Canadian Equities Drop as Tech Sector Retreats

Canadian stocks fell on January 29, 2026, led by a broad selloff in technology shares amid rising global risk aversion and profit-taking after recent gains. The S&P/TSX Composite Index declined 1.8%, with tech-heavy components like Shopify (SHOP.TO) down 4.2% and Constellation Software (CSU.TO) slipping 3.1%. Investors rotated out of growth assets following weaker-than-expected U.S. tech earnings and hawkish signals from the Bank of Canada. Energy and financials also dipped, though losses were cushioned by modest gains in materials. Market participants cited concerns over slowing global demand and elevated valuations in the tech sector. Trading volume rose 12% above the 30-day average, signaling heightened institutional rebalancing.