Toronto stocks record their steepest daily drop since June as AI-spending concerns and weaker gold prices weigh on the market.
A sharp Friday retreat
Canada's S&P/TSX Composite Index ended Friday, October 30, at 35,620.03, down about 629 points or 1.74%, according to Reuters' market report. The decline was the benchmark's largest one-day percentage loss since June 5 and left it at its lowest closing level since October 14. The move extends the weakness seen at the opening bell, when technology and mining shares were already under pressure.
What drove the selloff
Reuters attributed the session's decline largely to falling gold prices and renewed doubts about the near-term returns on heavy artificial-intelligence investment. Those concerns weighed on technology shares and spilled into global equities. Toronto's materials sector also came under pressure as precious metals weakened. These are market explanations reported after the close, not evidence that any single development caused every stock to fall.
A mixed monthly picture
Despite the steep final session, the TSX finished October up about 1.09%, following a 2.85% decline in September, Reuters reported. That contrast shows why a single trading day should not be confused with the entire month's performance. Investors were also monitoring higher oil prices and changing expectations for interest rates, both of which can affect Canadian energy producers, the dollar and financing costs.
What investors are watching
The next trading sessions will test whether the selloff reflects a short-term reassessment of technology valuations or a broader shift in risk appetite. Further corporate earnings, precious-metal prices and economic releases could change the outlook. This article reports market performance and context, not a recommendation to buy or sell securities.
Sources & transparency
Reuters — TSX Friday close, October 30Reuters — Global market selloff, October 30Original CDN News coverage. Sources are linked for reference.
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