TSX Plunges 2.46% as Oil Spike, Tech Selloff and Weak Metals Hit Canadian Stocks

The S&P/TSX Composite Index fell 891.01 points, or 2.46%, to 35,358.02 on Friday as renewed inflation and interest-rate fears, triggered by higher oil prices after a tanker attack in the Strait of Hormuz, drove a broad selloff. Materials stocks led declines, with the Materials Capped Index down as much as 6% on weak precious metals prices. Gold futures fell 3.4% and silver 6.5%. The Information Technology Capped Index dropped 4.2% amid uncertainty over returns on rising AI investment costs, while Financials slid about 2.3% and Healthcare and Industrials lost 1.6% and 1%, respectively. West Texas Intermediate crude front-month futures rose 2% to $104.00 a barrel. Magna International fell 1.3% despite reporting third-quarter net income of $383 million, or $1.44 per diluted share, up 33% year over year. Canadian economic activity stalled for a second consecutive month in August, with September GDP estimated to have contracted 0.1% month over month.