Canada Stocks Take 3 Days of Losses To Total of 650 Pts

Last Updated: Friday, January 21, 2022 4:10 PM | MT Newswires

Canada's main stock market, the Toronto Stock Exchange, recovered more than 40 points over the last hour of Friday's session, but still ended the day down about 437 points or 2%, taking overall losses for three successive days to 650 points amid lower commodity prices, a sell off in tech stocks and concerns about the coming higher interest rates cycle.

This comes a day after Bloomberg News cited Jeremy Grantham, the investor who for decades has been calling market bubbles, as saying the historic collapse in stocks he predicted a year ago is underway and even intervention by the Federal Reserve can't prevent an eventual plunge of almost 50%

Among heavyweight sectors, Energy was down 2.6%, Materials down 2.5% and Financials down 1.2%

And among tech stocks, Shopify was down 13% amid reports that it is preparing to cut its fulfillment network capacity by as much as half from current levels.

Of commodities today, gold traded lower on Friday despite a weak dollar and rising bond prices, though its remains near a two-month high ahead of next week's meeting of the Federal Reserve's policy-setting committee. Gold for February delivery was last seen down $10.80 to US$1,831.80 per ounce.

And West Texas Intermediate crude for March delivery closed down $0.41 to US$885.14 per barrel, Marketwatch reported. March Brent crude, the global benchmark, was last seen down $0.54 to US$87.84, while Western Canada Select was $0.33 lower to US$71.26 per barrel.

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