04:28 PM EST, 11/13/2025 (MT Newswires) -- The Toronto Stock Exchange on Thursday retreated from yesterday's record close, with investors spooked by strong selling of tech stocks on the Nasdaq Exchanged amid fears that expectations around AI advances are too high, and ahead of a deluge of overdue and key U.S. economic data need by the Federal Reserve to decide its next steps along the interest rate path.

The S&P/TSX Composite Index closed down 573.94 points, or 1.9%, to 30,253.64, having set its first record close for a month on Wednesday at 30,827.58, as sentiment dimmed by the 2.3% drop in the Nasdaq Composite, while the S&P 500 closed down 1.7%.

Among sectors, the biggest loser was Info Tech, down 5.6%. Gainers included the Battery Metals Index up 3.8% and Telecom up near 0.7%.

Wednesday's record close in Canada came on investor enthusiasm around the federal government's unveiling of recommended 'nation building' projects that will be sent to the newly created Major Projects Office for the fast tracking of infrastructure approvals seen as crucial to the national interest.

CBC News noted Prime Minister Mark Carney was in northern B.C. today to announce the latest slew of nation-building projects to be sent to the newly created Major Projects Office in an effort to fast-track infrastructure approvals. Carney's list includes three projects focused on critical mineral extraction, one for exporting liquefied natural gas (LNG) a power-transmission project in northern British Columbia and a hydroelectric project in Nunavut..

Of commodities, gold traded lower late afternoon Thursday despite a weaker dollar as momentum buying for the metal slowed following the reopening of the U.S. government. Gold for December delivery was down $31.60 to US$4.182.00 per ounce.

But West Texas Intermediate crude oil edged higher despite fresh warnings of an over-supplied market as a report showed a larger than expected rise in U.S. inventories last week. WTI crude oil for December delivery closed up $0.20 to settle at US$58.69 per barrel, while January Brent crude was last seen up $0.24 to US$62.95.