Canadian Stocks Fall To 14-month Low As Market Volatility Worsens

The Toronto Stock Exchange (TSX) has fallen to its lowest level in 14 months as investor fears
of an economic recession intensify.

The Toronto Stock Exchange fell 3.10% yesterday (June 16) to 19,004.06, its lowest level since
April 2021.

Separately, the Canadian dollar declined 0.3% to 1.2925 against the U.S. dollar, or 77.37 U.S.
cents. At one point, the Canadian dollar was at its weakest intraday level in more than a month.

U.S. stock indexes also fell sharply, with the Dow Jones Industrial Average losing more than
700 points and closing below 30,000, its lowest level in more than a year. The selloff came a
day after the U.S. Federal Reserve raised interest rates by 75 basis points, its biggest one-time
rate hike since 1994.

Declines on the TSX included a drop of 5.3% for the energy sector, extending its recent pullback
even as oil prices rose. Technology stocks listed on the TSX, which are particularly sensitive to
higher interest rates, fell 4.1%, and financial stocks ended trading 3.1% lower.

On the economic front, Canada's wholesale trade decreased by 0.5% in April from March due to
a drop in fertilizer imports from Russia.

The Toronto Stock Exchange is down 11% year to date, placing it in a correction. However, the
TSX has fallen less than the benchmark S&P 500 index in the U.S., which is down 24% on the
year and in a bear market.