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TSX is up to three-week low as United States tech incomes weigh

Canada's primary stock index fell to a. threeweek short on Thursday in a larger selloff led by technology. shares, after uninspiring earnings from Wall Street tech giants. moistened general market belief.

The Toronto Stock market's S&P/ TSX composite index. was down 324.43 points, or 1.32%, at 24,183.36. However, the index was set to log monthly gains.

At least ten sectors on the index nursed losses led by a. 2.4% drop in the information technology sector,. matching a steep fall in the tech-heavy Nasdaq index.

The materials sector and heavyweight financials. also dropped 2.3% and 1.2%, respectively.

Wall Street was the overall motorist for decreases, as primary. indexes fell following cautions from Microsoft and Meta. Platforms about soaring AI costs, stoking worries that the return. on heavy financial investments in the innovation may take longer than. anticipated.

It's uncommon for the Canadian market to totally detach from. the U.S. on a short-term basis. So, selling pressure in the U.S. taints the belief in Canada, said Brian Madden, chief. financial investment officer at First Opportunity Investment Counsel.

Among economic information, Canada's gdp was. the same in August before likely broadening by 0.3% in. September, suggesting the economy missed out on the Bank of Canada's. development forecast for the third quarter.

The BoC last week slashed rate of interest by an unusually. large half-percentage-point to increase the economy. Likewise, Guv. Tiff Macklem previously this week said more rate cuts could be. executed if the economy develops broadly in line with. forecasts.

The energy sector likewise fell regardless of a rise in oil. prices, driven by a 13.4% downturn in Veren, the. worst-performing stock in TSX today, after it reported its. third-quarter results.

Drugmaker Bausch Health Companies increased 11.1% after. strong third-quarter outcomes, making health care the. only sector to gain with a 2.5% boost.

(source: Reuters)