A sell-off of energy and tech stocks sent North American markets reeling today.
On Bay Street, the TSX fell 194 points with nine of 11 sectors in the red.
There was a broad decline in Canadian energy companies as the price of oil plummeted. Energy stocks were led lower by Baytex Energy, down 8.5 percent, and Crescent Point Energy, which fell eight percent.
After four days of gains, oil skidded due to a glut of global supply from the world’s top producers including the U.S., Saudi Arabia, and Russia.
Oil dropped $3.81 to $53.39 US a barrel.
Meanwhile, weakened demand for iPhones is battering tech giant Apple and putting downward pressure on global markets.
In New York, the tech-dependent Nasdaq plunged 119 points as many of the U.S.’s largest tech companies floundered, including FANG stocks Amazon, Apple, and Netflix.
Joining the FANG companies in negative territory were Microsoft, Intel, Comcast, and electric car-maker Tesla.
The Dow tumbled 590 points, weighted not only by tech stocks but also the consumer sector after disappointing results from Kohl’s and Target sent those companies’ shares spiraling.
Target sunk 10.5 percent while Kohl’s lost 9.2 percent.
Many of the Dow’s bellwethers followed suit with more than two percent declines in Goldman Sachs, Caterpillar, Walmart, Chevron, and Home Depot.
The loonie tumbled, losing three quarters of a cent against the greenback. The Canadian dollar finished 78/100ths of a cent lower at $0.7514 US.
Often a safety net for investors when markets go south, even gold couldn’t escape the red. The yellow metal fell $3.30 to $1,222 an ounce.