CANADA STOCKS-Toronto stocks extend fall as Fed rate cuts hopes diminish

(Updates with market opening prices)

By Nikhil Sharma

Jan 13 (Reuters) - Canada's main stock index slid to a two-week low on Monday, as investors globally avoided risky assets after last week's robust U.S. jobs data dashed expectations of the Federal Reserve cutting interest rates this year.

The Toronto Stock Exchange's S&P/TSX composite index was down 0.59%, or 146.90 points, at 24,620.83 points, extending its selloff from Friday.

At least 10 sectors on the index fell. Healthcare was the top loser, tumbling 2.3%; information technology slid 1.2%.

Canadian 10-year benchmark yield hit its highest level since July 2024, mirroring its U.S. counterpart which is at a one-year peak.

Utilities, often traded as bond proxy, fell over 1.4%.

"There's nowhere to hide. There's money coming out from everywhere," said Colin Cieszynski, chief market strategist at SIA Wealth Management.

"And we're seeing Canada is basically non-immune to this and is getting impacted by global trends right now."

Global equities came under pressure after Friday's report on strong U.S. jobs growth in December ignited fears that inflation may rebound and that the Fed will keep rates elevated this year.

As of now, traders are not fully pricing in even one rate cut in 2025.

A key U.S. inflation report on Wednesday could further clarify the Fed's policy outlook.

Domestic investors have been on edge as they wonder whether U.S. President-elect Donald Trump, set to take office on January 20, would stick with his plans of a 25% tariff on Canada.

Energy was the only bright spot on Monday, adding 0.8% as oil prices jumped following wider U.S. sanctions on Russian oil, expected to impact exports to top buyers India and China.

Among individual stocks, Barrick Gold (GOLD) recommended that its shareholders reject an unsolicited offer by TRC Capital Investment to buy about 0.29% of the miner's common stock. Shares of the company fell 2.6%. (Reporting by Nikhil Sharma in Bengaluru; Editing by Sahal Muhammed)