The S&P/TSX Composite Index fell 0.5% on Tuesday, slipping back below the 35,000 level as it tracked broad weakness in global equities driven by a selloff in technology stocks and persistent concerns over high interest rates. Sentiment toward North American tech names deteriorated amid mounting fears that hyperscalers’ speculative AI-related capital spending is outpacing underlying fundamentals, undermining overall risk appetite. Celestica tumbled nearly 7%, leading declines across the tech sector.
Gold prices also moved lower, extending the drag on mining shares following last week’s hawkish projections from the US Federal Reserve. Major miners Agnico Eagle, Barrick, and Franco-Nevada each lost about 3%, while WPM dropped more than 4%.
At the same time, oil prices retreated for a second consecutive session as supply worries eased on signs of progress in restoring shipments through the Strait of Hormuz. While reduced energy supply risk tempered fears of energy-driven inflation, it also weighed on Canadian energy stocks.
