FX.co ★ TSX Slips for the 2nd Straight Session

On Thursday, the S&P/TSX Composite Index declined approximately 0.4%, falling below the 29,650 level. This dip comes after the index reached a record high on Tuesday, prompted by robust U.S. economic data, which has reshaped expectations for the extent of the Federal Reserve's easing this year. The revised U.S. GDP growth for Q2 was adjusted upward to 3.8% from the previous estimation of 3.3%. Concurrently, initial jobless claims plummeted to their lowest levels since July, durable goods orders exceeded forecasts, and the goods trade deficit narrowed more significantly than anticipated. These outcomes negatively impacted rate-sensitive technology stocks, with major companies such as Shopify and Constellation Software experiencing declines of over 3% and 5%, respectively. Similarly, significant financial stocks saw notable declines. In a separate development, Canada has announced intentions to secure duty-free access for up to 95% of its exports to Indonesia within the next eight to 12 months as part of Ottawa's strategy to diversify trade relationships. Domestically, Statistics Canada revealed that payroll employment rose by 21,600 in July, marking a 0.1% increase, following a 0.1% decrease of 9,100 in June.