Canada's main stock index dropped over 1% on Friday, on hawkish comments from U.S. Federal Reserve officials and a broad selloff in technology stocks.
The TSX tumbled 416.6 points, or 1.4%, to open Friday at 29,837.04
The Canadian dollar edged up 0.07 cents to 71.31 cents U.S.
In corporate news, the Globe and Mail reported that Swedish defense company Saab is in talks with the federal government and Bombardier to build its Gripen fighter jet under license in Canada. The project is expected to create 10,000 jobs in the country.
Bombardier sprang up $3.17, or 1.6%, to $208.17.
ECN Capital said a Warburg Pincus-led investor group will buy the financial services firm in a $1.9-billion deal, signaling growing private-equity interest in the sector following policy easing.
ECN shares lost three cents, or 1%, to $3.04.
Engineering services provider Stantec slightly missed estimates for third-quarter revenue. Stantec gathered 82 cents to $147.74.
On matters macroeconomic, Statistics Canada says wholesale sales rose 0.6% in September.
Moreover, September was also the month in which the agency said manufacturing sales rose 3.3% in September, driven by higher sales of transportation equipment and petroleum and coal products. On a quarterly basis, total sales rose 2.8% in the third quarter of 2025.
ON BAYSTREET
The TSX Venture Exchange dived 31.09 points, or 3.5%. to 858.45.
All but two of the 12 TSX subgroups were negative in the first hour, gold weakening 3.9%, materials, off 3.5%, and information technology, sliding 2.6%.
The two gainers proved to be consumer staples and industrials, each inching up 0.1%.
ON WALLSTREET
Stocks fell Friday as another bout of heavy selling in technology names put pressure on Wall Street.
The Dow Jones Industrial index lost 488.23 points, or 1%, to 46,968.099.
The S&P 500 gave back 47.29 points to 6,690.20
The NASDAQ pulled back 149.50 points to 22,720.85.
Key technology stocks continued to face pressure Friday. Nvidia and Advanced Micro Devices each extended their losses from the previous session. Palantir Technologies and Tesla also fell, following losses of more than 6% by both in the prior session.
Bitcoin saw meaningful losses Friday as well, falling below $95,000 at one point in the day, in a sign of the risk-off mood on Wall Street, especially by tech investors.
Major U.S. indexes on Thursday posted their worst one-day performance since Oct. 10. The Dow about 800 points, taking back gains seen in Wednesday’s session when it crossed the 48,000 level.
The NASDAQ dropped more than 2%, as technology giants came away battered. Those losses have now put the tech-heavy NASDAQ on pace to snap its seven-week win streak with a week-to-date fall of 0.6%.
The S&P 500 is up about 0.1% on the week, and the 30-stock Dow is higher by 1%.
Concerns about the artificial intelligence trade have emerged more seriously this week, with the recent wipeout in once-hot cloud stock Oracle further spooking investors about elevated tech valuations, a massive surge in debt financing and soaring AI capex plans. To be sure, Oracle’s growth is uniquely more reliant on its cloud deal with OpenAI and the company has far less cash compared to hyperscalers.
Prices for the 10-year Treasury crept up, lowering yields to 4.11% from Thursday’s 4.12%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.09 to $59.78 U.S. a barrel.
Gold prices stumbled $125.50 to $4,069 U.S. an ounce.
