TSX Drops 2.3 Percent as Commodity Prices and Tech Slide
The Toronto Stock Exchange fell 2.3 percent on Friday as falling gold and oil prices weighed on the materials and energy sectors. Strong employment data in both Canada and the United States fueled investor expectations of more hawkish central bank policies.
The S&P/TSX composite index fell 2.3% to 34,413.45 on Friday, marking its steepest single-day decline in nearly four months. The drop of 803.61 points erased gains from the previous session's record high as commodity prices retreated and rate hike expectations intensified. Investors are recalibrating portfolios as strong labor data in North America signals a potentially more hawkish path for central banks.
### Commodity Slump Drags Materials and Energy The materials group, including metal mining shares, tumbled 8.3% following a broad retreat in hard commodities. Gold fell 3.2% and Copper dropped 4%, while oil settled 2.7% lower at $90.54 a barrel. These price shifts followed mounting hopes for de-escalation in Middle East conflicts, reducing the geopolitical risk premium.
