22:35:37 EDT Thu 16 May 2024
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Globe/wire say rate fears, BlackBerry pull TSX down

2023-09-08 08:49 ET - In the News

The Globe and Mail reports in its Friday edition that Canada's main stock index fell on Thursday for a third straight day, with the technology sector contributing to broad-based declines as BlackBerry slumped and the Bank of Canada left the door open to further interest rate increases. A Reuters dispatch to The Globe says that the S&P 500 and Nasdaq also fell, with the biggest drag from Apple and weakness in chip stocks over concerns about China's iPhone curbs, while a fall in weekly U.S. jobless claims fed worries about interest rates and sticky inflation. The S&P/TSX Composite Index ended at 20,132.08, down 94.88 points. BlackBerry shares tumbled 16.3 per cent after forecasting a 21.4-per-cent decline in second-quarter revenue owing to weakness in its cybersecurity segment. Bank of Canada Governor Tiff Macklem said the BOC's 2-per-cent inflation target "is now in sight," but warned that the bank could raise rates again if consumer price growth remains stubborn. On Wall Street, shares in Apple fell 2.9 per cent on news that China had widened curbs on iPhone use by state employees. The drag from Apple, its suppliers and companies with large China exposure pushed the S&P 500 tech sector down 1.6 per cent.

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