TSX slips as tech rout hits Wall Street
TSX down 0.34%
Technology leads sectoral losses
Celestica amends and upsizes credit facility, shares fall
Updated at 10:16 a.m. ET/ 1416 GMT
By Nikhil Sharma
July 17 (Reuters) -Canada's main stock index fell from record levels on Wednesday as a technology sector rout hit Wall Street, though gains in oil and defensive shares helped limit overall market losses.
At 10:16 a.m. ET (1416 GMT), the S&P/TSX composite index .GSPTSE was down 79 points, or 0.34%, at 22,935.37, snapping a five-session winning streak.
On Wall Street, Nasdaq dipped nearly 2% to a two-week low as the prospect of tighter U.S. trade curbs on companies giving China access to advanced semiconductor technology weighed down on major chip and tech stocks. .N
"The gravitational pull of pressure on U.S. markets probably spills over to Canada," said Brian Madden, chief investment officer at First Avenue Investment Counsel.
"The most approximate explanation is Democrat and Republican voices talking tougher on China, particularly as it relates to semiconductor chips."
Canada's tech sector .SPTTTK dropped 2.1%, mirroring Wall Street's losses.
The energy sector .SPTTEN rose more than 1% as oil prices recovered after a decline in U.S. oil stockpiles and a weaker dollar overshadowed signs of weakening demand in China. O/R
Investors also flocked to defensive sectors such as healthcare .GSPTTHC and utilities .GSPTTUT, which rose 1.1% and 0.4%, respectively.
With the Bank of Canada set to host its monetary policy meeting next week and softer-than-expected inflation numbers in June, market bets for another rate cut are strengthening.
Among individual stocks, Celestica CLS.TO shares dropped nearly 7% to the bottom of TSX after the electronics company amended its existing senior secured credit agreement and upsized its credit facility to $1.50 billion.
Reporting by Nikhil Sharma in Bengaluru; Editing by Shreya Biswas
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