Canada’s main stock index tracked another steep decline on Tuesday, falling more than 300 points during trading. Financial stocks led the decliners on the TSX as a Bank of Canada official said there’s a risk that prices will only be raised more frequently and more sharply. Traders also bet U.S. interest rates will stay elevated for a prolonged period.

The Dow tumbled and U.S. stock futures withered as Treasury yields rose to a 16-year high. Investors fear that tighter monetary policy could tip the economy into a recession. The U.S. House voted on a motion to remove Kevin McCarthy as speaker.

S&P 5004,229.45-58.94S&P 500

The Canadian dollar traded for 72.94 cents US, compared to 73.14 cents US on Monday.

US crude futures traded $0.72 higher at $89.57 a barrel, and the Brent contract added $0.43 to $91.14 a barrel.

The price of gold was down US$1.42 to US$1,824.30.

In world markets, the Nikkei was down 521.94 points to 31,237.94, the Hang Seng was down 478.44 points to 17,331.22, the FTSE was down 40.56 points to 7,470.16, and the DAX was down 162.00 points to 15,085.21.

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