FX.co ★ TSX Struggles for Direction

The S&P/TSX Composite Index experienced fluctuations between minor gains and losses, currently trading around the 31,100 level on Tuesday. This movement was driven by a recovery in tech stocks following a sharp decline the previous day, as investors anticipated a week filled with significant bank earnings reports. Notably, Shopify rebounded with a gain of over 2.5%, partially recuperating from a 6.3% drop on Monday caused by transaction processing issues for its merchants during Cyber Monday. Other tech players like Constellation Software and Celestica also performed well, registering gains of 1% and 2.2%, respectively. On the banking front, Bank of Nova Scotia rose approximately 1.2%, following stronger-than-expected fourth-quarter earnings attributed to robust capital markets and increased wealth-management fees. Investors are now looking ahead to the earnings releases from RBC, TD Bank, BMO, CIBC, and National Bank, all slated for later this week. On the downside, Wheaton Precious Metals declined by over 1%, leading to broader losses in the mining sector, while Suncor fell nearly 1%, impacting energy producers as both gold and oil prices faced downward pressure.