Tech stocks lead market slide in U.S., Canada as AI news rattles investors
Written by The Canadian Press on January 27, 2025
TORONTO — Stock markets in Canada and the U.S. slid on Monday, led by deep losses in tech after investors were rattled by news of a Chinese AI startup that could pose a competitive threat to a sector that’s led market gains for the past couple of years.
The S&P/TSX composite index closed down 179.34 points at 25,289.15.
In New York, the Dow Jones industrial average bucked the trend, rising 289.33 points at 44,713.58. The S&P 500 index was down 88.96 points at 6,012.28, while the Nasdaq composite was down 612.47 points at 19,341.83.
The Canadian dollar traded for 69.54 cents US compared with 69.75 cents US on Friday.
The March crude oil contract was down US$1.49 at US$73.17 per barrel and the March natural gas contract was down 20 cents at US$3.25 per mmBTU.
The February gold contract was down US$40.50 at US$2,738.40 an ounce and the March copper contract was down nine cents at US$4.23 a pound.
— With files from The Associated Press
This report by The Canadian Press was first published Jan. 27, 2025.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press