Canada’s main stock index, the S&P/TSX composite, slipped 1.8% on Thursday, falling 576 points to 31,994.60. Falling stocks outnumbered advances by 708 to 275, yet the index is poised for a modest 0.2% weekly gain, buoyed by a positive lead from Wall Street. Investors eye Friday’s rebound.

Tech giants kept the spotlight. Amazon announced a $200 billion AI capex push for 2026, a 50% jump in spending this year. The move signals that the top four hyperscalers—Amazon, Microsoft, Google, and Meta—will collectively pour over $630 billion into AI, reshaping the sector’s capital allocation.

Meanwhile, Canadian labor data will surface later today. Analysts expect January’s unemployment rate to hold at 6.8%, matching the latest figure. The Bank of Canada kept its policy rate steady at 2.25% in January, reflecting a cautious stance amid modest growth and inflationary pressures.

Commodities swung sharply. Gold and silver edged higher after a volatile week, while oil slipped toward its first weekly decline in nearly two months. Brent futures rose 0.2% to $67.65, but remain 3.3% lower for the week. Market sentiment hinges on the outcome of U.S.–Iran talks slated for later today.