(RTTNews) - The Canadian market is down firmly in negative territory Monday afternoon, weighed down by sharp losses in technology, materials and energy sectors.
Technology stocks are down amid concerns about the impact of China's low-cost AI startup DeepSeek on earnings and growth of major players in the AI sector in the U.S. and other parts of the world.
Materials and energy stocks are weighed down by weak commodity prices.
Investors look ahead to monetary policy announcements from the Bank of Canada, Federal Reserve and the European Central Bank this week.
The benchmark S&P/TSX Composite Index is down 217.34 points or 0.85% at 25,251.15.
The Information Technology Capped Index is down more than 3.5%. Celestica Inc (CLS.TO) is plunging nearly 26%. Celestica is deeply invested in AI for various applications, including energy delivery, as well offering products that are used in major energy-consumer data centers.
Bitfarms (BITF.TO) is down 12.8%. Converge Technology Solutions (CTS.TO), Sylogist (SYZ.TO), Lightspeed Commerce (LSPD.TO), BlackBerry (BB.TO) and Descartes Systems Group (DSG.TO) are down 2 to 3.4%.
Energy stocks Enerflex (EFX.TO) and Terravest Capital (TVK.TO) are down 6% and 5.2%, respectively. Arc Resources (ARX.TO), Tourmaline Oil Corp (TOU.TO), Baytex Energy (BTE.TO), Topaz Energy (TPZ.TO), Advantage Oil & Gas (AAV.TO), Precision Drilling Corp (PD.TO) and Nuvista Energy (NVA.TO) are down 2 to 3.4%.
Among materials shares, First Majestic Silver Corp (AG.TO), Iamgold Corp (IMG.TO), Aya Gold & Silver (AYA.TO), Seabridge Gold (SEA.TO), Ivanhoe Mines (IVN.TO), Ssr Mining (SSRM.TO), Ero Copper (ERO.TO), MAG Silver Corp (MAG.TO) and First Quantum Minerals (FM.TO) are down 4 to 6.2%.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
