By Adriano Marchese
Canadian stocks were sharply lower Friday morning, in line with global markets. The broad selloff came amid worries over economic growth following a softer-than-expected July jobs report in the U.S.
Nearly all sectors were trending lower midday, with technology stocks leading the decline. Energy, process industries and tech-services stocks followed closely behind. Only health-services stocks were posting gains in the session, and even those only slightly.
Canada's S&P/TSX Composite Index was down 2.8% to 22092.73 and the blue-chip S&P/TSX 60 was also down, falling 2.7% to 1320.85.
Shares of Telus International, which is rebranding to Telus Digital Experience, was recently down over 31% to 6.21 Canadian dollars ($4.48) after hitting an all-time low after the company lowered its earnings guidance for the year and said demand recovery would take longer due to macroeconomic headwinds.
Other market movers:
Magna International shares trading in Toronto were 5.3% lower at C$56.47 after earnings missed expectations in the second quarter and the company said it would lower its targets for the year.
Shares in Shopify were down 6.4% to C$75.55 in sympathy with Amazon's stock decline amid concerns that the U.S. technology company is facing greater competition in its retail segment.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
08-02-24 1249ET
