By Ketki Saxena
Investing.com -- At noon in Toronto, the S&P/TSX Composite Index was at 21,000.39 points, down -0.57% in the day’s trading.
All TSX sectors except Materials (+0.71%), Consumer Staples (+0.04%), and Health Care (+0.45%) were in the red as of midday, tracking U.S. indices lower following disappointing results and forecasts from Amazon (NASDAQ:AMZN).
The update from Amazon is indicative of a more depressed picture for retail, and comes amidst concerns of a potential slowdown in consumer spending in the context of rising inflation, a hawkish Fed, and slowing GDP in the U.S.
Canada’s commodity heavy index was also weighed down by energy sector, down 0.33% in volatile trading amidst earnings season, despite a continued rise in oil prices. Crude prices are now rising the prospect of an EU embargo on Russian oil overshadows demand concerns related to lockdowns in China.
Industrials (-1.24%) also weighed on the TSX today, with the sector dragged down by NFI group (-14.01%) as the manufacturer cut its forecast for growth and revenue.
Resource stocks Capstone Mining (+6.73%), Agnico Eagle Mines (TSX:AEM) (+5.13%), Oceana Gold (5.43%), and Hudbay Minerals (+5.07%), as well as Canopy Growth (TSX:WEED) (+5.55%) were amongst the best performing stocks on the TSX so far today.
NFI Group was by far the worst performing stock on the TSX so far today, followed by Eldorado Gold (-7.61%), Toromont Industrials (-6.39%), TC Energy (TSX:TRP) (-3.24%) and Trisura (TSX:TSU) (-3.20%).