Stocks Roughed up Tuesday

Canada's main stocks index slid more than 2% on Tuesday, caught in a bigger market selloff as global recession worries came to the fore, while energy stocks dived along with oil prices.

The S&P/TSX fell 448.74 points, or 2.4%, by noon hour Tuesday to 18,580.12.

The Canadian dollar removed 1.33 cents to 76.44 cents U.S.

Energy took a wallop Tuesday morning, the brunt of the damage inflicted on Baytex Energy, down 78 cents, or 11.9%, to $5.78, while Tamarack Valley Energy suffered 50 cents, or 10.9%, to $4.07.

In other resource stocks, Endeavour Silver lost 34 cents, or 8.1%, to $3.88, while K92 Mining dumped 57 cents, or 7%, to $7.55.

Tech shares tried their best to even things up, with Shopify climbing out of its hole and gaining two dollars, or, or 5%, to $42.35, while Descartes Group added $3.01, or 3.8%, to $83.15.

On the macroeconomic slate, the value of building permits rose 2.3% in May to $12.1 billion, according to Statistics Canada.

The agency went on to say non-residential sector increased 7.0% to $4.3 billion, while the residential sector edged down 0.1% to $7.8 billion.

The Canadian embassy in Beijing says Chinese authorities have blocked Canadian government representatives from attending the trial of Chinese-Canadian billionaire Xiao Jianhua, five years after Xiao vanished from Hong Kong during an anti-corruption crackdown.

ON BAYSTREET

The TSX Venture Exchange let go of 14.34 points or 2.3%, to 608.89.

All but two of the 12 TSX subgroups had slumped by midday, as energy skidded 7.2%, materials lost 5%, and gold faded 4.1%.

The two gainers proved to be information technology, up 1.8%, and health-care, better by 0.2%.

ON WALLSTREET

Stocks fell on Tuesday as concerns about a possible recession in the U.S. weighed on investor sentiment.

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The Dow Jones Industrials collapsed 589.26 points, or 1.9%, to 30.508.

The S&P 500 sagged 58.71 points, or 1.5%, to 3,766.62.

The NASDAQ Composite remained in the red, but climbed to within 36.21 points of breakeven to 11,091.63.

U.S. markets were closed Monday for the 4th of July.

Stocks tied to economic growth fell sharply on Tuesday. Shares of JPMorgan and Wells Fargo shed 2.5% and 2.7%, respectively. American Airlines fell more than 4%. Machinery stocks Deere and Caterpillar hit their lowest levels of the year.

Shares of Ford fell nearly 5% after the automaker’s second-quarter sales rose more slowly than expected. The Global X Copper Miners ETF fell more than 5%.

Among major tech stocks, Amazon fell more than 2% and electric automaker Tesla slid 3.7%.

In this shortened holiday week, investors are looking ahead to the release of June jobs report data on Friday. According to Dow Jones estimates, job growth likely slowed in June with 250,000 nonfarm payrolls added, down from 390,000 in May. Economists surveyed expect the unemployment rate to hold at 3.6%.

This week’s economic calendar also includes Wednesday’s release of minutes from the Federal Reserve’s latest meeting. May factory orders are expected for Tuesday, with earnings from WD-40 and Levi Strauss scheduled for Friday.

Treasury prices poked slightly higher, lowering yields to 2.78% from Friday’s 2.83%. Treasury prices and yields move in opposite directions.

Oil prices lost $8.63 to $99.80 U.S. a barrel.

Gold prices plummeted $32.70 to $1,768.8 U.S. an ounce.