(Updates throughout, adds details and analyst comment)
TSX falls 1.1% to one-week low
Tech leads declines after mixed Big Tech earnings in the U.S.
Rogers Communications rises 2.7% following quarterly revenue beat
By Utkarsh Hathi
Jan 29 (Reuters) - Canada’s main stock index fell to a one-week low on Thursday, as heavy losses in Wall Street technology shares spilled over into Toronto markets and a sharp pull-back in precious-metal prices dragged down mining stocks.
The S&amp;P/TSX Composite Index (.GSPTSE) was down 1.1% at 32,812.69 points as of 10:36 a.m. ET.
TSX’s technology index (.GSPTTHC) sank 5.7%, poised for its biggest single-day drop since April last year, while Wall Street’s tech-heavy Nasdaq (.IXIC) was down more than 2%.
The losses came as investors digested earnings from U.S. tech giants that pointed to another surge in spending on artificial intelligence.
Microsoft’s shares (MSFT.O) plunged 11.5%, on track for their biggest single-day drop since March 2020, after its cloud revenue growth failed to impress investors and stoked fears that hefty AI outlays are not translating into revenue fast enough.
Other mega-cap tech stocks also fell, with Nvidia (NVDA.O) , Alphabet (GOOGL.O) and Amazon (AMZN.O) down more than 2%.
On the TSX, data-center solutions firm Celestica (CLS.TO) dropped 14.6%, among the day’s worst performers, despite upbeat and annual forecasts.
The materials index (.GSPTTMT) , which includes metal miners, gave up early gains and fell 3.5% after gold (XAU=) and silver (XAG=) pulled back sharply from record highs.
Vizsla Silver (VZLA.N) plunged 16%.
“I think now we’re in bubble territory. The last week or so, the move in the prices of these metals has gone parabolic,” said Michael Dehal, senior portfolio manager, Dehal Investment Partners at Raymond James.
Energy stocks (.SPTTEN) were a bright spot, rising 1.2%, as oil prices advanced amid fears of a potential U.S. strike on major crude producer Iran. In other notable moves, Rogers Communications (RCIb.TO) rose 2.7% after the wireless service provider reported quarterly revenue above estimates, helping TSX’s communications index (.GSPTTTS) gain 0.6%.

Canada’s main stock index, the S&P/TSX Composite, fell 1.1% to a one-week low, driven by significant losses in U.S. tech stocks and a decline in precious-metal prices. The technology index dropped 5.7%, marking its largest single-day fall since April. Major tech companies like Microsoft and Nvidia saw substantial declines. Conversely, energy stocks rose 1.2% due to increasing oil prices, and Rogers Communications gained 2.7% after exceeding quarterly revenue expectations.

- Canada's main stock index, the S&P/TSX Composite, fell 1.1% to a one-week low, influenced by declines in U.S. tech stocks and a drop in precious-metal prices.  
- The technology index decreased 5.7%, with major losses from companies like Microsoft, which saw an 11.5% plunge following disappointing cloud revenue growth.  
- Despite the overall decline, Rogers Communications rose 2.7% after exceeding quarterly revenue expectations, providing some positive momentum within the communications sector.

Reuters

SPDR S&P 500

Direxion Daily MSFT Bear 1x Shares

YieldMax NVDA Option Income Strategy ETF

GraniteShares 2x Short NVDA Daily ETF

First Trust Nasdaq Food & Semicon

NVIDIA

Direxion Daily NVDA Bear 1X ETF

T-Rex 2X Long NVIDIA Daily Target ETF

GraniteShares 2x Long MSFT Daily ETF

T-Rex 2X Long Microsoft Daily Target ETF

iShares Expanded Tech Software Sector ETF

Direxion Semicon Bull 3X

Microsoft

YieldMax MSFT Option Income Strategy ETF

iShares Semiconductor ETF

iShares Core S&P 500

Rogers Communications

ISHRS S&P Glb It

GraniteShares 2x Long NVDA Daily ETF

VG S&P 500

Direxion Daily NVDA Bull 2X Shares

T-Rex 2X Inverse NVIDIA Daily Target ETF

Spdr Select Tech

Schw Us L-Cp Grw

iShares Core S&P US Growth

Direxion Daily MSFT Bull 2X Shares

VanEck Semiconductor ETF

Invesco Semiconductors ETF

VG Mga Cap 300 Grw

SPDR S&P Semicon

Invesco PHLX Semiconductor ETF

VG Growth

AXS 1.5X NVDA Bear Daily ETF

ISHRS Russ 1000 Growth

SPDR S&P Software

Global X Cloud Computing ETF

Invesco QQQ Trust

CANADA STOCKS-TSX plunges 1% as Wall Street tech losses spill over, mining stocks retreat