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Shopify falls on Jefferies downgrade

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Fortuna Silver plops to TSX bottom

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U.S employment data spark rate hike worries

Jan 5 (Reuters) - Canada's commodity-inclined index fell on Thursday with gold miners and tech stocks leading declines, while data suggesting tight labor conditions in the United States raised fears about the Federal Reserve keeping rates higher for longer.

At 10:31 a.m. ET (1531 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 106.81 points, or 0.55%, at 19,482.02. The index fell for the first time in three days.

The U.S benchmark S&P 500 opened lower after private employment rose more than expected, stirring concerns on the Fed's rate hike trajectory.

"Once again, the Fed is doing what they can to keep markets from moving higher and that is obviously spilling over into our markets," said Allan Small, senior investment advisor at Allan Small Financial Group

Adding to the cautionary sentiment, gold miners fell 1.9%, tracking a fall in spot gold prices, dented by a strengthening dollar.

The TSX ended 2022 lower as hawkish central banks strived to rein in wayward inflation by raising rates. Two days into the New Year, fresh economic data shows that inflation is still being sticky raising fears that central banks would keep increasing rates.

"The scenes starting this year are no different. The Fed is controlling the market, whatever they say is having a huge effect and that is not going to change until the Fed announces some sort of pause."

Also among losers was the information technology sector , which dropped 2.1%, bogged down by a 3.8% decline in Shopify Inc after Jefferies downgraded the ecommerce firm to "hold" from "buy".

Meanwhile, Canada posted a trade deficit of C$41 million ($30.32 million) in November, driven by lower exports of energy products.

Among stocks, Fortuna Silver Mines tanked 9.1% after it decided to re-asses the extension of San Jose Mine Environmental Impact Authorisation. (Reporting by Shristi Achar A and Johann M CHerian in Bengaluru; Editing by Shailesh Kuber)