North American equity markets opened sharply lower Thursday, as concerns mount over a second wave of the COVID-19 virus and sobering commentary from U.S. Federal Reserve Chair Jerome Powell.
The S&P/TSX Composite Index and Nasdaq Composite Index both fell a little more than two per cent, the S&P 500 fell about 2.75 per cent and the Dow Jones Industrial Average shed more than three per cent of its value.
Oil prices also took a significant hit over concerns a second wave of the pandemic could grind economic activity back to a halt, with U.S. benchmark West Texas Intermediate down more than seven per cent to US$36.75 per barrel. Alberta’s Western Canadian Select fell 8.77 per cent to US$27.67 per barrel.
The risk-off sentiment sent investors flocking to tradition safe havens, lifting the likes of the Japanese Yen, the U.S. Dollar and U.S. treasuries.
The Canadian dollar fell about half a cent against its American counterpart to trade at 74.07 cents U.S.
