The S&P/TSX Composite Index slipped 0.2% to close at 35,264 on Friday, pressured by a broad selloff in US semiconductor stocks. Technology names came under renewed scrutiny as investors questioned the durability of this year’s AI-fueled rally. Weakness across chipmakers and a downbeat outlook from streaming giant Netflix further dampened sentiment. Shopify fell 1.4%, Constellation Software declined 0.9%, and Celestica dropped 1.2%.
At the same time, escalating clashes between the US and Iran in the Gulf, following the breakdown of a truce, disrupted oil flows through the Strait of Hormuz. The resulting rise in oil prices reignited inflation concerns and weighed on financials and the broader equity market. BMO and Scotiabank each slipped 0.5%, while Brookfield retreated 1.7%.
Energy stocks moved in the opposite direction, benefiting from higher crude prices. Canadian Natural advanced 2.0%, and Suncor gained 2.6%.
