FX.co ★ TSX Sharply Lower on Thursday Afternoon

The S&P/TSX Composite Index slumped about 1.9% to below 32,650 on Thursday afternoon, pulling back sharply from record highs as steep declines in technology and materials outweighed gains in defensive sectors.

In information technology, Shopify tumbled roughly 7.5%, Constellation Software fell more than 2%, and Celestica dropped over 4%, dragging the sector sharply lower. Materials also retreated, with Barrick Gold down 2.5%, Agnico Eagle off 2.8%, Wheaton Precious Metals sliding 4.2%, and several other gold producers losing more than 4% amid a broad metals selloff.

Energy stocks weakened as Canadian Natural Resources slipped 2.1% and Cenovus Energy declined 2.5%, mirroring lower crude prices.

Financials provided only limited support: Royal Bank of Canada fell 1.6% and Toronto-Dominion Bank lost 1.1%. However, Sun Life Financial jumped 5.9% following its earnings release, while Manulife Financial dropped 4.5% on softer profit.