TSX midday: down 408 points as gold and tech slide

Canada’s main stock index was down more than 400 points in early afternoon trading Thursday as gold and base metal miners slumped and a global selloff in artificial intelligence stocks hit technology shares. As of 1:20 p.m. ET, the S&P/TSX composite index was down 408.85 points, or 1.13 per cent, at 35,916.14, according to TMX Money.

CNBC market data showed the index at 35,919.43, down 405.56 points, at the same minute, and both sources put Wednesday’s close at 36,324.99. The index opened at 36,161.69 and fell as low as 35,806.38 by early afternoon, according to TMX Money and CNBC. The Canadian Press reported earlier that the index was down 412.00 points at 35,912.99 in late-morning trading.

Sources: TMX Money for the TSX and TSX Venture indexes; CNBC market data for U.S. indexes, oil, gold and the loonie, checked against TMX Money and The Canadian Press.

Materials stocks did the most damage. The S&P/TSX capped materials index was down about 5.5 per cent and the S&P/TSX global gold index was down about 5.8 per cent as of 1:35 p.m. ET, according to TMX Money, as the December gold contract fell nearly US$95 an ounce. Agnico Eagle Mines Ltd. (TSX:AEM) was down more than 6 per cent and Barrick Mining Corp. (TSX:ABX) was down nearly 6 per cent in early afternoon trading, according to TMX Money and CNBC data.

Base metal producers also fell. Teck Resources Ltd. (TSX:TECK.B) was down more than 5 per cent and Lundin Mining Corp. (TSX:LUN) nearly 7 per cent. Teck is also facing a possible strike at its Highland Valley Copper mine near Logan Lake, B.C., where United Steelworkers Local 7619, which represents about 1,200 workers, served 72-hour strike notice on Wednesday, The Canadian Press reported. The union said strike action could begin as early as 8 a.m. Saturday if no deal is reached.

Technology shares followed a worldwide retreat in AI-related stocks. The Associated Press reported that the Nasdaq was down 2 per cent at noon ET, with chip equipment maker Lam Research down 10 per cent and Nvidia down 3.7 per cent, after steep losses in South Korea, Hong Kong and Japan. On the TSX, Celestica Inc. (TSX:CLS), which makes data centre hardware, was down more than 11 per cent and Hut 8 Corp. (TSX:HUT) about 9 per cent. Celestica did not release results Thursday; it said earlier this month that it will report third-quarter results after the market closes on Monday, Oct. 26. The capped information technology index was down about 1.6 per cent.

Energy stocks were also lower, with the capped energy index down about 1.5 per cent, even as oil rose. AP reported that Brent crude touched its highest level in five months on worries about the war with Iran.

Several other sectors gained. Communication services led with a rise of about 3.1 per cent, with TELUS Corp. (TSX:T) up more than 3 per cent and BCE Inc. (TSX:BCE) up nearly 3 per cent. Industrials gained about 2.5 per cent, real estate about 2.1 per cent and consumer staples about 1.6 per cent, according to TMX Money.

Among individual gainers, Waste Connections Inc. (TSX:WCN) was up more than 9 per cent. The company had scheduled its third-quarter results for release after Wednesday’s close, and on Wednesday it also announced a 10 per cent increase in its quarterly dividend, to US$0.385 a share from US$0.35. Mullen Group Ltd. (TSX:MTL) rose more than 7 per cent after the trucking and logistics company reported a record third-quarter profit of $51.5 million. Thomson Reuters Corp. (TSX:TRI) was up more than 5 per cent. Stock moves are from TMX Money and CNBC data in early afternoon trading.

In bond markets, AP reported that the yield on the 10-year U.S. Treasury fell to 5.00 per cent from 5.13 per cent late Wednesday as investors bought government bonds. The Canadian dollar was higher against the U.S. dollar ahead of the Bank of Canada’s next rate decision on Oct. 28, which economists expect to be a hold; the loonie had sunk to its weakest level since July in late September.

Markets are open their regular hours, 9:30 a.m. to 4 p.m. ET. Our guide to TSX holidays in 2026 lists the remaining market closures this year.

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