The Canadian market is falling firmly into negative territory; Tech stocks fall sharply

(RTTNews) – The Canadian market was down sharply on Tuesday afternoon as stocks in several sectors came under strong selling pressure after Treasury yields hit their three-month high.

Data showing continued deterioration in US consumer confidence added to the woes on Wall Street, which in turn made the mood in the Canadian market quite bearish.

A massive sell-off of the tech sector in the US market amid a surge in Treasury yields is also weighing on the Bay Street tech space.

The S & P / TSX Composite Index is down 292.50 points or 1.4% to 20,170.92 near a few hours after noon.

The capped information technology index is down 3.65%. Hut 8 Mining (HUT.TO), Nuvei Corp (NVEI.TO), Shopify Inc (SHOP.TO), Absolute Software Corp (ABST.TO) and CGI Group (GIB.A.TO), Lightspeed Pos (LSPD.TO) )) are down 3-6%. Enghouse Systems (ENGH.TO), Constellation Software (CSU.TO), Alithya Group (ALYA.TO), Kinaxis Inc (KXS.TO) and BlackBerry (BB.TO) are also down sharply.

Consumer discretionary stocks Spin Master Corp (TOY.TO) and Canada Goose Holdings (GOOS.TO) are down 6.6% and 4%, respectively. Brp Inc (DOO.TO), Martinrea International (MRE.TO), Restaurant Brands International (QSR.TO) and Dollarama Inc (DOL.TO) are down 2-3%.

Among healthcare stocks, Tilray Inc (TLRY.TO) fell by almost 4%, Canopy Growth Corp (WEED.TO), Organigram Holdings (OGI.TO) and Sienna Senior Living (SIA.TO) fell by 2, 5 to 3%, while Chartwell Residences (CSH.UN.TO) and Cronos Group (CRON.TO) are both about 2% lower.

Aurora Cannabis (ACB.TO) gains 5.7%. The company reported a net loss of C $ 134 million in the fourth quarter, an improvement from a loss of over C $ 1.8 billion in the same quarter a year ago. Net sales declined to C $ 54.8 million from C $ 72.1 million a year ago.

In economic news, the average weekly earnings of non-farm payroll employees in Canada increased 1.8% year-on-year to C $ 1,133 in July, and rose 1% on a monthly basis.

US stocks are down sharply. The Dow Jones is slipping 1.6%, the Nasdaq is down 2.62% and the S&P 500 is down almost 2%.

Major European markets closed sharply lower and most markets in the Asia-Pacific region also ended low on Tuesday.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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