Canada’s main stock index is set to snap its three-session gaining streak as communication services and tech stocks, rattled by investor concerns around the timing of the Federal Reserve’s interest rate cuts, dragged down the index.
At 10:47 a.m. ET, the Toronto Stock Exchange’s S&P/TSX composite index was down 113.75 points, or 0.51%, at 22,071.50.
Communication services stocks led declines on the index with a 2.7% slide. Integrated telecommunication service provider Quebecor pulled down the sector with a 4.1% decline after brokerage BMO downgraded it to “market perform” from “outperform.”
Information technology stocks followed suit, losing 1.7%. Crypto miners Hut 8 and Bitfarms dragged the sector with a 13.2% and 6.1% decline tracking a 6.3%. fall in Bitcoin.
“This modest weakness is really driven by concerns that the economic strength in the US and higher oil prices in the last couple of days, could delay the Fed’s…
