Canada stocks-TSX down as miner earnings disappoint, Alphabet drags tech
SPY•Canada’s S&P/TSX Composite fell 0.07% to 36,238.91, with materials down 2.4% and technology down 1% as miner earnings disappointed and Alphabet’s search advertising results and AI spending weighed on the sector.
1. Miners and tech weigh
The S&P/TSX Composite Index fell 0.07% to 36,238.91 points as of 10:20 a.m. ET on Thursday. Materials stocks fell 2.4% as gold prices weakened and gold miners reported tepid earnings. Alamos Gold slid 8.3% after missing third-quarter profit estimates, while Kinross Gold fell 5% after quarterly revenue declined 2%.
2. Alphabet pressures technology
The technology sector fell 1% after Alphabet reported disappointing search advertising results and a surge in cash burn as AI-related spending accelerated. Energy declined 0.1% as Brent crude fell more than 0.7%, while healthcare rose 5.5% and financials gained 1.1%.
3. Other company moves
Allied Properties tumbled 22.3% after reporting a 6% fall in quarterly rental revenue. Bausch Health Companies rose 25.5% after beating third-quarter estimates and raising its annual forecast.
