A broad decline dragged Canada’s main stock index to a more than one-month low on Thursday. Technology and commodity-linked stocks weighed on the resources-heavy index as hawkish Federal Reserve commentary dampened risk sentiment.
The Dow and S&P 500 hit their biggest daily percentage drop in three months as fears build over aggressive interest rate hikes possibly triggering a recession. Chair Jerome Powell warned recent signs of inflation may be waning wasn’t enough to convince Fed the battle against rising prices was won.
Today in the Markets
The Canadian dollar traded for 73.21 cents US, compared to 73.69 cents US on Wednesday.
US crude futures traded $1.21 lower at $76.07 a barrel, while the Brent contract lost $1.50 to $81.20 a barrel.
The price of gold was down US$29.69 to US$1,778.03.
In world markets, the Nikkei was down 104.51 points to 28,051.70, the Hang Seng was down 304.86 points to 19,368.59, the FTSE was down 69.76 points to 7,426.17, and the DAX was down 473.97 points to 13,986.23.
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