TSX Slips on Global Tech Selloff

The S&P/TSX Composite Index fell 0.2% to close at 34,927 on Tuesday, tracking global equities amid a broad selloff in technology stocks and persistent concerns over elevated interest rates. Worries that speculative AI spending by hyperscalers may be running ahead of fundamentals weighed on North American tech shares and hurt overall risk appetite. Celestica plunged 6.2%, leading losses in the tech sector. Gold prices also declined, extending pressure on mining stocks following the hawkish projections from the US Federal Reserve last week. Agnico Eagle shed 3.5%, Barrick lost 4.7%, and WPM dropped 4.1%. Meanwhile, oil prices fell for a second straight session as supply concerns eased amid progress in restoring shipments through the Strait of Hormuz, reducing fears of energy-driven inflation but weighing on energy shares.

The S&P/TSX Composite Index fell 0.5% to trade below the 35,000 mark on Tuesday, tracking global equities amid a broad selloff in technology stocks and persistent concerns over elevated interest rates. Worries that speculative AI spending by hyperscalers is running ahead of fundamentals weighed on North American tech shares and hurt overall risk appetite. Celestica plunged nearly 7%, leading losses in the tech sector. Gold prices also declined, extending pressure on mining stocks after the hawkish projections from the US Federal Reserve last week. Agnico Eagle, Barrick, and Franco-Nevada lost around 3%, while WPM fell more than 4%. Meanwhile, oil prices dropped for a second straight session as supply concerns eased amid progress in restoring shipments through the Strait of Hormuz, reducing fears of energy-driven inflation but weighing on energy shares.

Futures tracking the S&P/TSX Composite Index fell on Tuesday, tracking global equities amid a selloff for tech companies in the US and risks of high interest rates. Concerns that the volume in speculative spending on AI by hyperscalers was not backed by fundamentals pressured North American tech stocks and lowered risk sentiment across equity markets. Shopify was set to open sharply lower. Gold prices also declined, weighing on mining shares to extend their pressure after the hawkish projections by the US Fed last week. Meanwhile, oil prices fell for a second straight session as supply concerns eased amid progress in restoring shipments through the Strait of Hormuz, reducing fears of energy-driven inflation but weighing on energy stocks.