The S&P/TSX Composite slipped 0.1% to below 33,250 on Wednesday afternoon, pulling back from record highs as a sharp, earnings-driven selloff in technology outweighed gains in energy and materials. Shopify sank more than 8%, extending its recent slide as investors remained cautious about its growth outlook despite upbeat Q1 results, while Constellation Software fell over 4.5% and CGI declined around 6%.
Financials also weakened, with Royal Bank of Canada down 1.2%, TD Bank off 0.8%, and Bank of Montreal losing 1.3%. In contrast, commodity-linked stocks offered support as oil recovered above $65 per barrel and gold surged toward $5,100 per ounce. Canadian Natural Resources climbed 3.8%, Suncor added 2.5%, and Cenovus advanced 3.3%, while gold miners including Agnico Eagle, Barrick Gold, and Wheaton Precious Metals rose between 1% and 3%.
