FX.co ★ TSX Tumbles at Week's Start

The S&P/TSX Composite Index experienced a decline of 0.8%, finishing at 30,076 on Monday, primarily due to a downturn in technology stocks as investors evaluated new economic data from Canada and the US. Canada's annual inflation decreased to 2.2% in October, while key metrics monitored by the Bank of Canada remained around 3%, suggesting that the central bank's rate cut cycle may be concluding. Leading the tech sector's losses was Shopify, which dropped by 3.9%, with Constellation Software and other growth stocks also under pressure, falling by 2.9%. Financial institutions and prominent mining companies underperformed as well, with notable firms such as BMO, Agnico Eagle, Brookfield, Manulife, and Wheaton Precious Metals each experiencing declines ranging from 1.3% to 2.5%. Now that the US government shutdown has ended, previously delayed US economic reports, including the employment data, are set to resume this week. These developments are expected to provide further insight into the Federal Reserve's stance and influence short-term market movements.