TSX Futures Plummet Amid Rising Bond Yields and Declining Metal Prices
Futures markets for Canada's blue-chip stocks took a dive on Tuesday as rising bond yields and declining precious metal prices weighed down investor sentiment. The TSX plummeted by 283.44 points to 36,270.48 on Monday.
The Canadian dollar slipped by 0.11 cents to 72.08 US cents on Tuesday. Futures tracking the TSX fell by 0.5%. Elevated oil prices, fueled by tensions in Iran, are impacting the global economy and prompting interest rate hikes in several countries.
The Bank of Canada is set to announce its monetary policy decision on Wednesday, with markets anticipating no change in rates. The release of the Markit Canada Manufacturing PMI was due later that morning. Tech stocks fell broadly, with Nvidia, AMD, and Micron down over 1%. Microsoft lost 1% as well.