Bay Street is feeling the weight of an unexpected increase in Canada’s unemployment rate.
The TSX is down 62 points to 16,038 after StatsCan reported the unemployment rate pushed to 6 per cent in August as the country shed over 50,000 jobs. Economists had predicted the rate would drop to 5.9 per cent on a job increase.
Across the border, the Dow is slipping 25 points to 25,970. Experts say a strong US jobs report is furthering the likelihood of more interest rate increases coming before the end of the year.
Investors are also waiting for Trump to drop a fresh set of tariffs on $200 billion worth of Chinese goods.
The price of US crude is falling to 67.27 a barrel.
The Loonie is slumping to 75.96 cents US.
Tesla shares are turning volatile as the company is hit with more controversy. Tesla’s CAO quit only a month into his position and CEO Elon Musk is taking harsh criticism for smoking pot and drinking whiskey during a live streamed video. Bloomberg is also reporting the company’s CPO is prepared to resign after a year on the job. Tesla shares are down 5 per cent.