North American markets took a bit of a beating today as the technology sector fell.
On Bay Street higher gold prices weren’t enough to keep lower oil prices from dragging things down. There were early gains in industrials with CN Railway getting a boost in share prices on the back of a first quarter profit, but those gains evaporated as the day went on. The TSX closed down 75 points to 15,477.
On Wall Street big sell-offs in the technology sector and higher interest rates weighed the markets down. The FAANG stocks, Facebook, Amazon, Apple, Netflix, and Google-parent Alphabet, were the hardest hit. Investors were looking at reports of higher costs, instead of profits. The Dow Jones closed at 24,024, losing 424 points.
Tim Hortons sales were down 0.3 per cent in the first quarter. Parent company Restaurant Brands International is placing the blame on negative media coverage and issues with this year’s Roll up the Rim contest. It’s hoping its $700 million plan to renovate the coffee shops over the next four years will get customers back.
At press time oil is down 88 cents to $67.76 U.S. per barrel, gold is up $9.30 to $1333.30 an ounce, and the loonie is down a fifth of a cent to 77.98 cents U.S.