CANADA STOCKS-TSX pulls back from record intra-day high as Shopify slides

By Fergal Smith

TORONTO, Feb 11 (Reuters) - Canada's main stock index pulled back on Wednesday from an intra-day record high as declines for technology offset gains for commodity-linked stocks, but the move was limited ahead of expected fiscal stimulus globally this year.

The S&P/TSX composite index .GSPTSE ended down 2.64 points, or 0.01%, at 33,254.19, after earlier touching 33,693.39, which eclipsed the intra-day record high that was set on January 26. On Tuesday, the index posted a record closing high.

"There's so much fiscal stimulus coming into play in 2026 that stock markets are going to do really well this year," said Jay Bala, co-founder and senior portfolio manager at AIP Asset Management, adding that the commodity-linked nature of Canada's stock market will enable it to participate.

The U.S., Germany and Japan are among the major economies that could receive a fiscal boost.

"The only thing is you're going to have a lot of volatility as you go into trade negotiations," Bala said. "It will probably be more volatile than usual but at the end of the day everybody understands reality - trade will continue on one way or the other."

U.S. President Donald Trump is privately musing about exiting the United States-Mexico-Canada Agreement, a continental trade pact that has largely shielded Canada's goods from U.S. tariffs.

The technology sector <.SPTTTK fell 4.45%, with shares of Shopify Inc SHOP.TO down 7.03%. The e-commerce company projected quarterly revenue well above Wall Street expectations but its forecast of a drop in free cash flow margins spooked investors.

Real estate .GSPTTRE was also a drag, falling 2.9%, with shares of Allied Properties Real Estate Investment Trust AP_u.TO tumbling 27.83%. Heavily weighted financials .SPTTFS ended 1.29% lower.

The energy sector .SPTTEN rose 3.06% as the price of oil CLc1 settled 1.05% higher at $64.63 a barrel on Middle East tensions.

Gold XAU= and copper HGc1 prices also climbed. The materials group .GSPTTMT, which includes metal mining shares, added 2.25% and consumer staples .GSPTTCS ended 1.44% higher.