Canada’s main stock index tumbled 1% to its lowest in a week amid a broad sell-off as signs of persistent inflation in the United States pushed back hopes of an interest rate cut in the early half of the year.
The TSX Composite remained negative 91.85 points moving into noon EDT Thursday at 21,781.87.
The Canadian dollar recovered but 0.02 cents at 72.99 cents U.S.
On the TSX, rate-sensitive technology stocks declined, dragged down by crypto miners Hut 8, which lost 31 cents, or 2.5%, to $12.00, and Bitfarms, off nine cents, or 3.2%, to $2.73, tracking a 1.1% decline in Bitcoin.
If the declines hold, the sector faces its worst day in over a month.
Mullen Group sank to the bottom of the index with a fall of $1.31, or 9.1%, to $13.12, after the logistics provider’s first-quarter results missed analysts’ estimates.
Statistics Canada reported…
