By Ketki Saxena
Investing.com -- At midday in Toronto, the S&P/TSX composite index was at 18,853.31 points, down 0.89% in the day’s trading as energy weighed on the commodity-heavy Canadian index, and ahead of the Bank of Canada’s next policy decision on Wednesday.
A 75 basis point move is largely expected by the Canadian central bank as it seeks to tackle out-of-control inflation.
Investors will also be watching for U.S. inflation data, due later today, for further guidance on the Fed’s next policy move later this month.
All TSX sectors were in the red at midday, as worries of a recession diven at least partially by rate hikes continued to dominate the market. The prospect of new lockdowns in Shanghai following a round of mass testing also weighed on investor sentiment, further worsening fears of slowed growth.
Heavyweight energy, driven lower by another decline in crud due to the prospect of further Chinese lockdowns, as well as rate-sensitive tech weighed most heavily on the TSX today.
Shopify (TSX:SHOP) (-8.46%), Canopy Growth (TSX:WEED) (-7.96%), Aurora Cannabis (TSX:ACB) (-8.24%), First Quantum (-7.20%), and Ballard (TSX:BLDP) (-6.45%) were the biggest losers on the TSX today.
MTY Food (+2.52%) Peyto Exploration (TSX:PEY) (+2.92%), Centerra Gold (TSX:CG) (+1.87%), and Advantage Oil and Gas (+1.66%) were the only TSX stocks with gains above 1% on the TSX today.