TORONTO –
Weak results from Amazon soured sentiment as North American stock markets fell to wrap up a dismal April with Canada’s main index posting its fifth consecutive month of declines.
“Today is really about Amazon and the read into corporate earnings and economic growth,” said Anish Chopra, managing director with Portfolio Management Corp.
The largest retailer reported a rare loss, which caused its shares to plunge 14 per cent as investors were disappointed with its revenue forecast that points to a potential slowdown in consumer spending.
The U.S. technology sector was especially hard-hit as the Nasdaq composite suffered its biggest monthly loss since the 2008 financial crisis. The S&P 500, which includes the so-called large cap FANG stocks – Facebook, Apple, Netflix and Google – ended its weakest month since the start of the pandemic.
The backdrop includes cross-currents with rising…
