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CANADA STOCKS-TSX set for second weekly decline as gold slump, tech weakness weigh

By Reuters News

By Anand Gopal R

Oct 30 (Reuters) - Canada's main stock index hit a one-week low on Friday, dragged down by declines in mining and technology stocks, as lower gold prices and concerns over growing AI costs hit sentiment.

The S&P/TSX Composite Index .GSPTSE was down 1.57% at 35,673.99 points as of 10:33 a.m. ET (1433 GMT), putting the index on track for a second straight weekly loss.

Eight out of the 10 main TSX sectors were trading lower.

  • The materials sector .GSPTTMT, which includes miners, fell 4.9% to a nearly two-month low

  • Gold prices retreated 2% to their lowest level since November 2025, as rising crude oil prices and persistent inflation concerns reinforced expectations of further US interest rate hikes GOL/

  • The technology sector .SPTTTK fell 2.6%, mirroring declines in Wall Street, after Amazon AMZN.O posted a sharp third-quarter cash burn, while Intel INTC.O warned of more cash burn this year amid a weak PC market

  • Heavily weighted financials .SPTTFS shed 1.2% and industrials .GSPTTIN fell 0.5%, adding to the losses on the index

  • On the data front, Canada's economy stalled in August for the second straight month as strength in the retail, manufacturing and construction sectors was largely offset by a drop in activity in wholesale trade and public administration

  • Angelo Kourkafas, senior global investment strategist at Edward Jones, said oil dynamics remained very uncertain because of the Middle East conflict and that Canada's GDP, which came in below expectations, "potentially suggest that the Bank of Canada (BoC) should proceed cautiously when it comes to raising rates"

  • The BoC hiked interest rates at its meeting earlier this week and is widely expected to hold interest rates steady at its December meeting, according to LSEG data

  • The energy sector .SPTTEN was among the few bright spots in the index, rising 0.7% on higher oil prices O/R

  • Among individual movers, uranium producer Cameco CCO.TO was the largest loser on the index, sliding 9.5% after missing third-quarter revenue estimates

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