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CANADA STOCKS-TSX posts steepest decline in five months as US tech rout hits Canadian shares

By Reuters News

By Anand Gopal R and Fergal Smith

TORONTO, Nov 5 (Reuters) - Canada's main stock index fell by the most in five months on Thursday as a selloff in US technology shares spilled over to the Canadian market.

The S&P/TSX Composite Index .GSPTSE ended down 736.13 points, or 2%, at 35,605.27, giving back much of the previous day's sharp gains. The daily decline was the steepest for the index since June 5.

  • US stocks posted steep declines as chipmakers sank on fears of tougher AI regulation after the Democrats' midterm sweep.

  • "We're seeing a bit of nervousness on the technology side," said Sadiq Adatia, chief investment officer, BMO Global Asset Management, adding that the selloff reflected sector rotation rather than a broader retreat from equities.

  • The government of Canadian Prime Minister Mark Carney was set to present its budget after the market close.

  • The TSX's technology sector .SPTTTK fell 3.8%, with shares of electronic equipment company Celestica CLS.TO down 12.7%.

  • Gildan Activewear's GIL.TO shares tumbled 18.9% after the apparel manufacturer's quarterly results missed estimates.

  • Consumer discretionary was down 2.9% and heavily weighted financials .SPTTFS ended 3.2% lower.

  • Sun Life Financial SLF.TO beat quarterly earnings estimates. Still, its shares fell 10.2%.

  • Industrials .GSPTTIN declined 1.9%, with shares of Bombardier BBDb.TO down 8.4% even as the jet maker raised its 2026 free cash flow forecast, buoyed by sustained demand for private flying.

  • Canadian Natural Resources CNQ.TO beat analysts' estimates for third-quarter profit, helped by higher crude prices and stronger production.

  • Its shares fell 1% and energy .SPTTEN was down 2.5%.

  • US crude oil futures settled 2.7% higher at $90.52 a barrel, clawing back some of the previous day's sharp declines, as new attacks on tankers in the Strait of Hormuz fed worries about oil supplies.

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