• TSX ends down 1.6%, at 29,777.82
• Posts lowest closing level since September 26
• Shopify falls 6.5% as costs hit margins
• Materials group loses 3.6% as gold falls

Nov 4 (Reuters) - Canada's main stock index fell to a near six-week low on Tuesday as high-flying technology and metal mining shares led broad-based declines.

The S&P/TSX composite index (.GSPTSE) , opens new tab ended down 497.24 points, or 1.6%, at 29,777.82 points, its lowest closing level since September 26.

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Wall Street's main indexes also declined after the CEOs of big U.S. banks warned of a market selloff, fueling worries of stretched tech valuations.

"Mining and technology have done so well that when you get a correction you are going to see them correct more," said Colin Cieszynski, chief market strategist at SIA Wealth Management.

The Toronto market's technology group lost 3.8%, with shares of Shopify Inc (SHOP.TO) , opens new tab down 6.5% as a surge in expenses related to research and development, and marketing crimped the e-commerce company's margins.

The materials group, which includes metal mining shares, was down 3.6% as the price of gold fell.

"You are seeing a pullback in risk appetite but you're not getting a rally in precious metals," Cieszynski said. "What is rallying is the U.S. dollar."

The U.S. dollar (.DXY) , opens new tab climbed to a three-month high against a basket of major currencies, benefiting from safe-haven demand.

Shares of Pet Valu Holdings (PET.TO) , opens new tab dropped 16.1% after the pet food retailer reported quarterly results.

Thomson Reuters (TRI.TO) , opens new tab reported higher third-quarter revenue and reaffirmed its full-year 2025 guidance. Still, shares of the content and technology company fell 5.6%.

Canada's budget shortfall will more than double this year as Prime Minister Mark Carney pours billions of dollars to fight U.S. tariffs, boost defense spending and diversify trade, his maiden budget proposal showed on Tuesday.

https://www.reuters.com/business/tsx-futures-slide-profit-taking-ahead-budget-proposal-2025-11-04/