Declining bank stocks and the volatile health care sector pulled Canada’s stock exchange into the red today.
Nine of 11 sectors traded lower as the TSX lost 84 points.
The biggest drag on Canada’s stock exchange was health care, off by more than five percent with cannabis producers Aurora Cannabis, Aphria and Canopy Growth falling between 4.4 and 6.9 percent.
The financials sector was also a weak spot with a drop in shares of Royal Bank, the Bank of Montreal, the Bank of Nova Scotia, and TD Bank.
The industrials sector edged 0.5 percent higher on the back of aerospace giant Bombardier, which jumped 23 percent after a Citigroup analyst said a Quebec watchdog’s review of the company’s stock-sale plan ‘appears routine.’
Also lifting Bombardier’s stock was an order for 19 double-deck trains from the French National Railway Corporation on behalf of the Hauts-de-France region.
In New York, tech stocks weighted the index as Apple continues to spiral and trade tensions appear to be rising between the U.S. and China.
Apple tumbled 3.9 percent after the Wall Street Journal reported that the company had cut its iPhone production orders.
It was a rough day overall on Wall Street.
The Dow plummeted 395 points, with broad based losses in every sector.
Industrials took a big hit as shares in bellwethers Caterpillar and Boeing dropped 3.2 and 4.7 percent, respectively.
A sell-off of tech stocks sent the Nasdaq for a spin.
The index was off by a whopping 219 points with Facebook losing 5.7 percent, Nvidia plummeting 12 percent, and Microsoft down by 3.3 percent.
After dipping earlier in the day, oil rose 66 cents to $57.34 US a barrel, as OPEC considers cutting supplies, which overshadowed a surplus in domestic crude inventories.
Gold jumped $1.50 to $1,224 an ounce while the loonie lost 17/100ths of a cent to $0.7589 US.
