Canadian stocks tanked sharply on Wednesday as big intraday declines in commodity prices, mixed bank earnings, and a big spike in treasury bond yields made investors worried. The S&P/TSX Composite Index dived by 367 points, or 1.6%, yesterday to settle at 21,898.
With this downturn, the market benchmark not only recorded its worst single-day performance in over three months but also closed below the 22,000 level for the first time in more than three weeks. While all main TSX sectors ended the session in red territory, the market selloff was mainly triggered by heavy losses in shares of financial, mining, utilities, and energy companies.
Top TSX Composite movers and active stocks
With its 8.9% intraday losses, Bank of Montreal (TSX:BMO) was the worst-performing TSX stock for the day. This drop in BMO stock came after the Canadian lender’s latest quarterly revenue and earnings missed Street analysts’ expectations.
In the quarter…
