TSX Down as Earnings Leave Investors Cold

Canada's main stock index fell after making early gains on Wednesday, hurt by technology stocks that sank as Shopify's earnings failed to impress amid a renewed software selloff, while investors digested U.S. jobs data.The TSX fell for the first time in several days, giving back 138.34 points noon hour Wednesday to 33,118.49. The Canadian dollar subtracted 0.09 cents to 73.69 cents U.S. Shopify shares slumped $23.64, or 13.7%, to $148.90, despite an upbeat first-quarter revenue forecast.Shopify's stock, which was down 14% last week, has been under pressure in recent weeks amid fears that artificial intelligence tools could threaten traditional software businesses.Computer Modelling Group fell 84 cents, or 17.6%, to $3.93. after its third-quarter revenue declined 9%.Among other notable movers, Allied Properties Real Estate Investment Trust's shares plunged $3.78, or 26.9%, to $10.27, after the company announced a leadership update and equity financing. The stock pulled down the real estate index by 2%.Prime Minister Mark Carney said after a conversation with U.S. President Donald Trump that the issue of a $4.7-billion bridge connecting Detroit and Windsor, Ontario, will be resolved.Trump had threatened on Monday to bar the bridge from opening, in his latest salvo against Canada over trade issues.In after-market earnings on Tuesday, property insurer Intact Financial booked a 12% jump in its net operating income for the fourth quarter, driven by strong underwriting performance. Intact shares collapsed $10.54, or 4%, to $252.91. Toromont Industries surpassed fourth-quarter revenue estimates, while First Quantum Minerals also beat fourth-quarter revenue expectations.Toromont shares popped $8.15, or 4.5%, to $191.40, while First Quantum captured 43 cents, or 1.1%, to $38.33. On the economic ledger for today, the total value of building permits issued in Canada increased in December $821.3 million (+6.8%) to $12.8 billion.ON BAYSTREET The TSX Venture Exchange dished off 5.5 points to 1,026.7o. Seven of the 12 TSX subgroups were stronger midday Wednesday, with energy up 2.5%, consumer staples collecting 1.7%, and materials ahead 1.2%. The five laggards were weighed most by information technology, clobbered 7.3%, while real-estate slid 2%, and financials were poorer 0.7%. ON WALLSTREET The Dow Jones Industrial Average was relatively unchanged on Wednesday after the better-than-expected delayed January jobs report failed to spark a sustainable advance.The 30-stock index poked up 19.23 points, to 50,207.87The S&P 500 regained 14.15 points to 6,955.96. The NASDAQ let go of 13.03 points to 23,098.44. Software stocks, which were a key driver of last week’s rout amid fears of disruption from artificial intelligence, came under pressure yet again Tuesday. Salesforce was down 5%, while ServiceNow fell 6%.Conversely, shares of stocks that would benefit from an accelerating economy gained, as well as those involved in the buildout of AI data centers. Shares of digital infrastructure provider Vertiv surged 21% after the company posted a fourth-quarter earnings beat and issued a strong 2026 outlook. Others such as Caterpillar, GE Vernova and Eaton were all higher in the session as well, rising 3%, 4% and 5%, respectively.The Bureau of Labor Statistics’ January non-farm payrolls report — which had been delayed due to a partial government shutdown that ended on Feb. 3 — showed job growth of 130,000 last month. Economists polled by Dow Jones had called for a gain of 55,000. The latest figure also marked a sizable increase from December, which was downwardly revised to 48,000.Prices for the 10-year Treasury perked, lowering yields to 4.16% from Tuesday’s 4.14%. Treasury prices and yields move in opposite directions. Oil prices recovered $1.11 to $65.07 U.S. a barrel. Gold prices rocketed $75.90 to $5,106.90 U.S. an ounce.