Canada’s benchmark stock index opened lower Tuesday as shares in Shopify Inc. tumbled after a big round of job cuts.
At 9:48 a.m. ET the S&P/TSX Composite Index was down 41.17 points to 19,063.31. Tuesday's decline comes after the TSX gained 121 points, or 0.64 per cent, Monday.
Shopify Founder and Chief Executive Tobi Lütke told staff in a memo Tuesday that the layoffs are in response to consumers resuming pre-pandemic shopping habits and slower than expected e-commerce growth. Canadian Natural Resources Ltd. and TC Energy Corp. were among the stocks contributing the most points to the TSX.
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