Equities in Canada opened lower on Thursday, weighed down by mining stocks, while technology shares fell after Nvidia CEO Jensen Huang stepped down, raising uncertainty about the future of the AI chipmaker and the broader sector.
The TSX tanked 324.56 points to begin Thursday at 36,087.16.
The Canadian dollar fell 0.08 cents to 70.10 cents U.S.
In company news, AtkinsRealis said it had signed an agreement with Turkish state-owned nuclear energy company TUNAS to conduct a feasibility study for a potential expansion of Turkey's nuclear power programme. Atkins shares backed off 73 cents to $89.59.
Bird Construction reported third-quarter adjusted profit above estimates, as strong revenue growth across its business segments supported earnings. Bird shares darted higher $2.11, or 2.7%, to $79.00.
Ivanhoe Mines signed a memorandum of understanding with Pakistan's Mari Energies Chairman Robert Friedland said at the Pakistan Minerals Investment Forum. Ivanhoe shares dipped 22 cents, or 2.8%, to $7.79.
On the economic calendar, the total value of building permits issued in Canada declined $552.8 million (-4.1%) to $12.9 billion in September.
ON BAYSTREET
The TSX Venture Exchange slid 18.9 points, or 2.3%, to 798.12.
All but three of the 12 subgroups lost ground, weighed most by gold, down 3.2%, materials, off 3.1%, and health-care, retreating 1.1%.
The three gainers were information technology, up 0.5%, consumer staples, ahead 0.3%, and consumer discretionary stocks, better 0.1%.
ON WALLSTREET
The S&P 500 fell on Thursday as Nvidia shares slumped on the departure of CEO Jensen Huang and investors’ hopes for a resolution in the Middle East soured.
The Dow Jones Industrial index docked 24.34 points to 52,462.15.
The broader index skidded 27.17 points to 7,592.21.
The tech-heavy NASDAQ backtracked 176.32 points to 25,293.02.
Selling pressure on Nvidia resumed after the company announced that Huang has resigned and named CFO Colette Kress as interim CEO. This comes after Huang reportedly had an affair with an alleged Chinese spy. Shares were down more than 5% following the announcement. The stock has risen nearly 3% in the previous session.
Investors moved into fellow chipmakers Advanced Micro Devices and Broadcom. AMD shares were up 1%, while Broadcom gained 4%.
However, other key stocks in the AI trade were still down alongside Nvidia. Shares of software company Oracle lost 2%, while another chipmaker, Micron Technology, declined 4%. Neocloud Nebius moved 18% lower after the company posted better-than-expected third-quarter revenue but offered underwhelming guidance.
Prices for the 10-Year U.S. Treasury tailed off, bulking yields to 5.06% from 5.01% Wednesday. Treasury prices and yields move in opposite directions. The bond market in the U.S. was closed Wednesday for Veterans Day.
Oil prices jumped 68 cents to $87.21 U.S. a barrel.
Gold prices ditched $142.40 to $3,858 U.S. an ounce.
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