Canadian stocks fell sharply on Friday, marking the TSX’s worst day since June and wiping out half of October’s gains. The S&P/TSX Composite closed 1.7% lower, underperforming the S&P 500 but beating the Nasdaq 100’s 3.5% drop. Technology and materials sectors led the decline, with BlackBerry Ltd., Celestica Inc., and Shopify Inc. among the worst performers as AI‑frenzy concerns cooled. Precious‑metal miners also slumped as gold hit a year‑low, setting up for its worst October since 2008. “The TSX is selling off into month‑end as part of a larger North American and global retreat,” noted SIA Wealth Management’s Colin Cieszynski, highlighting broad pressure across industrials, communications, and financials. Telecommunications, consumer staples, and energy provided some support, buoyed by rising oil and gas prices and positive earnings. TFI International Inc. was the benchmark’s biggest loser, dropping 17% after missing third‑quarter earnings and issuing a weak forecast. The broader market retreat reflects heightened uncertainty about AI spending sustainability and rising borrowing costs.
Key entities include BlackBerry Ltd., Celestica Inc., Shopify Inc., TFI International Inc., SIA Wealth Management Inc., and the TSX. Locations: Toronto, North America. People: Colin Cieszynski.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing