AFTER THE BELL: Markets drop on interest rate fears, oil jumps as Russia, Saudi Arabia boost production
The benchmark 10-year Treasury note yield hitting a seven-year high sparked a massive sell-off on Wall Street, and had a ripple effect on Bay Street.
Rising U.S. interest rates led to investors fretting about higher borrowing rates and fleeing to safer options.
As a result, rate-sensitive stocks felt the sting.
The TSX lost 65 points with eight sectors sliding into the red, including financials and energy which combined make up half the weight of the index.
In New York, after five straight sessions of gains, the Dow plunged 200 points today. Pulling the index even lower were losses in Boeing and Intel stocks.
The Nasdaq also tumbled, losing 145 points with FANG stocks falling. Apple lost 1.7 percent, Alphabet dropped 2.8 percent, Amazon fell 2.2 percent, and Facebook slipped 2.2 percent.
Apple and Amazon are denying accusations that Chinese spies inserted tiny microchips in data centre equipment run by the tech giants, in order to infiltrate as many as 30 U.S. companies.
Oil prices fell after hitting four-year highs, slipping $1.83 to $74.58 a barrel on reports of Russia and Saudi Arabia making a deal to rapidly boost production.
The Canadian dollar continues to weaken after it made huge gains on the back of the United States-Mexico-Canada agreement.
The dollar lost another 28/100ths of a cent today, dropping to $0.7741 cents US.
Gold moved up today, edging 60 cents to $1,200 an ounce.