Canadian stocks drop in catch-up trade after global selloff

BNN Bloomberg's Jon Erlichman looks at how North American markets are shaping up for the trading day.

At the open in Toronto, the S&P/TSX Composite Index dropped as much as 2.6 per cent, extending losses for a third trading day. The index pared losses to 1.4 per cent as of 11:16 a.m. in Toronto. Four stocks were falling for every one that gained. The Canadian equities benchmark is on pace for its worst three-day stretch since October 2022.

“When markets move, long weekends get cancelled,” Purpose Investments Chief Market Strategist Craig Basinger wrote in a Monday note to clients, saying the firm had been buying in its multi-asset portfolios on Monday while the TSX was closed. Tuesday’s drop in Toronto was exacerbated by a move lower in gold prices, which extended Monday’s slide. The worst-performing stocks in the index on Tuesday were gold miners including SSR Mining Inc. and Lundin Gold Inc.Monday’s selloff appeared to be part of a reversal out of tech stocks and into lower volatility alternatives, “and historically the TSX outperforms the U.S. markets during those periods,” Bloomberg Intelligence equity strategist Gillian Wolff said.

الإمارات العربية المتحدة أحدث الأخبار, الإمارات العربية المتحدة عناوين

Similar News:يمكنك أيضًا قراءة قصص إخبارية مشابهة لهذه التي قمنا بجمعها من مصادر إخبارية أخرى.

Stock market news today: Dow leads stock comeback from steep sell-offEarnings misses have put the spotlight on the health of the economy after a Big Tech-led sell-off.
مصدر: YahooFinanceCA - 🏆 47. / 63 اقرأ أكثر »

Stock market today: Stock futures steady as S&P 500, Nasdaq try to build on recordsA consequential week that could provide key signals for the near-term path of interest rates.
مصدر: YahooFinanceCA - 🏆 47. / 63 اقرأ أكثر »