TSX Volatile Following Post-US Elections Rally
The S&P/TSX Composite Index fluctuated around 36,000 on Thursday, following Wednesday’s rally after the US midterm election results. The Democrats’ gains give them a stronger platform to challenge President Trump’s trade policies. However, they still lack the votes needed to override a presidential veto on efforts to reverse tariffs or revoke trade authorities. Among major exporters, Enbridge gained 1%, while Nutrien rose more than 0.5% despite missing profit expectations. In contrast, Magna International fell more than 0.5%, and BRP edged lower. Major banks traded mostly near flat as a rebound in oil prices renewed concerns about energy-driven inflation. Technology stocks underperformed, with Shopify falling nearly 5% and Celestica tumbling 6.5% amid a broader tech sell-off on Wall Street. Elsewhere, Canadian Natural rose 1.5% after beating third-quarter profit estimates, supported by higher crude prices and stronger production. Mining stocks also advanced amid higher gold prices.
The S&P/TSX Composite Index fluctuated around 36,000 on Thursday, following Wednesday’s rally after the US midterm election results. The Democrats’ gains give them a stronger platform to challenge President Trump’s trade policies. However, they still lack the votes needed to override a presidential veto on efforts to reverse tariffs or revoke trade authorities. Among major exporters, Enbridge gained 1%, while Nutrien rose more than 0.5% despite missing profit expectations.
In contrast, Magna International fell more than 0.5%, and BRP edged lower. Major banks traded mostly near flat as a rebound in oil prices renewed concerns about energy-driven inflation. Technology stocks underperformed, with Shopify falling nearly 5% and Celestica tumbling 6.5% amid a broader tech sell-off on Wall Street. Elsewhere, Canadian Natural rose 1.5% after beating third-quarter profit estimates, supported by higher crude prices and stronger production.
Mining stocks also advanced amid higher gold prices.