Canada’s main stock index moved a hair lower on Tuesday, while U.S. markets fell, led by the Nasdaq losing 1.65 per cent.
Big technology stocks dragged down U.S. markets, said Anish Chopra, managing director with Portfolio Management Corp.
One major drag on markets was Apple, which is seeing iPhone sales in China weaken.
Apple’s stock price was down 2.8 per cent on Tuesday.
“In addition to potentially highlighting the weakness in the Chinese economy, you also have competition from domestic rivals in China,” said Chopra.
“It’s just a more competitive environment for Apple.”
Other major tech stocks also declined, with Microsoft losing almost three per cent and Tesla down almost four per cent.
However, it’s also been a strong run for markets recently as they’ve hit multiple records, and so it’s not a surprise to see a day of weakness, said Chopra.
