06.11.202521:05:08UTC+00TSX Tracks US Peers Lower

On Thursday, the S&P/TSX Composite Index decreased by 0.8%, closing at 29,869. This decline came as investors processed a fresh round of corporate earnings reports, with the technology sector taking a hit. Cameco was among the most significant decliners, dropping by 5.2% after failing to meet earnings expectations. Sun Life Financial also fell, declining 4.2% following a reported decrease in both net income and earnings compared to the previous year. The technology sector mirrored its U.S. counterparts, raising concerns over potentially inflated AI valuations. As a result, Shopify fell 4.5%, Constellation Software reduced by 5%, Celestica decreased by 3.2%, and CGI dropped 5.2%. Early gains for major miners like Agnico Eagle, Barrick Gold, and Wheaton Precious Metals dissipated, trading flat to negative as gold prices eased prior to Wheaton's earnings announcement post-close. Conversely, energy companies such as Suncor, Imperial Oil, and Cenovus offered some resilience to the market downturn, each posting gains of around 2%.