The Canadian stock market experienced a significant decline on Tuesday, with the S&P/TSX composite index falling by 1.3%. This broad-based decline was prompted by the release of higher-than-expected inflation data. Similarly, U.S. stock markets also saw a decrease in performance.
At the close of trading, the S&P/TSX composite index was down 273.94 points, settling at 20,218.89. Meanwhile, the Dow Jones industrial average in New York dropped 106.57 points, ending at 34,517.73. The S&P 500 index fell 9.58 points to 4,443.95, and the Nasdaq composite was down 32.05 points, reaching 13,678.19.
The Canadian dollar also experienced a slight depreciation against the U.S. dollar, trading at 74.48 cents US compared to 74.12 cents US on Monday.
In terms of commodities, the November crude contract decreased by 10 cents, closing at US$90.48 per barrel. On the other hand, the October natural gas contract witnessed an increase of 12 cents, reaching US$2.85 per mmBTU. The December gold contract saw a marginal rise of 30 cents, settling at US$1,953.70 per ounce. However, the December copper contract dropped three cents, ending at US$3.75 per pound.
While these market fluctuations reflect the impact of inflation concerns, it is important to keep in mind the dynamic nature of financial markets. It is recommended to consult reliable sources for up-to-date information and expert analysis.
The Canadian Press