The FTSE All-World Index of global equities fell 1.36 per cent, while the tech-heavy Nasdaq fared even worse, down 2.45 per cent at close. The TSX dropped 0.57 per cent. (The Logic)

Talking point: A drop in the shares of the largest tech firms drove much of the selloff. Amazon, Apple and Facebook all closed down, despite reporting earnings yesterday above analyst expectations. Part of this is investors taking profits, but there’s also growing scrutiny of these firms’ sky-high market caps, with some predicting there’s a tech bubble that’s already popped. Canada’s Shopify dropped 5.43 per cent at close. The largest tech firms have rallied over 20 per cent in the past year, compared to just one per cent for the S&P 500. It’s not just tech driving this week’s selloff. Some investors are concerned about rising COVID-19 cases worldwide, and fears of civil unrest following the U.S. presidential election are also weighing on results. However, bond prices haven’t jumped significantly, an indication that other investors are keeping assets in the equity markets.