国产诱惑福利

He added that since tech stocks are highly represented on the S&P 500, that index is down overall, but most of the losses are coming from mega-cap tech companies, which are all large weights on the index. In contrast, Zechner said other areas of the market are doing better.聽

鈥淥nce in a while you get these rotations, and it doesn't take much of dollars leaking out of those big tech stocks at all to buoy up the rest of the indices,鈥� he said.聽

In New York, Wall Street fell to a fifth straight loss on Thursday. The Dow Jones industrial average was down 152.81 points at 44,785.50. The S&P 500 index was down 25.61 points at 6,370.17, while the Nasdaq composite was down 72.54 points at 21,100.31.

鈥淢ost of the rest of the market is actually higher this week, but the big weights can drag it down so much. You get Nvidia, Amazon, Microsoft, all of those guys rolling over a little bit, and that's going to take the S&P 500 down, you're almost 40 per cent of the index right there,鈥� Zechner said.聽

鈥淭hat rotation is net negative for the S&P 500, but (if) you look at Toronto, the Canadian market, you look at the Russell in the U.S., some of the more broadly based indices, even the Dow is acting a little better.鈥�

Zechner said that since the tech stocks have less of a presence on the TSX, Canada鈥檚 benchmark index fared better on the day.聽

The S&P/TSX composite index was up 176.67 points at 28,055.43. 聽

鈥淚t's not as big an impact on the index here, and it's not nearly the weight in the U.S.," he said. "Gold is as big as the tech stocks here, and gold stocks are stronger today."

Elsewhere on the Canadian index, the nation's largest lenders are set to report earnings next week, which Zechner said will be closely watched.聽

鈥淭he bank valuations are pretty high, so everyone's waiting to see what the numbers look like. I don't expect there'll be big disappointment,鈥� he said.聽

鈥淐apital markets were strong in the past quarter, and the economy so far has not really been hurt that badly yet from this whole tariff story, but it has yet to be played out.鈥澛�

The Canadian dollar traded for 71.96 cents US compared with 72.12 cents US on Wednesday.

The October crude oil contract was up 81 cents US at US$63.52 per barrel. The December gold contract was down US$6.90 at US$3,381.60 an ounce.聽

This report by 国产诱惑福利 was first published Aug. 21, 2025.

鈥� With files from The Associated Press

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)