TORONTO – Stock markets in Canada and the U.S. fell in early trading as technology stocks tumbled after Chinese artificial intelligence startup DeepSeek demonstrated a chatbot that it says rivals the top U.S. versions for a fraction of the cost.
The S&P/TSX composite index was down 209.37 points at 25,259.12.
In New York, the Dow Jones industrial average was down 129.48 points at 44,294.77. The S&P 500 index was down 105.17 points at 5,996.07, while the Nasdaq composite was down 593.29 points at 19,361.01.
The Canadian dollar traded for 69.53 cents US compared with 69.75 cents US on Friday.
The March crude oil contract was down 42 cents at US$74.24 per barrel and the March natural gas contract was down 19 cents at US$3.26 per mmBTU.
The February gold contract was down US$25.00 at US$2,753.90 an ounce and the March copper contract was down five cents at US$4.27 a pound.
— With files from The Associated Press
This report by The Canadian Press was first published Jan. 27, 2025.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
