Stock indexes are mostly losing ground as the tech sector weighs on the market - The Globe and Mail
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Wall Street ended sharply lower on Friday, with CoreWeave, Broadcom and other AI-related technology stocks under renewed pressure, while a jump in oil prices spooked traders heading into the weekend. The TSX ended with a very modest gain, with strength in the heavily weighted energy sector helping to offset losses in tech stocks, which have much less influence on the Canadian benchmark. The Nasdaq extended losses from earlier in the week, hammered by concerns that debt-laden AI infrastructure companies may not turn profits in time to repay debts, particularly with borrowing costs expected to rise. Nvidia-backed CoreWeave slumped 12%, bringing its loss over the past five sessions to about 25%. The data center operator’s bonds also sold off sharply this week, pushing yields above 15%. Broadcom fell 4.5%, and the PHLX chip index sank 3.8% in its eighth straight day of declines, its longest losing streak since 2008. Investors on Friday were also watching oil prices jump around 3%. Brent touched US$110 a barrel for the first time since May on worries that escalating tensions in the Middle East could further tighten supplies.
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