FX.co ★ TSX Swings Between Gains and Losses

The S&P/TSX Composite Index experienced fluctuations on Monday, hovering around the 31,310 mark as gains in tech stocks were offset by declines in the energy sector. The energy sector saw a downturn, with Enbridge declining by over 1%, and both Imperial Oil and Cenovus dropping approximately 1%, driven by a more than 1% fall in oil prices. Major mining companies also saw their shares decrease in value. On the other hand, the technology sector provided some support, with notable gains from Shopify, Constellation Software, and Celestica, which rose around 1%, 1.5%, and 2.5%, respectively. Meanwhile, the stronger-than-anticipated Canadian employment figures strengthened expectations that the Bank of Canada will maintain current interest rates during their meeting on Wednesday, with markets estimating a more than 90% likelihood of no change, and the next rate hike forecasted for 2026. In the United States, while there is a strong consensus that the Federal Reserve will implement a rate cut in December, concerns about the 2026 financial policy trajectory kept investor sentiment subdued.