The selloff in Canadian stocks intensified on Friday after the latest U.S. labour market report hinted towards a surging unemployment rate and significantly weaker-than-expected increase in non-farm payroll employment, reigniting fears of a recession in the near term. The S&P/TSX Composite Index dived by 496 points, or 2.2%, before going into the long Civic Holiday weekend to settle at 22,228, posting its biggest single-day percentage decline since February.
While all key sectors ended the session in the red, the TSX selloff was mainly led by heavy losses in healthcare, technology, and energy stocks.
Despite job gains seen in health care, construction, and transportation and warehousing, the U.S. unemployment rate increased to 4.3% in July 2024, its highest level since October 2021, with the information sector experiencing job losses.
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