TORONTO — Canada's main stock index fell more than 160 points to finish trading on Monday, weighed down by losses in the industrial and financial sectors, while U.S. stock markets also fell in contrast to last week's rally.

“It's all really just a reversal from what we saw on Friday, a little bit of give back,” said Candice Bangsund, vice-president and portfolio manager of global asset allocation at Fiera Capital.

On Friday, U.S. Federal Reserve chair Jerome Powell cracked open the door to lower interest rates in the coming months in a speech in Jackson Hole, Wyo. She added that markets viewed this speech as positive, sparking the rally on Friday.

“And now that optimism has subsided somewhat early on this week, and I think that's largely driven by the inflation side of the Fed's mandate

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