What’s going on here?
The S&P/TSX index sank to 22,781.43, its lowest since August 13, as economic growth concerns hammered US and Canadian markets.
What does this mean?
The Canadian stock market took a hit this week, with the S&P/TSX composite index dropping 0.9% for the day and 2.4% for the week, ending a five-week streak of gains. Technology and commodity-linked shares suffered the most amid worries about slowing economic growth. Canada’s struggle with labor market entries is particularly concerning, as the unemployment rate climbed to 6.6% – its highest in over seven years, barring pandemic years. In the US, disappointing employment figures added to the negative mood. Key sectors such as energy and materials saw notable declines, driven by slipping oil, gold, and copper prices. Yet, there were some bright spots: Enghouse Systems Ltd’s shares rose on strong earnings, and Alimentation Couche-Tard shares climbed after a…
