S&P/TSX composite down almost 150 points, U.S. stock markets fall

TORONTO — Canada's main stock index lost almost 150 points Thursday, led by weakness in utilities and base metals, while U.S. stock markets also fell.In New York, the Dow Jones industrial average was down 605.78 points at 39,065.26. The S&P 500 index was down 39.17 points at 5,267.84, while the Nasdaq composite was down 65.51 points at 16,736.03.

“They're expanding their business lines, their chips are in demand, they don't have enough supply to keep up, and those are all positive notes, which means that in the short term, Nvidia is going to continue to have record sales,” said Utarid. With much of Nvidia’s success already priced into the market, investors seem preoccupied with bigger-picture debt levels and higher interest rates, he said. In particular, there’s concern within the real estate sector about the ability for commercial real estate to absorb higher interest rates over the next year, he said.

Two economic reports Thursday in the U.S. added to that pile. One preliminary report suggested growth in U.S. business activity is at its fastest rate in more than two years, while another showed the job market remaining solid, as fewer workers applied for unemployment benefits last week than expected.

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