Canada’s main stock snapped its recent winning streak on Tuesday, pressured by a drop in resource shares, as investors grew more nervous that central banks would hike interest rates aggressively to tame inflation.
The Toronto Stock Exchange’s S&P/TSX composite index (.GSPTSE) ended down 190.06 points, or 0.9%, at 20,729.34, after seven straight days of gains.
For the month of May, it dipped 0.2%, following a 5.2% slump in April.
The S&P 500 fell on Tuesday as volatile trading in oil prices kept soaring inflation in focus and investors reacted to hawkish comments from a Federal Reserve official.
The energy sector fell 2.8%, giving back some of its recent gains, while the materials group lost 1.4% as gold prices fell.
Money markets expect the Bank of Canada to raise interest rates for a second straight time on Wednesday.