TSX falls 571 points as Amazon, Intel results hit tech

Canada’s main stock index fell sharply in early trading on Friday, with the S&P/TSX composite index down 571.38 points, or 1.58 per cent, at 35,677.65 as of 10:32 a.m. ET, according to TMX Money, as weak quarterly results from Amazon and Intel hit technology shares and gold prices slid.

Google Finance showed the index at 35,698.14, down 1.52 per cent, at 10:16 a.m. ET. These are intraday figures and will change through the session. The index closed at 36,249.03 on Thursday.

The sell-off followed the U.S. technology results. Baystreet.ca reported that Amazon shares lost six per cent in extended trading after the company’s third-quarter earnings and revenue fell short of Wall Street’s expectations. It said the company posted negative free cash flow of US$42.4 billion and maintained its 2026 capital spending forecast at US$220 billion. Intel slid about 21 per cent after a weak outlook for the current quarter that pointed to a slowdown in personal computers, Baystreet.ca reported, and the declines came as investors scrutinize spending on artificial intelligence.

On Wall Street, Google Finance showed the Nasdaq composite down 2.49 per cent, the S&P 500 down 1.48 per cent and the Dow Jones industrial average down 0.67 per cent at 10:16 a.m. ET. Statistics Canada reported earlier that gross domestic product was essentially unchanged in August, the second month in a row, Baystreet.ca said.

Gold prices fell to their lowest level since mid-July on worries about possible Federal Reserve rate hikes and persistent inflation, Baystreet.ca reported, a move that weighed on Canadian miners. Oil rose US$2.03 to US$104.03 a barrel, it said.

Among individual stocks, TFI International Inc. (TSX:TFII) was down 12.98 per cent to $136.74 as of 10:10 a.m. ET, according to Google Finance, after the trucking and logistics company reported third-quarter results. CP24 reported TFI’s profit was US$105.7 million, up from US$84.7 million a year earlier. Cameco Corp. (TSX:CCO) fell 10.52 per cent to $104.36, B2Gold Corp. (TSX:BTO) dropped 6.76 per cent to $6.48 and BlackBerry Ltd. (TSX:BB) lost 6.5 per cent to $12.02, Google Finance showed at about 10:15 a.m. ET.

The TSX closed Thursday down 16.06 points after losses in basic materials, as we reported in our Oct. 29 market close story. Our Friday morning preview has the day’s earnings and economic releases, and we also covered Magna’s third-quarter results and Air Canada’s.

If you find reporting like this useful, consider supporting Canada News Media, an independent Canadian newsroom with no corporate parent.

This article is for information only and is not investment advice. Speak to a licensed adviser before making investment decisions.