Canada’s main stock index fell on Thursday as uninspiring earnings from U.S. tech giants turned market sentiment sour. The financial and tech sectors were the biggest drag on the TSX, which was kept it submerged in the red by mining, energy and industrials losses. Statistics Canada reported that Canadian GDP was unchanged in August as declines in goods-producing industries offset increases in services-producing industries.
Wall Street markets also plummeted under losses sustained by mega-cap technology names in the wake of uninspired financial reports. Meta Platforms (NDAQ:META) lost more than 4 per cent after missing expectations for user growth and warned that capital expenditures will rise in 2025. Microsoft’s (NDAQ:MSFT) stock fell 5.8 per cent after its revenue guidance disappointed investors.
The Canadian dollar traded for 71.83 cents U.S. compared with 71.95 cents U.S. on Wednesday.
U.S. crude futures traded $1.90 higher at $70.51 a barrel, and the Brent contract rose $1.61 to $73.16 a barrel.
The price of gold was down US$40.95 to US$2,747.41.
In world markets, the Nikkei was down 196.14 points to 39,081.25, the Hang Seng was down 63.31 points to 20,317.33, the FTSE was down 49.53 points to 8,110.10, and the DAX was down 179.80 points to 19,077.54.
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(Top image generated with AI)