Futures tracking the S&P/TSX Composite Index declined on Tuesday, mirroring weakness in global equities amid a broad selloff in US technology names and lingering concerns over elevated interest rates. Investor sentiment toward North American tech stocks deteriorated as markets questioned whether hyperscalers’ aggressive, AI-related capital spending is supported by underlying fundamentals, prompting a wider pullback in risk assets. Shares of Shopify were poised to open sharply lower.
Gold prices also retreated, adding further pressure on mining stocks and extending the losses sparked by last week’s hawkish interest rate projections from the US Federal Reserve. At the same time, oil prices fell for a second consecutive session as supply worries eased on signs of progress in restoring shipments through the Strait of Hormuz. While the easing of energy supply risks reduced fears of renewed energy-driven inflation, it also weighed on energy shares.
