The Canadian equities market continued to decline for the third consecutive session on Wednesday as dismal U.S. GPD (gross domestic product) growth numbers kept investors worried about the near-term economic outlook. The S&P/TSX Composite Index slipped by 75 points, or 0.4%, yesterday to settle at 21,244 — erasing all gains it saw in the previous week.
While all key sectors, except consumer cyclicals, ended the session on a negative note, real estate, technology, and industrial stocks mainly led the selloff.
According to the Bureau of Economic Analysis’s latest estimate, the U.S. GDP in the final quarter of 2023 grew positively at an annual rate of 3.2%, slightly down from a 3.3% initial estimate. This adjustment reflects a minor decrease in private inventory investment, offset by increases in government and consumer spending.
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