FX.co ★ TSX Edges Lower on Tuesday

The S&P/TSX Composite Index dropped marginally by 0.1%, concluding the day at 30,037 on Tuesday. This movement aligns with a generally subdued global market, as investors held back, anticipating upcoming economic data from the US and earnings reports from AI industry leader Nvidia. Nvidia's report is particularly anticipated for insights into AI investment trends and datacentre demand—key factors that boosted North American markets earlier this year but faced scrutiny last week. Market sentiment further dimmed with the decreasing likelihood of an imminent rate cut by the Federal Reserve. The technology and financial sectors led the downturn, although a recovery in gold prices offered some respite to major mining companies, which had experienced sell-offs in the previous session. Politically, Prime Minister Mark Carney narrowly passed a significant hurdle when Parliament approved his initial budget proposal on Monday, thus avoiding the possibility of a second election within a year. The budget plan, which doubles the fiscal deficit to counteract US tariffs, allocates new funding for defense and housing initiatives, although it was met with cautious indifference by investors.