05.02.202621:07:36UTC+00TSX Tumbles as Miners Plunge

The S&P/TSX Composite Index declined by 1.8%, closing at 31,995. This drop was largely driven by significant downturns in precious metals and renewed weaknesses in the technology sector, which heavily impacted Canada’s resource-centric index. Gold and silver witnessed substantial declines, severely affecting mining stocks across the board. Barrick Gold Corporation and Pan American Silver saw their shares plunge by more than 8.5%, despite Barrick surpassing Q4 earnings estimates and announcing plans for management changes and asset sales, complicating near-term investor sentiment. Shopify saw a 2.8% reduction, adding to the losses among growth and software stocks. Meanwhile, Constellation Software's shares also fell, regardless of its earnings report, which failed to counteract the general tech sector downturn. The financial sector experienced notable declines, whereas energy stocks showed mixed results. While some energy producers were weighed down by softer crude oil benchmarks, pipeline operators managed slight gains. Investors are currently evaluating Wall Street’s tech earnings and Alphabet’s significant AI spending plans, all amidst heightened commodity market volatility that is affecting Toronto's financial landscape.