The TSX sank deeper into the negative territory, dropping 196 points in the mid-afternoon session, with the selloff in resource and utility stocks leading the benchmark index below the 15,000 threshold.
Fears on the effect of higher borrowing costs on the economy persisted, as the German 10-year Bund yields rise to 2015 highs. This overshadowed the impact of favorable U.S. jobless claims data, which revealed that the number of Americans filing applications for unemployment benefits dropped to 276,000 last week versus economists' bet of 279,000.
Weakening commodity prices added to the pressure, particularly on energy and miners, which tumbled 1.79% and 2.04%, respectively.
Other significant decliners were utilities and financials, down 1.37% and 1.07%, respectively.
Total volume traded already exceeded 182 million shares. Bombardier (BBD-B.TO) was still the most actively traded stock.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
