On Tuesday, the S&P/TSX Composite Index experienced fluctuations between modest gains and losses, stabilizing around the 30,315 level. This performance struggled to maintain the progress from Monday, as robust performances in the energy and materials sectors balanced out the underperformance seen in technology stocks. Investors were cautiously optimistic about the potential resolution of the prolonged US government shutdown. The Senate succeeded in passing a bill on Monday night to end the longest shutdown in US history, alleviating concerns over delayed economic data and diminishing the political uncertainty that had troubled some Federal Reserve officials.
Leading the charge in the energy sector, Canadian Natural Resources rose over 1%, with Suncor, Imperial Oil, and Cenovus each posting gains of more than 0.5%. Additionally, the mining giants played a significant role in the day's upward trend. Meanwhile, the technology sector weighed on the market as Shopify declined approximately 1.5%, Constellation Software dropped around 2%, and Celestica fell over 3%. These declines were largely driven by continued caution in valuations concerning leading US AI companies.
