“Some stocks have gotten a bit expensive, and it’s hard to say what the real cause of this sell-off is. ”
Thursday is shaping up to be the worst day for the Nasdaq since June. It’s also the worst day for so-called FAANG stocks – Facebook, Amazon, Apple, Netflix, and Google – since March.
But tech stocks aren’t the only ones selling. The Dow Jones Industrial Average of 30 large companies and the larger S&P 500 both fell about 3%. Losses were slightly smaller in Toronto, where the S & P / TSX Composite Benchmark lost about 1%.
Shopify, which has become the most valuable company in Canada in this pandemic, lost around 6% of its value to trade at just over $ 1,300 a share. Shopify’s TSX-listed shares tripled between early April and Wednesday.
Shares of TSX-listed payment processor Lightspeed also fell around 6% to trade at just over $ 44 a share. Since the low of $ 12 per share in March, Lightspeed shares have almost quadrupled.
The loonie lost about half a cent to change hands at 76.02 cents US from 76.53 cents US on Wednesday.