FX.co ★ TSX Extends Record High

The S&P/TSX Composite Index saw a modest increase of 0.2%, reaching a new high of over 32,650 points on Monday. This rise was primarily driven by gold miners, which helped counterbalance a varied performance among energy sector players. Stocks in the precious metals sector took the lead, with Agnico Eagle, Barrick, and Wheaton Precious Metals experiencing gains ranging from 2.3% to 2.9%. This shift was largely due to investors seeking bullion as the US dollar weakened. The market was also reacting to news that the US Justice Department had subpoenaed Federal Reserve Chair Jerome Powell, raising concerns about potential political pressure on the Fed and thereby boosting demand for tangible assets. The energy sector saw mixed results; while geopolitical tensions involving Iran pushed crude prices higher, there was lingering uncertainty about North American energy supplies, including the likelihood of Venezuelan oil returning to the market. Concurrently, Canadian banks approached trading cautiously, with investors keeping a close eye on key US bank earnings expected this week, which are anticipated to provide insights into credit conditions and the broader North American financial landscape.