Canada Stocks: TSX slips as tech rout weighs

Celestica

17/07/2026 16:13

By Sudeshna Ghoshal

    July 17(Reuters) - Canada's main stock index slipped to a one-week low on Friday, as a selloff in U.S. semiconductor stocks and other high-flying shares gathered pace and dented sentiment, while gains in energy companies kept declines in check.
The S&P/TSX Composite Index .GSPTSE was down 0.3% at 35,234.88 points by 11:00 a.m. ET.

        Wall Street's main indexes fell as investors reassessed the sustainability of this year's AI-driven rally. Fresh weakness in chipmakers and a disappointing forecast from streaming giant Netflix added to the negative sentiment.

        "The latest development is the competition from open source models in China, which raised some competitive fears. Supposedly there are some offerings that are rivaling the performance of Anthropic and OpenAI," said Angelo Kourkafas, senior global investment strategist at Edward Jones Investments. 
      

        "So if you recall last year's DeepSeek moment, potentially that is contributing today to some of that weakness that started in Asia." 
Technology stocks were among the biggest decliners on the TSX, with Celestica Inc CLS.TO, Shopify SHOP.TO, BlackBerry BB.TO down 2.1% to 3.8%.
Gold prices rose but were set for a weekly decline as surging energy prices stoked inflation concerns.GOL/ 
The materials sector fell 1.3%, led by a sharp decline in Trekor Metals TKO.TO. Americas Gold and Silver Corporation USA.TO and Ivanhoe Mines IVN.TO also weighed on the index. Five of the 10 major sectors traded lower.
On the upside, energy shares gained 0.8% as oil prices surged on renewed Middle East tensions and the threat of a Red Sea closure. Brent crude futures LCOc1 traded around $87 per barrel, while West Texas Intermediate futures CLc1 climbed to $81.31 a barrel.O/R

        In company news, Lundin Mining LUN.TO announced items impacting second-quarter results late on Thursday.
      
Prime Minister Mark Carney said Canada will not share with the U.S. toll revenues from the new bridge connecting Windsor, Ontario, and Detroit, until Canada recoups its initial investment.

 (Reporting by Sudeshna Ghoshal in Bengaluru; Editing by Shreya Biswas)
 ((Sudeshna.Ghoshal@thomsonreuters.com;))