Canada's main stock index fell on Thursday as lower gold prices weighed on miners, while gains in technology shares limited the losses despite weakness in U.S. AI-linked stocks after Nvidia CEO Jensen Huang's departure.
The TSX tumbled 274.53 points to conclude Thursday at 36,137.19.
The Canadian dollar fell 0.04 cents to 70.14 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 folded 67 cents to $89.95.
Bird Construction reported third-quarter adjusted profit above estimates, as strong revenue growth across its business segments supported earnings. Bird shares flew lower 35 cents, or 2.2%, to $76.54.
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 11 cents, or 1.4%, to $7.90.
Tech shares were helped by a jump of $16.49, or 4.8%, in electronic equipment firm Celestica and avoiding a spillover from weakness on Wall Street after Nvidia's Jensen Huang stepped down. Celestica shares reached non at $361.92.
Cargojet rose $10.15, or 10.3%, to $108.77, after the air cargo carrier's third-quarter revenue and adjusted profit beat analyst estimates
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 lost 14.24 points, or 1.7%, to 802.78.
All but three of the 12 subgroups stepped back, weighed most by gold, down 3.5%, materials, off 2.7%, and health-care, retreating 1.5%.
The three gainers were energy, ahead 1%, information technology, up 0.9, and consumer staples, eking up 0.3%.
ON WALLSTREET
The NASDAQ Composite fell on Thursday as investors assessed the departure of Nvidia CEO Jensen Huang and the outlook of the conflict in the Middle East
The Dow Jones Industrial index reversed and lost 187.38 points to 52,299.11.
The S&P 500 skidded 26.43 points to 7,592.95.
The tech-heavy NASDAQ faded 100.1 points to 25,366.09.
Selling pressure on Nvidia eased a bit, with the stock last down 5%. The shares were down double digits at one point after the company announced that Huang had resigned and named CFO Colette Kress as interim CEO. This comes after Huang reportedly had an affair with an alleged Chinese spy.
Investors moved into competitors of Nvidia, including Advanced Micro Devices and Broadcom. AMD shares were up 5%, while Broadcom gained almost 5%.
Hyperscalers Microsoft and Alphabet — key buyers of Nvidia chips and leaders of the AI rally — also increased.
Stocks outside of technology such as JPMorgan and Eli Lilly traded higher as well.
Prices for the 10-Year U.S. Treasury tailed off, driving up yields to 5.12% 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 $2.45 to $88.98 U.S. a barrel.
Gold prices ditched $116.90 to $3,882.50 U.S. an ounce.
