Canada's main stock index hit a one-week low on Friday, dragged down by declines in mining and technology stocks, as lower gold prices and concerns over growing AI costs hit sentiment.
The TSX shed 555.45 points, or 1.5%, to open Friday at 35,693.57. That caused the index to plunge 94 points, or 0.26%, on a weekly basis
The Canadian dollar poked up 0.05 cents at 71.54 cents U.S.
Among individual movers, uranium producer Cameco was the largest loser on the index, sliding 9.5% after missing third-quarter revenue estimates. CCO shares lost $11.23, or 9.6%, to $105.40.
Economically speaking, Statistics Canada reported gross domestic product essentially unchanged in August, for a second consecutive month.
ON BAYSTREET
The TSX Venture Exchange regressed 22.03 points, or 2.7%, to 804.61. On the week so far, the index has lost 16 points, or 2%.
Eight of the 12 subgroups were lower, weighed most by gold, plunging 5.3%, materials, down 4.8%, and information technology, off 2.6%.
The four gainers were buoyed by telecoms, up 1.7%, energy, rumbling 1%, and consumer staples, ahead 0.8%.
ON WALLSTREET
The NASDAQ Composite tumbled on Friday, while the Dow Jones Industrial Average outperformed as traders moved out of key stocks related to artificial intelligence and into more defensive areas of the market.
The 30-stock index skidded 372.03 points to 51,970.53.
The S&P 500 ditched 123.50 points, or 1.6%, to 7,596.89.
The tech-heavy NASDAQ tumbled 489.60 points, or 2.7%, to 25,489.60.
Amazon shares lost 1% after the company reported earnings and revenue for the third quarter that fell short of Wall Street’s expectations. The company also posted negative free cash flow of $42.4 billion and maintained its 2026 capital expenditures forecast for $220 billion.
Intel, meanwhile, slide 28% after issuing a weak outlook for the current quarter, pointing to a slowdown in PCs. Revenue in the company’s client computing and physical artificial intelligence group declined 5% from the year-ago quarter to $8.1 billion.
Sandisk was also down 10%, even as its fiscal first quarter results beat estimates. The data storage company announced an eight-for-one forward stock split.
Chipmakers more broadly were under pressure as well. Advanced Micro Devices dropped 9%, while others such as Nvidia and Broadcom fell 3% and 5%, respectively.
As investors rotated out of tech, defensive areas such as consumer staples and healthcare saw gains. Walmart and Coca-Cola each rose nearly 2%, while Procter & Gamble climbed more than 1%, supporting the Dow. Fellow Dow members Merck and Amgen added around 2%.
Prices for the 10-year Treasury inched forward, lowering yields to 4.95% from Thursday’s 4.96%. Treasury prices and yields move in opposite directions.
Oil prices hiked two dollars to $104.00 U.S. a barrel.
Gold prices slumped $123.00 to $3,908.40 U.S. an ounce.
