MID-DAY: Bay Street weighted by oil stock bloat; FAANG failure holds back Wall Street
The TSX is feeling the weight of growing crude stocks across the globe. The Bay Street Index is up 19 points to 14,741, held back by a drop in energy stocks as crude production boosts ahead of an expected dry up of imports from Iran.
The price of US oil is falling to 65-92 a barrel.
Across the border, the Dow is up 152 points to 24,595, with pressure coming from the fall of the FAANG stocks.
Investors are also torn on mixed messages from the US on the trade war with China. Donald Trump says he’s willing to make a great deal with Beijing, but the White House is also preparing to unleash a new round of tariffs by December if talks don’t work out.
The Loonie is slipping to 76.10 cents US.