"I wouldn't overreact to this," said Craig Basinger, chief market strategist at Purpose Investments, in an interview Tuesday.
The S&P/TSX composite index was down 292.92 points at 21,934.71, as the Toronto market reacted to the meltdown that occurred on Wall Street and other global markets on Monday while Canadians enjoyed a holiday long weekend. Investors have been worried that prolonged high interest rates could tip the U.S. economy into a recession before the Federal Reserve begins cutting rates.
That carry trade has been profitable for the last couple of years, but an interest rate hike in Japan combined with softer U.S. economic data raising the likelihood of an aggressive rate cut by the Federal Reserve has changed that.
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