Canada's main stock index followed its American cousins lower on Thursday, weighed by losses in tech and financials, as investors shrugged off post-U.S.-election gains.
The TSX lost 736.13 points, or 2%, to finish Thursday at 35,605.27.
The Canadian dollar fell 0.20 cents at 71.36 cents U.S.
Among company news, Canadian Natural Resources beat analysts' estimate for third-quarter profit, helped by higher crude prices and stronger production. Natural Resources shares subsided 72 cents, or 1%, to $68.48.
Fertilizer producer Nutrien missed third-quarter profit estimates due to surging sulfur input costs in its phosphate segment and lower nitrogen sales volumes. Nutrien progressed 74 cents to $101.10.
Tech stocks took the biggest bruising, Celestica docking $41.81, or 12.7%, to $288.43, while Shopify lost $11.48, or 5.4%, to $201.23.
In financials, Sun Life slid $11.69, or 10.2%, to $102.83, while IGM Financial gave up $5.27, or 6.2%, to $79.51.
Among consumer discretionary stocks, Gildan Activewear was roughed up $11.40, or 18.9%, to $49.04, while Linamar dipped $5.17, or 5.6%, to $87.61.
Gold stocks went the other way, with OceanaGold hiking $2.33, or 6.5%, to $38.37, while Allied Gold gained $1.82, or 6.4%, to $30.47.
Telecoms were also in the green, as Quebecor acquired $3.11, or 4.4%, to $74.76, while BCE gained $1.35. or 4.6%, to $30.83.
ON BAYSTREET
The TSX Venture Exchange let go of 8.05 points, or 1%, to 796.97.
All but two of the 12 subgroups lost ground, weighed most by information technology, staggering 3.5%, while financials, sliding 2.9%, and consumer discretionary stocks, listing lower 2.7%.
The two gainers were telecoms, moving upward 2.4%, and gold, better by 2%.
ON WALLSTREET
Stocks plummeted on Thursday, erasing the sharp gains from the rally seen in the wake of the U.S. mid-term elections, as investors accelerated their move away from technology stocks on fears of a data-center buildout slowdown.
The Dow Jones Industrial index plunged 1,833.06 points, or 3.4%, to conclude Thursday at 51,523.06.
The Dow erased all of its advance from Wednesday’s massive postelection rally.
The S&P 500 index dropped 334.89 points, or 4.4%, to 7,353.73.
The tech-heavy NASDAQ dropped without a parachute, 1,421.52 points, or 5.5%, to 24,314.98.
Stocks related to the artificial intelligence trade — particularly those linked to the chips industry and data centers — slid for a second day. Investors fear that a Democratic sweep of both chambers of Congress as well as victories in key gubernatorial races could spell more regulation of the AI buildout across the country.
Chipmakers Broadcom and Nvidia each fell 9% Thursday, while software stock Oracle moved lower by 7%. Another chip stock, Qualcomm, reported earnings that beat estimates, but the stock dropped 10% on a weaker-than-expected earnings outlook.
Shares of neocloud companies also retreated, with CoreWeave losing 11% and Nebius as well as Iren sliding 16%, amid those worries about a backlash to the industry in light of the election results in various states.
Thursday’s selling pressure was so intense that it spread to other parts of the market. Shares of industrial giant Caterpillar declined 5%, while financial stock JPMorgan fell 4%. Aerospace name Boeing and retailer Nike pulled back 3%.
Prices for the 10-year Treasury gained slight ground, lowering yields to 4.84% from Wednesday’s 4.88%. Treasury prices and yields move in opposite directions.
Oil prices recovered $2.67 to $90.79 U.S. a barrel.
Gold prices hiked $37.00 to $4,1100 U.S. an ounce.
