13.11.202521:11:04UTC+00TSX Retreats from Record High

On Thursday, the S&P/TSX Composite declined by 1.9% to settle at 30,254, retreating after the previous day's record high. This downturn was primarily driven by significant losses in major tech stocks due to increasing skepticism about the sustainability of high valuations in AI firms and hardware manufacturers. Notably, Shopify and Constellation Software experienced declines of 6.2% and 2.3% respectively, while Celestica suffered a 12.3% drop following a downgrade that highlighted limited future gains post its recent valuation adjustment. Key mining companies like Agnico Eagle, Barrick, and Wheaton Precious Metals saw decreases ranging from 1.8% to 2.4% as gold prices softened. Leading banks including RBC, TD, BMO, and CIBC each lost over 1%. Conversely, Manulife closed with a slight gain owing to robust quarterly performance fueled by its operations in Asia. With the US federal activities resuming after the approval of the funding bill, investors are now focused on analyzing newly released official data and corporate announcements to gauge economic growth and earnings potential.