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Bay Street Set For Another Drubbing, Oil Slides -- Canadian Commentary

Bay Street is bracing for another rocky session Tuesday, with U.S. stock futures fluctuating wildly after yesterday's brutal sell-off.

Falling oil prices are likely to prevent any sustained recovery in Canada.

The Dow Jones Industrial Average fell 4.6%, or 1,175 points, to 24,346. It was the biggest one-day point drop ever, and worst on a percentage basis since 2011.

The TSX Composite Index was down 271 points to 15,334, extending multi-month lows. Gaugues of all sectors were in the red.

Markets are having a tantrum over the possible end to the era of "easy money." Central banks are expected to accelerate the process of normalazing interest rates this year.

Lululemon Athletica Inc. (LULU) CEO Laurent Potdevin has resigned after falling short of "standards of conduct." Shares fell sharply.

The Vancouver, British Columbia-based company said it "expects all employees to exemplify the highest levels of integrity and respect for one another, and Mr. Potdevin fell short of these standards of conduct."

WestJet (WJA.TO) reported revenues rose 10 percent in the fourth quarter. Earnings were in line with estimates.

Nutrien Ltd (NTR.TO), the recent combination of fertilizer makers Agrium Inc and Potash Corp of Saskatchewan, said it expected full-year 2018 EBITDA of US$3.2 billion to US$3.7 billion.

Home sales in Toronto fell 22 percent last month amid tougher lending rules.

Crude oil has dropped 83 cents to $63.32 a barrel.

by RTTNews Staff Writer

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