FX.co ★ TSX Dips from Records

The S&P/TSX Composite Index fell by 0.3%, ending the day at 26,210 on Thursday, after reaching a record high the day before. Unlike its U.S. counterparts, the index showed suboptimal performance, largely due to its smaller proportion of technology stocks. In a recent development from the U.S. judiciary, a federal court determined that former President Trump overstepped his authority with the imposition of "reciprocal" tariffs, subsequently ordering their removal. However, these tariffs were reinstated by an appeals court on Thursday, and the administration indicated plans to potentially request a stay from the Supreme Court regarding the lower court's decision. The Canadian stock market's benchmark index was further dragged down by a decline in the financial sector, which had previously experienced gains. RBC saw a decline of 3.3% following an underperformance in its second-quarter earnings report, negatively impacting the stocks of TD Bank and National Bank as well. Similarly, CIBC saw a decline post-earnings announcement. On the other hand, Shopify experienced a modest increase of 0.3%, boosted by a positive wave in the global tech sector driven by Nvidia's impressive earnings results.