TSX Falls as Shopify and Miners Post Losses
The S&P/TSX Composite Index fell 0.7% to close at 35,532 on Tuesday, as losses in Shopify and mining stocks dragged down the benchmark. Shopify plunged 8% after its earnings report showed slower-than-expected growth in gross merchandise volume and subscription revenue. Miners reversed earlier gains as gold, silver and copper prices declined. Agnico Eagle fell 1.8%, while Barrick lost 2.2%. Elsewhere, Thomson Reuters sank 9% amid concerns that higher AI-related spending could weigh on profits. Most major banks were subdued, while a slight recovery in oil prices renewed concerns about energy-driven inflation. Meanwhile, BoC Governor Macklem sought to reassure markets that the government’s existing spending plans were not adding to inflationary pressures. His comments came as the government prepared to unveil its budget on Thursday. The budget’s gap is expected to amount to about 2% of GDP.
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The S&P/TSX Composite Index fell 0.7% to close at 35,532 on Tuesday, as losses in Shopify and mining stocks dragged down the benchmark. Shopify plunged 8% after its earnings report showed slower-than-expected growth in gross merchandise volume and subscription revenue. Miners reversed earlier gains as gold, silver and copper prices declined. Agnico Eagle fell 1.8%, while Barrick lost 2.2%.
Elsewhere, Thomson Reuters sank 9% amid concerns that higher AI-related spending could weigh on profits. Most major banks were subdued, while a slight recovery in oil prices renewed concerns about energy-driven inflation. Meanwhile, BoC Governor Macklem sought to reassure markets that the government’s existing spending plans were not adding to inflationary pressures. His comments came as the government prepared to unveil its budget on Thursday.
The budget’s gap is expected to amount to about 2% of GDP.