The S&P/TSX Composite Index slipped 0.2% to close at 34,927 on Tuesday, mirroring global markets amid a broad selloff in technology stocks and ongoing concerns about elevated interest rates. Sentiment toward North American tech names weakened as investors questioned whether hyperscalers’ speculative AI spending is outpacing underlying fundamentals, dampening overall risk appetite. Celestica fell 6.2%, leading declines in the technology sector.
Gold prices also retreated, prolonging pressure on mining shares after last week’s hawkish projections from the US Federal Reserve. Agnico Eagle dropped 3.5%, Barrick declined 4.7%, and WPM slid 4.1%.
At the same time, oil prices extended their losses into a second session as supply concerns eased with progress toward restoring shipments through the Strait of Hormuz. While reduced fears of energy-driven inflation offered some macro relief, the pullback in crude weighed on energy stocks.
