Canadian Stocks Decline After Record Peaks as Tech Pressures Offset Cannabis Gains

According to recent Canadian trading data, the S&P/TSX Composite Index ended Friday down by 0.3%, dipping below the 31,700-point level after reaching record highs earlier in the session. The market shift came as renewed concerns emerged over tech company valuations following a sharp drop in Broadcom's stock after disappointing AI chip sales forecasts despite strong Q4 results. Tech stocks generally pressured the index, with Celestica's shares falling over 10% to lead the decliners. Meanwhile, the support from mining stocks faded, with Agnico Eagle's shares dropping about 1% in line with declining gold prices and silver trimming gains due to profit-taking. Conversely, cannabis stocks surged following reports that U.S. President Donald Trump is considering easing federal restrictions on recreational use by reclassifying cannabis as a Schedule III substance. Tilray Brands' shares jumped over 40%, while Canopy Growth's shares soared nearly 50%. Throughout the week, the market was influenced by central bank decisions, with the Bank of Canada holding interest rates steady, while the U.S. Federal Reserve cut rates by 25 basis points, which supported risk appetite and left the index up about 0.8% for the week.