TSX Falls on Tech and Commodity-Linked Stocks Losses
The S&P/TSX Composite Index fell about 0.5% to hover below 36,500 on Thursday, tracking the US stock market following key earnings. The tech sector was pressured by a plunge in Nvidia stock as the company's board met regarding the resignation of CEO and co-founder Jensen Huang over his involvement with a suspected Chinese spy. Shopify declined 1%, and Constellation Software was down more than 1%. In contrast, Celestica gained nearly 4%, extending an 8.4% surge in the prior session following recent investor-day commentary and strong third-quarter results, recovering from the earlier post-US-election global tech selloff. Meanwhile, commodity-backed companies in Canada were under pressure as oil prices fluctuated and gold prices fell. Canadian Natural fell over 0.5%, and Agnico Eagle lost more than 2.5%. Franco-Nevada shed 1% after signaling its annual earnings should land at the midpoint of earlier guidance instead of previous top half estimates.
The S&P/TSX Composite Index fell about 0.5% to hover below 36,500 on Thursday, tracking the US stock market following key earnings. The tech sector was pressured by a plunge in Nvidia stock as the company's board met regarding the resignation of CEO and co-founder Jensen Huang over his involvement with a suspected Chinese spy. Shopify declined 1%, and Constellation Software was down more than 1%. In contrast, Celestica gained nearly 4%, extending an 8.4% surge in the prior session following recent investor-day commentary and strong third-quarter results, recovering from the earlier post-US-election global tech selloff.
Meanwhile, commodity-backed companies in Canada were under pressure as oil prices fluctuated and gold prices fell. Canadian Natural fell over 0.5%, and Agnico Eagle lost more than 2.5%. Franco-Nevada shed 1% after signaling its annual earnings should land at the midpoint of earlier guidance instead of previous top half estimates.