The S&P/TSX Composite Index slipped 0.2% to close at 34,412 on Tuesday, pressured by declines in the mining, energy, and technology sectors. Mining stocks fell as gold prices weakened amid expectations that the Federal Reserve will maintain a hawkish policy stance. Agnico Eagle eased 1.9%, Barrick Gold declined 1.4%, and Wheaton Precious Metals dropped 2.6%.
Energy names also retreated as oil prices pulled back after Israel and Iran agreed to halt attacks following a renewed flare-up in hostilities. Canadian Natural Resources fell 3.6%, while Suncor Energy lost 3%.
In technology, Shopify slipped 0.5% and Celestica dropped 4.9%. A spate of new equity offerings from companies looking to raise capital to fund AI-related investments stoked concerns about whether demand will be sufficient to absorb the additional supply and how that might affect valuations.
Investors were also focused on the Bank of Canada’s policy announcement due Wednesday, with policymakers widely expected to leave interest rates unchanged.
