Global markets fell on Tuesday as technology stocks led declines, with Nasdaq futures down more than 2.5% and SpaceX extending premarket losses. Meta, Alphabet and Microsoft also slid, while major European and Asian indexes weakened and South Korea’s KOSPI posted a 10% one-day plunge. U.S. Treasury yields rose to elevated levels as markets nearly fully priced a September rate hike, pushing the dollar index to a one-year high. Brent crude stayed below $80 a barrel, but the policy impact of energy prices continued to weigh on risk assets.

Wars in the Middle East have tightened global fertilizer supplies after shipping through the Strait of Hormuz was curtailed and Iranian production was damaged, leaving Canadian farmers facing shortages and sharply higher prices. Some farms are testing on-site fertilizer made with cold plasma that mimics lightning, but the technology remains in early trials without peer-reviewed validation. The disruption is lifting input costs for fertilizer-dependent staple crops such as wheat and soybeans.

G7 leaders agreed to speed up efforts to diversify energy supply routes away from the Strait of Hormuz and said Canada could provide “significant additional capacity” to global markets in the coming years. Prime Minister Mark Carney pointed to liquefied natural gas projects already underway, higher output from the TMX oil pipeline, and the potential for two additional pipelines from Western Canada. He also announced new critical minerals partnerships that his office said would unlock more than $5 billion in capital investment across Canada’s critical minerals value chain.