* TSX down 0.3% in broad-based declines

* Industrials, Healthcare, Consumer shares lead losses

* US Fed Chair Jerome Powell's comments pull up financial shares

* Maple Leaf Foods to split into two entities; shares jump

July 9 (Reuters) - Canada's main stock index closed down on Tuesday amid broad declines across sectors even as U.S. Federal Reserve Chair Jerome Powell assured the U.S. Congress that the economy was no longer overheated, raising hopes of a rate cut.

The benchmark S&P/TSX composite index closed down 83 points, or 0.3%, at 22,042.5.

At the end of Tuesday's trade, the financial sector shares at TSX closed in the green, as markets prepared for a possible September rate cut in the U.S. and Powell began his two-day monetary policy testimony before the Senate Banking Committee, which began earlier in the day.

In the Canadian market, the industrials, materials and consumer cyclicals led the broader declines with a loss of 1% each.

Heavy-weight energy shares fell 1.5% in tandem with oil prices.

Healthcare shares that opened in green, lost their morning gains and closed down 0.4%.

Fears of recession loomed large after last week's data showed a 6.4% rise in domestic unemployment.

Traders now expect a 64% chance of a rate cut by the Bank of Canada in its next policy meeting on July 24.

Among individual stocks, Maple Leaf Foods closed up by 8% to top the Toronto Stock Exchange after the food processor said it is splitting into two independent public entities by spinning off its pork business.

Traders now expect a 64% chance of a rate cut by the Bank of Canada in its next policy meeting on July 24.

"Policymakers are reluctant to cut because they don't want to lower interest rates and see things spiral out of control again on the inflation side, only to then raise rates again," said Allan Small, senior investment advisor at Allan Small Financial Group with iA Private Wealth.

However, traders are pricing in a 75.2% chance of a rate cut the Fed's September policy meeting.

Investors will also focus on U.S. consumer prices data due on Thursday, which can further support rate-cut bets after last week's softer jobs data.

On Wall Street, the S&P 500 and Nasdaq indexes notched fresh record highs. (Reporting by Nikhil Sharma in Bengaluru; Editing by Vijay Kishore and Shreya Biswas and Aurora Ellis)