47 |
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| DJIA | 30,516.74 | -876.05 |
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| NASDAQ | 10,809.23 | -530.80 |
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| S&P 500 | 3,749.63 | -151.23 |
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The Canadian dollar traded for 77.54 cents US compared to 78.35 cents US on Friday.
US crude futures traded 0.23 per cent higher at $121.00 a barrel, while the Brent contract gained 0.18 per cent to $122.20 a barrel.
The price of gold was down $54.14 US to $1,822.68.
In world markets, the Nikkei was down 836.85 points to 26,987.44 the Hang Seng was down 738.60 points to 21,067.58 the FTSE was down 111.71 points to 7,205.81, and the DAX was down 334.80 points to 13,427.03.
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