04.11.202521:03:57UTC+00TSX Plunges to 1-Month Low

The S&P/TSX Composite Index experienced a decline of 1.6% on Tuesday, closing at a one-month low of 29,778. This downturn was primarily driven by significant losses in the commodity sector, following hawkish remarks from the Bank of Canada's Governor, Tiff Macklem. The mining sector experienced substantial pressure, with Barrick Gold Corporation slumping by 3.9%, leading to a broader decline among gold-related stocks. Similarly, Teck Resources saw a drop of 3.7% due to falling gold and copper prices. Canadian Natural Resources also decreased by 1.5% alongside a dip in oil benchmarks. The technology sector, known for its sensitivity to interest rates, also lagged, with Shopify plummeting by 6.8% after its third-quarter results did not meet investor expectations, though its revenue and gross merchandise volume showed strength. Constellation Software fell by 5%, influenced by renewed hawkish sentiment after Macklem suggested that interest rates might have reached their lower limit, coupled with a pause in the US tech rally. Thomson Reuters saw a decline of 3.8%, notwithstanding its announcement of increased third-quarter revenue and reaffirmation of its full-year 2025 outlook.