Canada’s TSX was fully swept up in the selling action on Friday, closing down by more than 2%, its worst slide since Nov.
A number of analysts cut price targets on Shopify this week, as the outlook for ecommerce growth slows amid anticipated lifting of pandemic restrictions.
“The theme so far this year has been a real focus on central banks becoming much more hawkish, whether it is the Fed in the U.S.
Losses also deepened for the Nasdaq after the tech-heavy index earlier in the week confirmed it was in a correction, closing down over 10% from its November peak.
Netflix shares tumbled 21.8%, weighing on the S&P 500 and the Nasdaq, after the streaming giant forecast weak subscriber growth.
The S&P 500 posted five new 52-week highs and 24 new lows; the Nasdaq Composite recorded 13 new highs and 1,029 new lows.