TORONTO — Losses in industrial and base metal stocks dragged Canada’s main stock index lower Wednesday, while markets in the U.S. slid.
Stocks were under pressure amid a “sizeable selloff” led by the tech sector, said Tamsin Wilding, principal and portfolio manager for fixed income at Leith Wheeler Investment Counsel Ltd.
U.S. stock indexes suffered their worst day since 2022, with major tech stocks dragging the market lower. Tesla and Alphabet both reported earnings after the bell Tuesday, and while Alphabet’s profit and revenue were better than expected, Tesla’s earnings fell short of forecasts.
Alphabet shares fell five per cent, while Tesla’s stock fell more than 12 per cent. Other major tech companies also fell, with Microsoft down 3.6 per cent, Nvidia down 6.8 per cent and Apple down almost three per cent.
The Nasdaq composite led losses among the major U.S. indexes, down 654.94 points, or 3.6 per cent, at…
