The Globe and Mail reports in its Wednesday edition that U.S. and Canadian stocks extended their slide Tuesday, as the global bond sell-off deepened and crude prices spiked amid fading hopes for a near-term solution to the U.S.-Israeli war with Iran. A Reuters dispatch to The Globe says worldwide sovereign debt yields rose to multiyear highs as markets increased their bets that central banks will need to hasten their interest rate hikes. The benchmark U.S. Treasury yield continued to edge higher after reaching a 19-month high on Monday. Seasonal weakness could also be weighing on investor sentiment. September is the only month with a negative average return since 1926. The U.S. launched a new barrage of air strikes against Iranian targets around the Strait of Hormuz following Treasury Secretary Scott Bessent's remarks that Washington plans to announce new bank sanctions against Iran to "economically asphyxiate" Tehran's leadership. Iran warned it would prevent oil exports from the Gulf. The S&P/TSX Composite Index ended down 444.75 points, or 1.23 per cent, at 35,825.73. The materials group fell 3.6 per cent as the increase in bond yields and a stronger U.S. dollar helped send gold lower. Energy rose 3.1 per cent.