On May 13, the Toronto Stock Exchange's S&P/TSX Composite index closed down 249.30 points, or 0.7%, at 34,041.43. This decline follows a three-week high, primarily driven by a 1.1% drop in the financial sector and a 1.1% fall in technology shares. Shopify Inc saw its stock price decrease by 4.5%, marking its lowest level since May of the previous year. The financials sector was particularly affected, with goeasy Ltd's shares declining 5.1% after reporting a larger-than-expected loss. Boyd Group Services Inc also faced a significant drop of nearly 12% due to missing sales expectations. Analysts attribute these market movements to rising inflation concerns, highlighted by U.S. producer prices experiencing their largest increase in four years, which has led to speculation about potential interest rate hikes by the Bank of Canada.