TORONTO — Shares of tech heavyweight Shopify fell almost 19 per cent Wednesday, weighing on Canada's main stock index, while U.S. markets were mixed. The S&P/TSX composite index closed down 31.46 points at 22,259.16.
TORONTO — Shares of tech heavyweight Shopify fell almost 19 per cent Wednesday, weighing on Canada's main stock index, while U.S. markets were mixed.In New York, the Dow Jones industrial average was up 172.13 points at 39,056.39. The S&P 500 index was down 0.03 points at 5,187.67, while the Nasdaq composite was down 29.80 points at 16,302.76.
Shopify is the biggest tech company on the TSX and a major weight on the index, said Jennifer Tozser, senior wealth adviser and portfolio manager with Tozser Wealth Management at National Bank Financial Wealth Management. Shopify is one of many companies that did well during the pandemic and is now grappling with what its post-COVID future looks like, she said.“That's why the Shopify one is so unique ... because it's not a sector that there's a lot of depth in in Canada,” she said.
Tozser thinks markets will see a sector rotation once central banks start cutting interest rates, favouring companies in sectors like industrial, consumer discretionary and REITs.
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