Canadian Stocks Giving Back Ground Following Last Year’s Strength

Canadian stocks have moved mostly lower during trading on Tuesday, more than offsetting the uptick seen during the final trading session of 2023.

Continuing to give back ground after reaching its best closing level in well over a year last Wednesday, the benchmark S&P/TSX Composite Index is down 100.07 points or 0.5 percent at 20,858.37.

The weakness on Bay Street comes as some traders are cashing in on last year’s strength in the markets, which saw the S&P/TSX Composite Index spike by 8.1 percent.

Profit taking has contributed to substantial weakness among tech stocks, with the S&P/TSX Capped Information Technology Index plunging by 3.2 percent.

The weakness in the sector also comes as shares of Apple are moving sharply lower on Wall Street after Barclays downgraded its rating on the tech giant’s stock to Underweight from Equal Weight.

Financial and real estate stocks are also seeing some weakness on the day, while energy stocks are bucking the downward trend.

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