Shopify Stock Up 4.6% After Thursday’s Rout: SHOP Bounced, It Did Not Recover
Shopify stock closed Friday at $210.47 in Toronto, up 4.59%, and on its own accounted for 42% of the S&P/TSX Composite’s 0.52% gain. It had fallen 5.40% on Thursday, from $212.71 to $201.23. Fell 5.4%, bounced 4.6%: the stock is still down 4.49% on the week and still below Wednesday’s close, so Friday was a bounce off Thursday’s rout, not a recovery from it.
The session behind one name
| Index or asset | Close | Change |
|---|---|---|
| S&P/TSX Composite | 35,789.09 | +0.52% |
| S&P 500 | 7,376.86 | +0.31% |
| Nasdaq Composite | 24,579.42 | +1.09% |
| Gold, December contract | US$4,075.30 | -0.93% |
| CAD/USD | 0.7079 | -0.79% |
| WTI crude | US$90.86 | +0.36% |
Friday November 6, 2026 closes from our own market data file, built on Yahoo Finance trade data. The gold figure is a daily close, not a settlement. WTI is the NYMEX December contract, CLZ26.NYM, at the settlement-window price: the volume-weighted price of trades from 2:28 to 2:30 p.m. ET, which is the exchange’s own settlement method, computed by us from Yahoo Finance trade data. Thursday’s comparison point of US$90.53 is the same contract, so the move does not cross a roll.
The week was violent and nearly flat: up 2.28% Wednesday, down 2.03% Thursday, and 0.47% above the previous Friday’s close. Friday’s close also leaves the Composite 3.16% below its highest close of the past year, 36,957.60 on August 25, 2026.
Two sectors carried it
Our bottom-up attribution uses the iShares S&P/TSX Capped Composite Index ETF holdings disclosure as of November 5, covering 99.79% of index weight and totalling 0.515 percentage points against the printed 0.52%. Contributions are basis points, one hundredth of a percentage point each.
Materials added 43.7 bp and information technology 24.5 bp, and almost nothing else helped: energy managed 2.4 bp. Financials, 35.22% of the index, subtracted 7.7 bp, Royal Bank alone costing 4.6 bp, and industrials subtracted 9.1 bp. Shopify contributed 22.0 bp of the day’s 52, from roughly 4.8% of index weight. Cameco rose 5.01% to $100.65, worth 4.1 bp. Enbridge, at -5.2 bp, was the largest single drag.
Inside that 43.7 bp, the six largest materials contributors are all gold or royalty names: Agnico Eagle 5.9 bp, Wheaton Precious Metals 5.6, Franco-Nevada 3.2, Kinross 2.6, IAMGOLD 2.3 and Barrick 2.2. That is 21.8 bp between them, almost exactly the 22.0 bp Shopify delivered alone, and the two together account for 43.8 bp of the index’s 52. Breadth underneath was close to total: 56 of the 60 materials names in the index rose, the only exceptions being Labrador Iron Ore Royalty at -2.50%, West Fraser Timber at -1.02%, CCL Industries at -0.89% and Nutrien at -0.24%.
What moved the tape
Thursday’s selloff was American. Yahoo Finance reported the S&P 500 down more than 4% and the PHLX Semiconductor Index down 12%, traced the trigger to the Democrats’ congressional win and to candidates in both parties campaigning against AI data centres, and reported Goldman Sachs estimating that about 45% of planned US data centre capacity faces possible restrictions. Friday took some back: Yahoo Finance reported the chip index up 4%, and our read of daily closes puts it at 9,390.25, up 4.21%, about 30% of Thursday’s fall recovered. AMD closed up 11.04% and Nvidia up 2.78%.
That fight is a US story, and the Canadian index has technology names in it. The domestic question that leaves is which TSX names carry AI exposure at all, which our ranking of Canadian AI stocks on measured AI exposure goes through name by name.
Whether Thursday was an overreaction is unsettled. Yahoo Finance reported that Yardeni Research called the selloff overdone, describing the political backlash as “speed bumps, not roadblocks”, and that Texas’s newly elected governor said already-permitted projects could finish construction. One research note and one incoming governor’s statement about projects already permitted do not retire the 45% estimate.
Gold equities were Friday’s other engine. The iShares S&P/TSX Global Gold Index ETF, our sector proxy, rose 3.01% to $55.70 while the December gold contract fell 0.93%. On our dated daily closes the proxy is up 14.30% over the three sessions from November 3, and it gained on Thursday as the Composite fell 2.03%. Which miners earn the most per ounce is the axis our ranking of Canadian gold stocks on margin rather than ounces is built on.
Jobs, the dollar and the December decision
Two labour reports landed the same morning and pointed different ways. Statistics Canada put the unemployment rate at 6.7%, up 0.2 percentage points from September, with employment little changed at down 4,700 and Alberta down 24,000 jobs. The US Bureau of Labor Statistics reported payrolls up 165,000 in October, unemployment “changed little at 4.1 percent”, and revisions adding 31,000 to September, to +60,000, and 53,000 to August, to +186,000. The Canadian dollar fell 0.79% to 0.7079 US the same day.
The Bank of Canada’s overnight rate is 2.50%, in effect since October 29 after the October 28 hike from 2.25%. One-month CORRA futures on the Montreal Exchange price 9.43 basis points of tightening into the December 9 decision, a 38% chance of a 25 basis point move, so a hike is priced as less likely than not. Canadian benchmark yields fell through the week, with Thursday’s readings the latest available at 3.17%, 3.39% and 3.67% across 2, 5 and 10 years.
Our read of the attribution: Friday’s gain came from one software name and a handful of gold miners, while financials at 35.22% of the index and industrials at 10.52%, 45.74% of it together, both subtracted. That was the morning the unemployment rate rose 0.2 percentage points and Alberta shed 24,000 jobs.
What comes next
Barrick Mining reports on Monday November 9 and Franco-Nevada on Wednesday November 11, both gold names inside Friday’s other engine. Statistics Canada publishes October CPI on Monday November 16, the input that moves the December 9 rate question. Nvidia reports on November 17, the next read on whether the AI capital spending behind the week’s argument is still coming.
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. Market, sector and single-stock figures are November 6, 2026 closing data. Index contributions are computed from the iShares S&P/TSX Capped Composite Index ETF holdings disclosure of November 5, 2026, and are percentage points of the index’s return. WTI is the NYMEX December contract settlement-window price. Canadian benchmark bond yields are the Bank of Canada’s November 5 readings, because that series lags one day.
