S&P/TSX composite down more than 100 points Wednesday, U.S. markets also fall
Global News
The S&P/TSX composite index was down 100.98 points at 20,103.89.
Canada’s main stock index was down more than 100 points Wednesday amid broad-based weakness, while U.S. stock markets also slumped.
It’s been a quiet week to start the quarter as investors await payroll data on Friday and the start to earnings season in the U.S. next week, said Greg Taylor, chief investment officer at Purpose Investments.
Nevertheless, some concerning economic data out of China and more hawkish messaging from the Federal Reserve weighed on markets Wednesday, he said.
Caution is “the tone of the day,” said Taylor.
The S&P/TSX composite index was down 100.98 points at 20,103.89.
In New York, where stock markets were closed on Tuesday, the Dow Jones industrial average was down 129.83 points at 34,288.64. The S&P 500 index was down 8.77 points at 4,446.82, while the Nasdaq composite was down 25.12 points at 13,791.65.
Minutes from the U.S. central bank’s last meeting showed growing divisions among policymakers, with some pushing for another hike even though the bank ended up pausing.
The minutes “just made more people start to wonder if the Fed is going to be still in the pattern of hiking rates, which is not a great combination if you get slowing economic data and higher rates,” Taylor said.
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