Markets in Toronto faltered as energy shares dived with oil prices, while Cenovus Energy saw its stock price shrink after the company announced plans to replace its chief executive.
The S&P/TSX Composite Index plummeted 103.60 points to greet noon at 15,162.44
The Canadian dollar dropped 0.32 cents to 75.3 cents U.S.
Energy stocks took a drubbing Tuesday morning, with Cenovus swooning $1.18, or 10.7%, to $9.18, and Encana Corporation fell 72 cents, or 6.2%, to $10.81.
Materials also suffered, as First Quantum Minerals got bruised 50 cents, or 4.9%, to $9.75.
In the industrial sector, Air Canada stepped back seven cents to $17.19.
Consumer staples proved one of the few bright spots, as Loblaw inched along 18 cents to $72.76.
On the economic slate, Statistics Canada reported that wholesale trade increased 1.0% to $61.0 billion in April, a seventh consecutive monthly advance.
The agency says gains were recorded in three of seven sub-sectors, accounting for 41% of total wholesale sales, and were led by the machinery, equipment and supplies sub-sector.
Moreover, Federal Finance Minister Bill Morneau said on Monday he had discussed with his provincial counterparts whether more actions are needed to ensure the stability of the country’s housing market
The TSX Venture Exchange lost 4.39 points to 772.21
Eight of the 12 TSX subgroups were negative, as energy gave up 3.1%, while materials and industrials each dived 0.5%.
The four gainers were led by health-care and consumer staples, each up 0.4%, while gold nosed up 0.1%.
U.S. equities traded lower Tuesday, pulling back from record highs, as oil prices fell to their lowest levels since November.
The Dow Jones Industrials dropped 16.97 points from Monday’s record high to 21,512.02, with Chevron and Goldman Sachs contributing the most losses.
The S&P 500 deducted 9.59 points – also from a Monday peak — to 2,443.87, as the energy sector dropped nearly 2% to lead decliners.
The NASDAQ skidded 23.93 points to 6,215.08.
Investors also kept an eye on Washington as they awaited more details regarding potential tax reform.
House Speaker Paul Ryan is scheduled to speak later in the day at a conference held by the National Association of Manufacturers, where he is expected to push for permanent changes and comprehensive reform for individuals and businesses.
Prices for the benchmark 10-year Treasury note gained ground, lowering yields to 2.16% from Monday’s 2.19%. Treasury prices and yields move in opposite directions.
Oil prices fell $1.20 to $43.00 U.S. a barrel
Gold prices faltered $2.30 to $1,244.40 U.S. an ounce.