BEFORE THE BELL: Tech sector slide continues to plague markets this morning; Target drops the ball in earnings
The selloff in the tech sector is likely to continue hammering the markets today. After both Bay Street and Wall Street were left seeing red, the slide continued overnight in Asia. The Nikkei closed just over 1 per cent lower at 21,583, with added weight coming from a drop in Nissan shares after the company axed its chair over a salary reporting scandal. Apple has been leading the techno-dump after it cut production on iPhone sales, which moved to other major heavy hitters like Samsung and Sony.
Target won’t bring much relief either after the US retailer came in short of analyst expectations in its quarterly report. Best Buy is reporting in this morning and in Canada we can expect to see earnings from Loblaws.
The price of crude is sliding again as over production continues and demand softens. The price of US crude is down to 57.20 a barrel.