BNN Bloomberg’s mid-morning market update: May 7, 2019
TORONTO -- Canada's main stock index posted a triple-digit decline as an escalation in the trade war between the U.S. and China loomed.
With negotiations set to resume on Thursday in Washington, the U.S. has said higher tariffs on China will take effect on Friday.
The S&P/TSX composite index was down 152.59 points at 16,340.87.
In New York, the Dow Jones industrial average was down 389.68 points at 26,048.80. The S&P 500 index was down 43.16 points at 2,889.31, while the Nasdaq composite was down 134.01 points at 7,989.28.
The Canadian dollar traded for 74.20 cents US compared with an average of 74.32 cents US on Monday.
The June crude contract was down US$1.08 at US$61.17 per barrel and the June natural gas contract was up 1.6 cents at US$2.54 per mmBTU.
The June gold contract was up US$1.60 at US$1,285.40 an ounce and the July copper contract was down 3.65 cents at US$2.79 a pound.