FX.co ★ TSX Pulls Back from Record High

The S&P/TSX Composite Index declined by 0.9%, closing at 31,102 on Monday. This downturn comes as investors displayed caution ahead of major bank earnings and significant U.S. releases this week, including the delayed September Personal Consumption Expenditures (PCE) report, all preceding next week’s Federal Open Market Committee (FOMC) decision. The technology sector led the decline, highlighted by a 6.3% drop in Shopify's shares after its merchants faced transaction processing issues during Cyber Monday, a pivotal day in e-commerce. Constellation Software also saw its shares slip by 1.9%, while Celestica suffered a 7.3% fall, marking the lowest point in the index. Financial sector stocks were down as well, as banks anticipate forthcoming quarterly results and manage reserve requirements amidst persistent loan delinquencies. Conversely, the energy sector provided some lift, buoyed by oil prices hitting their highest level in a week. Meanwhile, Canada’s manufacturing Purchasing Managers' Index (PMI) fell to 48.4 in November from 49.6 in October, indicating a modest deterioration and marking the tenth consecutive month of contraction in the sector.