By Ketki Saxena
Investing.com -- At noon in Toronto, the S&P/TSX Composite Index was at 21,342.17 points, down 308.24 points or 1.42% lower in the day’s trading.
All TSX sectors were in the red today, as Canada’s benchmark index continued yesterday’s decline following comments from Federal Reserve Chairman Jerome Powell indicating an aggressive path to monetary policy tightening, and surging yields.
The commodity heavy index was particularly weighed down by energy (-2.15%) and materials (-2.08%).
The materials sector followed gold prices lower, which were also hit by rising treasury yields that make new bonds a more attractive safe-haven than the non-yielding metal. A strengthening dollar also added to weakness in gold.
The energy sector fell as ongoing supply tightness in the market were overshadowed by concerns of weaker demand from China following fresh Covid-19 measures.
The tech (-1.56%) and consumer discretionary (-1.64%) sector were also particularly hard hit by rising yields.
Transcontinental Inc (TSX:TCLa) (+2.38%), Primo Water Corp (TSX:PRMW)(+1.14%), and Boyd Group (TSX:BYD) (+0.57%) were the biggest gainers, while Finning International Inc . (TSX:FTT)(-4.78%), First Quantum Minerals Ltd (TSX:FM)(-4.63%), and Endeavour Silver (TSX:EDR) (-4.98%) were amongst the biggest losers on the TSX as of midday today.