Canadian stocks fell sharply on Tuesday as mixed corporate earnings, falling commodity prices, and concerns about high-flying tech stocks’ overvaluation led to a broad market pullback. The S&P/TSX Composite Index plunged by 497 points, or 1.6%, to 29,778 — marking its biggest single-day percentage decline in 10 days and reaching its lowest closing level in over a month.
Nearly all key market sectors ended the session in negative territory, but the TSX selloff was mainly driven by huge losses in technology and mining stocks.
Top TSX Composite movers and active stocks
Shares of Pet Valu Holdings (TSX:PET) dived over 16% to $29.95 apiece, making it the worst-performing TSX stock for the day. The PET stock selloff came after the Markham-based pet food retailer posted mixed third-quarter results and trimmed its full-year outlook.
While Pet Valu’s total revenue rose nearly 5% year over year to $289.5 million in the September…
