How the market moved
The S&P/TSX Composite gave back about half of the gains it had accumulated so far in October as Canadian equities moved in step with the S&P 500. Both benchmarks outperformed the Nasdaq 100, which fell 3.5%. The benchmark was hit mainly by declines in technology and materials stocks.
Technology weakness came partly from concerns that enthusiasm for artificial intelligence may be excessive, which pushed tech shares lower. On the TSX, BlackBerry Ltd., Celestica Inc. and Shopify Inc. were the weakest performers within the technology group.
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Metals, earnings and sector winners
Producers of precious metals plunged after gold slid to a one-year low, leaving the metal set up for its worst October since 2008. At the same time, energy stocks were a positive area for the index after receiving support from higher oil and gas prices, and consumer staples and telecommunications stocks also registered gains. Positive corporate earnings reports helped the sectors that outperformed.
Notable losers and broader context
TFI International Inc. was the single worst stock on the benchmark index for the day, closing 17% lower after third-quarter earnings that came in below analysts' expectations and a muted forward outlook. "The TSX is selling off into month-end as part of a larger North American and global retreat," SIA Wealth Management Inc. Chief Market Strategist Colin Cieszynski said in an email. "Although the technology sector has been leading the declines on both sides of the border, the retreat has really been broad-based, with industrials, communications and financials also under pressure."
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