Equities in Canada’s largest market continued their downward trend, with health-care the main negative culprit.
The TSX Composite cratered 242.52 points, or 1.3%, to conclude Monday at 19,200.76.
The Canadian dollar gained 0.2 cents at 73.25 cents U.S.
The benchmark Canadian index has outperformed the U.S. S&P 500 index so far this year, losing 8.6% versus a 19.5% drop in the U.S. benchmark.
Cannabis took the biggest hits on the day, with Tilray losing 37 cents, of 8.3%, to $4.09, while Canopy Growth lost 28 cents, or 7.9%, to $3.27.
Utilities were also downward, with Transalta shedding 76 cents, or 6%, to $11.96, while Transalta Renewables ditched 52 cents, or 4.6%, to $10.75.
Among materials, MAG Silver dumped $2.62, or 11.5%, to $20.08, while Silvercrest Metals handed back 61 cents, or 7.1%, to $7.95.
On the economic calendar, Statistics Canada said its raw materials price index for November fell 0.8% on a monthly basis and increased 8.0% year over year, while the agency’s industrial product price index declined 0.4% month over month and increased 9.7% on a year-over-year basis.
Meanwhile, the Bank of Canada governor told the Globe and Mail that the central bank missed the mark on rising inflation but a turnaround is near.
The TSX Venture Exchange dumped 18.08 points, or 3.1%, to 558.20.
All 12 subgroups lost ground, with health-care down 4.7%, utilities slipping 2.1%, and materials retreating 2%.
Stocks fell Monday as recession fears mounted and investors worried time is running out for a year-end rally.
The Dow Jones Industrials fell 162.92 points to finish a dismal Monday at 32,757.54
The S&P 500 subsided 34.7 points to 3,817.66.
The NASDAQ Composite Index chucked 159.38 points, or 1.5%, to 10,546.03.
Monday’s close marked the fourth consecutive day of losses for all three averages.
Stocks are set to round out a dismal monthly performance in December after two consecutive negative weeks. So far, the Dow is set to end the month 5.3% lower, and the S&P 500 is down 6.4% in the same timeframe. The NASDAQ Composite is on track to decline 8% this month.
Investors will also be watching for a few earnings reports due later in the week. FedEx and Nike are both scheduled to report earnings results on Tuesday after market close. As recession fears mount, earnings results will become more of a focus.
Builder sentiment dropped two points to 31 in December, according to the National Association of Home Builders survey. The report marked the 12th consecutive monthly decline for the index.
Prices for the 10-year Treasury tumbled, raising yields to 3.59% from Friday’s 3.49%. Treasury prices and yields move in opposite directions.
Oil prices regained $1.48 to $75.77 U.S. a barrel.
Gold prices stumbled $3.90 to $1,796.30 U.S. an ounce.