Canada's main stock index pulled back from a four-week high on Thursday as weaker gold and copper prices weighed on mining stocks, while tech shares slipped on fresh concerns over AI spending following Meta's quarterly results.
The TSX cratered 438.32 points, or 1.2%, to pause for lunch Thursday at 35,886.67.
The Canadian dollar edged up 0.05 cents to 71.26 cents U.S.
The benchmark had hit its highest level since September 22 on Wednesday after Canada unveiled a multi-billion-dollar support package for ?sectors hit hard by U.S. tariffs.
Canadian tech stocks declined, with Celestica falling $43.26, or 10%, to $385.45.
Mullen Group rose $2.15, or 7.4%, to the top of TSX at $31.10, after reporting quarterly results above estimates.
On the economic scene, Statistics Canada revealed that its raw materials price index increased 4.8% in September.
Canada’s new housing prices fell 0.2% month over month in September, after declining 0.1% in August
ON BAYSTREET
The TSX Venture Exchange dropped 20.91 points, or 2.5%, to 827.63.
Seven of the 12 subgroups were up, led by telecoms, ahead 2.8%, real-estate, improving 2.4%, and industrials, climbing 2.2%.
The five laggards were weighed most by gold, off 5.4%, materials, retreating 5.3%, and energy, off 2.7%.
ON WALLSTREET
Stocks slid on Thursday on renewed concerns around spending by artificial intelligence companies, while oil prices jumped as geopolitical tensions rise.
The Dow Jones Industrials skidded 90.07 points to 52,766.07.
The S&P 500 index subtracted 89.79 points to 7,666.07.
The tech-heavy NASDAQ swooned 565.40 points, or 2.1%, to 26,139.51.
Meta Platforms slipped 5% even it exceeded revenue expectations and offered upbeat guidance. Technology more broadly was under pressure as well as ongoing concerns about artificial intelligence spending persisted.
Advanced Micro Devices fell more than 5%, while Micron Technology gave up 2% and Nvidia dropped 1%.
Neocloud leader CoreWeave, whose bond yields and credit default swaps remain elevated, declined nearly 4% as well. The move comes as Nvidia CEO Jensen Huang told the mediaThursday that demand for neoclouds is “off the charts.” However, he added that capital is scarce and impeding growth.
Prices for the 10-year Treasury jumped, lowering yields sharply to 4.99% from Wednesday 5.12%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.21 to $98.36 U.S. a barrel.
Gold prices dulled $84.00 to $4,066.00 U.S. an ounce.
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