Canadian Stocks Plummet 1.2% on US Strikes Fears

Canadian stocks fell sharply on Tuesday after the US carried out fresh strikes on Iran, sparking inflation worries and sending markets into risk-off mode.

The S&P/TSX Composite Index dropped 1.2% on its biggest one-day decline since June 5, pulling the benchmark back to early August levels.

Technology and financial sectors led the slide, with Shopify plummeting 4.7%, Toronto-Dominion Bank and Bank of Montreal each falling nearly 1%, and National Bank of Canada slipping 1.5%.

Bullion also fell more than 2%, causing gold miners such as Agnico Eagle Mines Ltd. and Barrick Mining Corp. to decline alongside the metal.