FX.co ★ TSX Tracks US Peers Lower

The S&P/TSX Composite Index experienced a decline of approximately 0.4%, slipping below the 30,000 mark on Tuesday. This performance mirrored subdued trends in other markets, as global investors exercised caution in anticipation of key U.S. economic data and the forthcoming earnings report from AI industry leader Nvidia. The Nvidia report is anticipated to provide further insights into AI spending and datacenter demand, factors that have bolstered North American equities this year but encountered notable pressure last week. Investor sentiment was also dampened by decreasing expectations for an imminent rate cut by the Federal Reserve. The technology and financial sectors led the downturn, with major players such as Shopify and CIBC each seeing a near 2% drop. On a brighter note, a recovery in gold prices offered some support to leading mining stocks, most of which had recorded losses in the previous session.