FX.co ★ TSX Start Week in the Red

The S&P/TSX Composite Index experienced a 0.3% decline, closing at 24,150 on Monday, primarily due to decreasing energy prices and significant drops in major tech and financial stocks. Energy sectors led the downturn, notably with Cenovus falling by 2.1% in alignment with the declining crude oil prices. Similarly, technology and financial sectors faced substantial declines, with Shopify dropping 2.7% and Brookfield down by 3.5%. This mirrored the downturn on Wall Street, following intensified criticisms from U.S. President Donald Trump directed at Federal Reserve Chair Jerome Powell, alongside threats of his possible dismissal, which sparked concerns regarding the Fed's independence and unsettled global markets. Concurrently, tensions in international trade escalated as Trump issued new tariff threats and China responded by accusing the U.S. of trade abuses, further exacerbating fears over global economic growth. Within Canada, the final days of federal election campaigning contributed to investor wariness, as Prime Minister Mark Carney's commitments to tax reductions and increased infrastructure and defense investments hinted at potential shifts in fiscal policy.