TSX Pares Gains, Slips Into Negative Territory As Energy, Technology Stocks Decline

(RTTNews) - After opening with a big positive gap and moving further up north, the Canadian market retreated and slipped into negative territory on Thursday, hurt by a sell-off in the materials sectors amid weak metal prices.

The market started off on a firm note this morning amid easing concerns about AI bubble following Nvidia's stronger than expected third-quarter results and fourth-quarter guidance.

NVIDIA reported a 62% surge in revenue to $57 billion for the quarter ending October, driven by strong demand for its AI data-centre chips. Sales from that segment soared 66% to over $51 billion, reaffirming Nvidia's position as the backbone of the global AI infrastructure boom, said a BBC report.

The chipmaker expects fourth-quarter sales of around $65 billion, significantly above market estimates.

The benchmark S&P/TSX Composite Index, which surged to 30,632.84, gaining more than 350 points in the process, was down 308.95 points or 1.02% at 29,969.46 a little while ago.

The Materials Capped Index is down as much as 3.3%. Discovery Silver Corp, Lundin Gold, First Majestic Silver Corp, Endeavour Silver Corp., Novagold Resources, Aya Gold & Silver, and Pan American Silver Corp are down 5 to 6.5%.

Ssr Mining, Iamgold Corp., Equinox Gold, Eldorado Gold, B2Gold Corp and Kinross Gold Corp are among the other major losers in the materials sector.

Technology stocks Celestica and Firan Technology Group are down 5.1% and 2.7%, respectively. Lightspeed Commerce, Coveo Solutions and BlackBerry are lower by 1 to 1.7%.

Altus, Gran Tierra Energy, Brookfield Business Partners, Air Canada, Bombardier, Enerflex and Stella-Jones are gaining 2 to 6%.

In economic news, data from Statistics Canada showed that industrial producer prices in Canada rose 1.5% month-over-month in October, marking the fifth consecutive monthly increase, following an upwardly revised 1.0% gain in September. On a yearly basis, producer prices increased 6.0% in October, marking the 13th straight gain, following a 3.7% increase in September.

Canada's Raw Materials Price Index rose 1.6% month over month in October, extending the prior month's rebound of 1.7%. On annual basis, Canada's Raw Materials Price Index rose 5.8% in October 2025, following an 8.4% increase in September.

A report from the Canadian Federation of Independent Business showed Canada's CFIB Business Barometer long-term index, tracking 12-month forward expectations for business performance, rose to 55.5 in November, from an upwardly revised 46.7 in October.