Canadian Stocks Fall by Most in Over a Year on Hot US Inflation Data
- TSX sinks 2.3% on hot US inflation data, Shopify decline
- Rate-sensitive information technology names lead TSX drop
This article is for subscribers only.
Canadian equities had their worst day in more than a year after US inflation data came in stronger than expected and as a steep decline in shares of Shopify Inc. weighed on the benchmark index.
The S&P/TSX Composite Index slumped 2.3%, for its biggest decline since September 2022. North American stocks declined broadly after US consumer-price data was hotter than forecast, leading traders to push off the timing for when they anticipate the Federal Reserve will start cutting interest rates.