TSX Declines From Record High Amid AI Chip Rally, Bank Earnings

By EC Assets · Published 27 May 2026 · Updated 28 May 2026

The S&P/TSX Composite Index retreated by 177.02 points, or 0.5%, closing at 34,653.87. This decline followed the index reaching a record high in the prior trading session. The market movement occurred amid a rally in artificial intelligence (AI) memory chips and Canadian bank earnings reports. Losses in the technology sector contributed to the TSX's pullback. TSX futures hovered around a flatline earlier in the day. The Toronto Stock Exchange lists National Bank of Canada. SK Hynix shares increased more than 12% on Wednesday. This pushed the company into the $1 trillion club as the AI memory chip rally accelerated. Micron also joined this club. Lumentum Holdings is experiencing a transformative phase due to strong AI demand and significant investments, including a multiyear deal. Scotiabank delivered an earnings beat for its second quarter. Following these results, shares of the bank edged up 0.62% in pre-market trading. Snowflake announced its Q1 2027 earnings on May 27, 2026. The ASX is set for a subdued start, with futures down 6 points, or 0.07%, at 9:15 am AEST on Wednesday. Investors are balancing another strong night for US markets. This article is intended for informational purposes only. It does not constitute investment advice.