The S&P/TSX composite index had its second-worst day of the year by closing down 532.26 points or 2.6 per cent to 19,742.56 after falling as much as nearly 672 points in earlier trading.
Markets continued Friday's moves lower after U.S. inflation data for May showed no signs of stabilization by reaching the highest level in 40 years at 8.6 per cent, higher than what economists expected. Crowther said bear markets can bring great buying opportunities for those with a long time horizon and who own shares in businesses with solid fundamentals and cash flow.Health care shed 5.1 per cent as Aurora Cannabis Inc. shares dropped 10.7 per cent.
The information technology sector dropped 3.6 per cent as bond yields rose even higher as investors anticipate aggressive interest rate increases to come. Although crude oil prices were relatively flat on the day, the energy sector lost 3.1 per cent with Vermilion Energy Inc. down 5.8 per cent. "Part of the enthusiasm around crypto and Bitcoin was the idea that you'd have an asset class that would perform well in a risk-off environment, and instead we've seen the opposite, with a lot of those cryptocurrencies seeing more volatility to the downside and not protecting value the way that people would have hoped," added Crowther.
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