(Reuters) – Canada’s main stock index was dragged down on Wednesday by a drop in rate-sensitive technology stocks, as shares of the country’s third biggest company, Shopify, hit a six-week low and those of crypto miners fell.
The Toronto Stock Exchange’s S&P/TSX composite index was down 45.15 points, or 0.2%, at 21,172.38.
Technology stocks led losses on the index with a 2.4% decline, dragged by crypto miners Hut 8 and Bitfarms, down 3.9% and 7.0%, respectively, after Bitcoin lost 2%. Shopify shares were down nearly 4% at C$102.
In the United States, minutes from the Federal Reserve’s January meeting showed the majority of policymakers were concerned about the risks of cutting interest rates too soon, with broad uncertainty about how long borrowing costs should remain at their current level.
After the release of the minutes, traders stuck to bets the Fed will begin cutting interest rates no earlier than June.
“Tech stocks are down and…
