S&P/TSX composite closes down on broad losses led by tech, U.S. markets mixed

The Canadian PressTORONTO — In New York, the Dow Jones industrial average was up 243.60 points at 41,198.08. The S&P 500 index was down 78.93 points at 5,588.27, while the Nasdaq composite was down 512.42 points, or 2.8 per cent, at 17,996.92.

“The acceleration in that rotation, I think, is because of comments made on both sides of the aisle, Republican and Democrat, that are talking tougher on China, particularly as it relates to export controls on semiconductors,” he said. The move away from technology stocks and toward the value side of investing also comes after encouraging inflation data that has helped firm up expectations that interest rate hikes are done, said Madden.“So some of these interest-rate sensitive sectors that have been laggards, and sources of funds for money that wanted to chase the growth trade and the tech trade, people are giving them a fresh look. That’s coming back, at least in a relative sense.

Markets have largely priced in September for the U.S. Federal Reserve’s first cut, while the Bank of Canada looks set to announce a second one next week.

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