S&P/TSX Composite Down More Than 600 Points After Trump Says Iran Ceasefire Over

Canada’s main stock index was down more than 600 points in late-morning trading, while U.S. stock markets also fell after President Donald Trump said a ceasefire with Iran was over because of Iranian attacks on commercial shipping.

Oil prices also moved higher as Trump said on the sidelines of a NATO summit in Ankara, Turkey, that the U.S., which hit targets in Iran overnight, was preparing for another night of strikes.

The S&P/TSX composite index was down 626.71 points at 34,645.88.

In New York, the Dow Jones industrial average was down 776.20 points at 52,148.95. The S&P 500 index was down 71.63 points at 7,432.22, while the Nasdaq composite was down 227.35 points at 25,591.34.

The August crude oil contract was up US$5.18 at US$75.62 per barrel, while the August gold contract was down US$106.70 at US$4,050.70 an ounce.

The Canadian dollar traded for 70.53 cents US compared with 70.43 cents US on Tuesday.