FX.co ★ TSX Surrenders Record High

The S&P/TSX Composite Index declined by 0.2% to finish at 33,093 on Monday, retreating from record highs attained earlier that day. This slip was due to a downturn in the financial and technology sectors, which overshadowed the gains in gold mining stocks in the context of renewed trade uncertainties. Leading the retreat were major banks, with Royal Bank of Canada (RBC) and Canadian Imperial Bank of Commerce (CIBC) dropping 1.4% and 1.2%, respectively, while Shopify saw a 1.1% decrease, illustrating the sector's vulnerability to President Trump's renewed threat of imposing 100% tariffs on Canadian goods. Conversely, gold mining shares outperformed as spot gold prices surged to new heights. Agnico Eagle, Barrick Gold, Wheaton Precious Metals, and Franco-Nevada rose between 0.5% and 1.5%, driven by safe-haven demand amid heightened geopolitical tensions, especially concerning Greenland. Trade risks continued to add uncertainty to the market outlook as President Trump cautioned Ottawa against entering into a trade agreement with China. Additionally, declining oil prices exerted pressure on energy producers, complicating the index's overall performance.