FX.co ★ TSX Closes Marginally Lower on Monday

The S&P/TSX Composite Index experienced a slight decrease of 0.1%, closing at 31,483 on Monday. This dip was largely due to drops in the technology and energy sectors, which overshadowed gains in financial stocks. Investors were also processing new Canadian inflation statistics at the time. Notably, e-commerce leader Shopify fell by 2.6%, mirroring a similar decline among its U.S. counterparts, due to renewed concerns regarding the profitability and funding of extensive AI investments. Major energy companies, including Canadian Natural Resources, Suncor, Imperial Oil, and Cenovus, also saw declines ranging from 1.1% to 2.3%, as crude oil prices hit their lowest point since early 2021. Helping to mitigate some of the downward pressure, key financial institutions like RBC, TD Bank, and Manulife each posted gains of approximately 0.8%, thus cushioning the index’s overall fall. On the economic front, headline inflation remained steady at 2.2% in November, matching October's figures and falling slightly short of the projected 2.3%. Meanwhile, the Bank of Canada’s favored trim mean eased to a ten-month low of 2.8%, supporting the perspective that inflation is gradually aligning with the 2% target.