In New York, stock markets also fell for the fourth day in a row. The Dow Jones industrial average closed down 280.44 points at 31,510.43. The S&P 500 index was down 31.16 points at 3,955.00, while the Nasdaq composite closed down 66.94 points at 11,816.20.
Global equities markets have been slumping since last Friday, when a hawkish speech by Fed chair Jerome Powell made it clear that interest rates will need to continue to rise and will stay high for longer than many investors had hoped. Powell also warned that efforts to curb widespread inflation will result in some degree of economic pain for consumers and businesses.
First, there were the worse-than-expected third-quarter earnings from some of the major Canadian banks last week, which weighed on the TSX's heavyweight financials sector. "When you get the banks down and energy’s down, it’s pretty much impossible for the TSX to outperform," Taylor said.