TSX Slips on Global Tech Selloff

TSX Slips on Global Tech Selloff

The S&P/TSX Composite Index fell 0.2% to close at 34,927 on Tuesday, tracking global equities amid a broad selloff in technology stocks and persistent concerns over elevated interest rates.

Worries that speculative AI spending by hyperscalers may be running ahead of fundamentals weighed on North American tech shares and hurt overall risk appetite.

Celestica plunged 6.2%, leading losses in the tech sector.

Gold prices also declined, extending pressure on mining stocks following the hawkish projections from the US Federal Reserve last week.

Agnico Eagle shed 3.5%, Barrick lost 4.7%, and WPM dropped 4.1%.

Meanwhile, oil prices fell for a second straight session as supply concerns eased amid progress in restoring shipments through the Strait of Hormuz, reducing fears of energy-driven inflation but weighing on energy shares.

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