TSX Drops Nearly 2.5%; Materials, Tech Stocks Down Sharply

RTTNews | 1 jam 25 menit yang lalu

(RTTNews) - Canadian stocks are down sharply on Friday amid renewed fears about inflation and interest rates following oil prices climbing higher amid supply concerns after a tanker attack in the Strait of Hormuz.

Tech stocks are seeing a sell-off amid uncertainty about returns on rising cost of AI-related investments, contributing significantly to market's sharp drop.

Materials stocks are weighed down by weak precious metals prices. Shares from financials, healthcare and industrials sectors are also reeling under sustained selling pressure.

In additions to tracking the trend in the commodities markets, investors are also reacting to a slew of corporate earnings updates.

West Texas Intermediate Crude oil front-month futures are up 2% at $104.00 a barrel.

Gold futures are down 3.4%, while Silver futures are down 6.5%.

The benchmark S&P/TSX Composite Index was down 891.01 points or 2.46% at 35,358.02 a little while ago.

The Materials Capped Index is down as much as 6%. The Information Technology Capped Index is down 4.2% and the Financials Index is declining by about 2.3%. The Healthcare Index and the Industrials Capped Index are down 1.6% and 1%, respectively.

Magna International Inc. is down 1.3% despite reporting higher earnings. The company reported net income of $383 million for the third quarter, compared to $305 million a year ago. Diluted earnings per share were $1.44, an increase of 33% from the comparable period.

In economic news, economic activity in Canada stalled for a second consecutive month in August.

In September, the economy is estimated to have contracted by 0.1% month-on-month. Based on preliminary September data, GDP is expected to have expanded by 0.3% in Q3 2026, following growth of 0.8% in Q2.

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Swiss Market Ends Modestly Higher

The Switzerland market's benchmark SMI ended modestly higher on Friday after holding firm throughout the trading session, outperforming most of its peers in Europe.

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Major European Markets End Mixed As Investors React To Earnings, Economic Data

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Growth in Chicago-area business activity slowed moderately in the month of October, according to a report released by MNI Indicators on Friday. The report said the Chicago business barometer fell to 55.3 in October after spiking to 58.8 in September, although a reading above 50 still indicates growth. Economists had expected the business barometer to pull back to 56.0.

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Colgate-Palmolive Q3 Results Rise, Lifts FY26 Base Business EPS View; Stock Gains

Consumer products major Colgate-Palmolive Co., while reporting higher third-quarter results, on Friday confirmed fiscal 2026 outlook for earnings per share. Further, the firm raised guidance for Base Business earnings per share and gross profit margin, while narrowing sales growth view. In pre-market activity on the NYSE, the shares were gaining around 3.34 percent

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Bay Street Likely To Open Notably Lower

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UK Nationwide House Price Growth Softest Since 2024

UK house prices grew at the slowest pace since the start of 2024 as rising interest rate expectations weighed on the property market in October, data published by Nationwide Building Society showed Friday. House prices grew only 0.5 percent in October from the previous year. This was weaker than the 0.8 percent rise in September and economists' forecast of 0.6 percent.

RTTNews | 9 jam 25 menit yang lalu

FTSE 100 Modestly Higher; AstraZeneca Rises On Strong Earnings

U.K. stock market's benchmark FTSE 100 moved higher Friday morning, supported by strong results from pharma major AstraZeneca and energy giant BP. Weakness in bank and mining stocks limited market's upside.

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Indian Shares Extend Gains For Second Day

Indian shares rose for a second consecutive session on Friday, with information technology stocks leading the surge as disappointing tech earnings fueled a rotation out of the artificial intelligence trade globally.

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