Market Recap Nov 13: Why Celestica (CLS) Stock Fell 5.4% After a 25% Run
Celestica fell 5.42% to C$342.32 on Friday, the largest single drag on the S&P/TSX Composite. It had gained 25.5% in the five sessions to Thursday, and Friday handed back a quarter of that.
The composite closed at 36,105.90, down 0.09% and up 1.36% month to date. The S&P 500 fell 0.40% and the Nasdaq Composite 0.91%.
The week AI hardware rallied without Nvidia
NVIDIA said on November 12 that Jensen Huang had resigned as President, Chief Executive Officer and board member, effective immediately, with CFO Colette Kress as interim CEO. NVIDIA’s release states no reason. The independent directors said on November 10 they had retained a law firm for an investigation.
From the November 5 close to the November 12 close, our arithmetic on closing prices has Nvidia down 8.5%, Celestica up 25.5% and AMD up 44.7%. AMD had a catalyst of its own, reported on November 9: a Google Cloud server-chip selection.
Friday reversed all three. AMD fell 8.75% to US$534.06 and Celestica 5.42%, the two biggest gainers of the three becoming the two biggest fallers, while Nvidia, already down, lost 2.01%. Celestica published nothing of its own on Thursday or Friday: no guidance, no analyst action. Yahoo Finance reported a broad semiconductor selloff as investors digested the CEO exit, with Broadcom down about 4%, SK Hynix 4%, Intel 2%, Micron 2% and TSMC about 1%.
How hard a Toronto name gets pulled by California news is a question of exposure, which our ranking of Canadian AI stocks by measured AI exposure answers, regressing daily returns on Nvidia’s.
This was not technology selling off wholesale. Meta rose 2.90% the same day. The selling did reach past equities, with Bitcoin down 4.04% to US$68,490.02, after its break of US$70,000 that morning, while energy, staples, utilities and real estate finished higher. The high-beta end fell and the steady sectors held, which reads as de-risking.
Materials and financials, not technology, did the damage
Rebuilt from the iShares XIC holdings file and live prices, materials took 9.1 basis points, or hundredths of a percentage point, off the index’s return and financials 7.6, against 4.7 for information technology. Celestica alone cost 4.8 of those basis points from a 0.89% weight, more than the whole technology sector’s net drag, while the rest of the index’s technology weight was flat to fractionally higher, Shopify at +0.16%. Energy was the largest positive contributor, at 4.8 basis points from 16.13% of the index, so one name cancelled the contribution of a sector eighteen times its weight.
The materials drag was spread across a long tail of 60 names rather than one large faller, and it caught both halves of the sector. Teck B fell 1.56%, First Quantum 2.60%, Lundin Mining 1.97% and Capstone Copper 4.75%, while bullion barely moved, down 0.13%, and the gold miners were sold anyway, Barrick 0.57% lower. Brookfield, the index’s second-largest single drag, fell 1.50%, and five of the Big Six eased.
Energy rose on a day crude settled lower: WTI at US$88.51, down 0.28% from Thursday’s US$88.76, on NYMEX WTI, December contract, settlement-window price from Yahoo Finance trade data.
Stantec was the other big mover, up 13.79% to C$122.20, after a third quarter release with an adjusted EBITDA margin of 20.2%, up 120 basis points, and a raised 2026 outlook. WSP rose 1.42% alongside it.
Real estate led the sector proxies at 1.16% and utilities added 0.76%, on a day US Treasury yields rose again, to 4.88% at two years, after final demand producer prices rose 6.5% over twelve months. Canada’s two-year, published a day late, stood at 3.33% on Thursday November 12, 8 basis points above November 10.
Statistics Canada reported September manufacturing sales essentially unchanged and wholesale trade up 0.7%. Friday’s catalyst was not domestic.
Monday’s CPI is the next input
NVIDIA reports fiscal third quarter results on Tuesday November 17 at 4:20 p.m. ET, under a chief executive of less than a week’s standing. Before that, Statistics Canada releases October inflation on Monday November 16 at 8:30 a.m. ET, the next input into a December 9 decision that one-month CORRA futures on the Montreal Exchange price as another hike, at 59% odds of a 25 basis point move from a policy rate of 2.50%. The print meets a tape that has just spent a session selling its highest-beta positions.
Disclaimer: The content on bestcanadianstocks.ca is for informational and entertainment purposes only and does not constitute financial advice. Past performance is not indicative of future results. Always consult a qualified financial advisor before making investment decisions. Index levels, sector proxy returns, single-stock closes, gold, Bitcoin and the Canadian dollar are closing market data for the session of November 13, 2026. Index and sector contributions in basis points are our own bottom-up rebuild of the S&P/TSX Composite move, using the iShares S&P/TSX Capped Composite Index ETF holdings file, the fund’s own daily disclosure of 216 names as of November 12, 2026, together with the day’s prices. The rebuild reproduced the index at -0.088 percentage points against a printed -0.087% from 99.71% of index weight. The oil price is NYMEX WTI, December contract, settlement-window price from Yahoo Finance trade data, which is the volume-weighted price of trades between 2:28 and 2:30 p.m. ET. Multi-session percentage changes for Nvidia, Celestica and AMD are our arithmetic on daily closing prices over a matched November 5 to November 12 window. The chief executive transition and the independent directors’ statement are from NVIDIA’s own releases of November 12 and November 10, 2026. Stantec’s third quarter figures are from its own results release, filed as an exhibit to a Form 6-K on November 12, 2026. Producer prices are from the US Bureau of Labor Statistics release of November 13, 2026. US Treasury par yields are from the Treasury’s own daily yield curve. Canadian benchmark bond yields are from the Bank of Canada Valet feed, which publishes one business day in arrears, and are dated in the text as of November 12. Pricing for the December 9 Bank of Canada decision is derived from one-month CORRA futures settlements on the Montreal Exchange. Manufacturing sales and wholesale trade are from Statistics Canada, The Daily, November 13, 2026. The semiconductor peer moves are attributed in the text to Yahoo Finance and are not our own observation.
