Weak results from Amazon soured sentiment as North American stock markets fell to wrap up a dismal April with Canada's main index posting its fifth consecutive month of declines.
“Today is really about Amazon and the read into corporate earnings and economic growth,” said Anish Chopra, managing director with Portfolio Management Corp.
The backdrop includes cross-currents with rising interest rates, monetary tightening by central banks, persistent high inflation, COVID-19 spikes in China and the war in Ukraine. The S&P/TSX composite index closed down 359.06 points or 1.7 per cent to 20,762.00. It lost two per cent for the week and 5.4 per cent in April.
The energy sector was weaker as crude oil prices fell slightly but natural gas futures were up more than five per cent. Baytex Energy Corp. shares lost 7.6 per cent while Cenovus Energy Inc. was down 4.4 per cent.
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