TSX down 160 points as energy stocks move lower, U.S. markets continue to fall

TORONTO — Canada's main stock index lost almost 160 points on Monday, weighed down by weakness in energy stocks, while U.S. markets also fell, led by a 1.8 per cent drop on the Nasdaq.

Last week, markets reacted negatively to stronger-than-expected U.S. inflation data and pared back their expectations for rate cuts in 2024. That continued Monday after a stronger-than-expected retail sales report for March. But Archibald said with U.S. equity markets up significantly from the start of the year, the correction over the past several trading days isn’t an ominous sign so much as some profit-taking.

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