The Royal Bank of Canada returned to its top perch as the country's most valuable company as its shares gained while the Ottawa-based e-commerce firm's stock price fell.
Shopify's shares fell by 13.4 per cent over the first two trading days of the year, losing another 2.5 per cent Wednesday as the sector lost 3.7 per cent with shares of Docebo Inc. losing 12.7 per cent and Hut 8 Mining Corp. off 12.6 per cent. "The Fed seems to think that we are closer to maximum employment here so the market priced in immediately 80 per cent chance of a hike now in March," Archibald said in an interview.
In New York, the Dow Jones industrial average was down 392.54 points at 36,407.11. The S&P 500 index was down 92.96 points at 4,700.58, while the Nasdaq composite lost 522.55 points or 3.3 per cent at 15,100.17. Materials was down 1.5 per cent despite a rise in gold prices as Lithium Americas Corp. dropped 7.5 per cent.
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