By Ketki Saxena
Investing.com -- At noon in Toronto, the S&P/TSX Composite Index was at 20,578.05 points, down 2.86% in the day’s trading.
All TSX sectors were in the red today as the Canadian index, along with U.S. benchmarks, reversed gains from yesterday.
Equities gained late in yesterday’s session following Federal Reserve Jerome Powell’s ruling out of a 75 basis point hike in the near future, but reversed course today as risk sentiment returned to the forefront and bond yield soared.
The index was most weighed down by the Tech sector, down 6.87% today as Shopify (TSX:SHOP) shares (-16.36%) dragged down the subindex after the Canadian e-commerge reported a big miss on profits, and announced slowest quarterly revenue growth in seven years.
Canada’s commodity heavy benchmark index was also weighed down by Energy (-3.06%). The subindex tracked the price of crude lower in a day of mixed trading following an OPEC+ meeting at which the cartel agreed to moderately boost output.
Apart from Shopify, SNC-Lavalin (-11.10%), Converge Tech (-9.81%), Hut 8 Mining (-9.59%) and Gildan Activewear (-9.56%) were amongst the biggest losers on the TSX so far today.
The biggest gainers included Sleep country (+5.06%), Fortis (TSX:FTS) Inc (+1.16%), Emera (TSX:EMA) Incroporated (+0.67%), Loblaw Companies (+0.55%), and Atco (+0.24%).