Canada’s main stock index closed lower in Monday trading, led lower by losses in the utility and telecommunications sectors. Tech and health care moved higher, but the loonie took a 1 per cent nosedive.

Consistent worries among investors about the Federal Reserve’s aggressive push to curb inflation may tip the economy into recession seem to be proving true. U.S. stock indexes logged a lower close as the Fed’s latest signal that high interest rates could last through 2023, sent major stock indexes tumbling. The Dow Jones landed within spitting distance of a bear market on Friday.

Today in the Markets

TSX 18,327.04 -153.94 TSX
TSXV 567.39 -10.67 TSXV
CSE 244.90 -4.01 TSXV
DJIA 29,260.81 -329.60 DJIA
NASDAQ 10,802.92 -65.00 NASDAQ
S&P 500 3,655.04 -38.19 S&P 500

The Canadian dollar traded for 72.83 cents US compared to 76.32 cents US on Friday.

US crude futures traded 2.34 per cent lower at $76.90 a barrel, while the Brent contract lost 2.26 per cent to $84.20 a barrel.

The price of gold was down US19.39 to US$1,624.70.

In world markets, the Nikkei was down 722.28 points to 26,431.55, the Hang Seng was down 78.13 points to 17,855.14, the FTSE was up 2.40 points to 7,168.77, and the DAX was down 56.27 points to 12,227.92.

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