TORONTO — Losses in technology and base metal stocks helped lead a broad-based decline as Canada's main stock index fell almost 130 points, while U.S. stock markets lost steam midway through the trading day to essentially end flat.
Broader economic anxiety weighed on markets ahead of a long-anticipated rate decision from the U.S. Federal Reserve Wednesday, said Philip Petursson, chief investment strategist at IG Wealth Management.Shopify was a major drag on Canadian markets Monday, Petursson noted, helping explain why the TSX posted a worse day than U.S. markets. The tech company’s stock closed down more than five per cent.
The Fed is expected to hold its key rate this month but it could hike in November, he said, so the market will be much more focused on what officials have to say about their decision. “They need to walk back inflation expectations so that it almost becomes a self-fulfilling prophecy,” he said.
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