The Canadian stock market concluded Tuesday on a weaker note, driven by notable declines in energy stocks as oil prices dropped for the third consecutive day amid uncertainties surrounding demand outlook.
Among the sectors facing significant losses were industrials, communications, and technology.
The S&P/TSX Composite Index maintained a downward trajectory throughout the session, ultimately closing with a decline of 83.63 points or 0.38%, settling at 22,042.50.
Hut 8 Corp (HUT.TO) experienced a steep plunge of over 8%, while Badger Infrastructure Solutions (BDGI.TO) saw a drop of 6.5%. Restaurant Brands International (QSR.TO), Precision Drilling Corporation (PD.TO), Onex Corporation (ONEX.TO), and Fairfax Financial Holdings (FFH.TO) each fell by 2% to 3%.
Canadian Pacific Kansas City (CP.TO) and Shopify Inc. (SHOP.TO) both ended the day nearly 2% lower. Other significant decliners included Boyd Group Services (BYD.TO), Morguard Corporation (MRC.TO), Kinaxis Inc. (KXS.TO), Toromont Industries (TIH.TO), and Canadian National Railway (CNR.TO).
On a positive note, Maple Leaf Foods (MFI.TO) surged by 8.7% following its announcement to spin off its pork segment, thereby creating two separate independent public companies.
Altus Group (AIF.TO) rallied almost 6%, while TerraVest Industries (TVK.TO) gained about 3.5%. Aritzia Inc. (ATZ.TO) advanced by 2.3%, with National Bank of Canada (NA.TO) and Dollarama Inc. (DOL.TO) rising by 1.5% and 1%, respectively.
In a Senate Banking Committee hearing, Federal Reserve Chair Jerome Powell stated that favorable economic data would bolster the central bank's confidence in inflation moving sustainably towards its 2% target, potentially leading to an interest rate cut.
"The Committee has indicated that it does not foresee it being appropriate to lower the target range for the federal funds rate until we have increased confidence that inflation is moving sustainably towards 2%," Powell remarked in prepared statements.
