S&P/TSX composite down in early trading, U.S. stock markets also fall

Photo: The Canadian Press

The Bay Street Financial District is shown next to the CN Tower in Toronto on Friday, August 5, 2022.  

Canada's main stock index was down in early trading, weighed down by losses in the technology and base metal sectors, while U.S. stock markets also fell.

The S&P/TSX composite index was down 62.17 points at 24,130.64.

In New York, the Dow Jones industrial average was down 477.64 points at 38,664.59. The S&P 500 index was down 72.03 points at 5,210.67, while the Nasdaq composite was down 275.65 points at 16,010.80.

The Canadian dollar traded for 72.43 cents US compared with 72.17 cents US on Thursday.

The move on the markets came amid the continued uncertainty caused by U.S. President Donald Trump’s trade war and worries about Trump’s anger at Federal Reserve Chair Jerome Powell.

Last week, Trump criticized Powell again for not cutting interest rates.