The S&P TSX Composite Index experienced a decline of 1% to settle at 32,750 on Tuesday, pulling back from its previous record close of 33,090. This downturn was part of a broader global selloff initiated by renewed US threats of tariffs linked to the Greenland dispute. Investor sentiment waned due to concerns that intensifying trade tensions between the US and certain European partners could hinder global economic growth. Additionally, rising sovereign bond yields exerted further pressure on equities.
The information technology sector faced the most substantial losses, with Shopify experiencing a sharp drop of 6.6%. Health care stocks also underperformed following a 4.4% decline in Curaleaf's shares after the release of its preliminary quarterly results. Major banks weakened, mirroring trends among North American counterparts, which contributed to the index's downturn. On the contrary, gold and materials stocks emerged as strong performers, with bullion reaching new record highs due to geopolitical uncertainties. Energy stocks saw marginal gains, buoyed by oil prices inching closer to $60 per barrel.
