RY 161.2 -1.8509% SHOP 138.97 -5.2176% TD 86.42 -0.9967% ENB 63.565 0.1024% BN 74.36 -4.0145% TRI 244.82 -0.9027% CNQ 43.695 -1.3211% CP 100.11 -2.4269% CNR 140.04 -1.8641% BMO 137.15 -1.267% BNS 68.325 -1.2645% CSU 4591.96 -1.5043% CM 80.13 -2.3043% MFC 44.03 -1.1672% ATD 69.99 -0.5683% NGT 68.92 -0.4478% TRP 68.76 -0.5064% SU 54.77 -0.9405% WCN 276.03 -0.4867% L 197.94 0.7226%
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Index Update: The S&P/TSX Composite Index ended down 378.05 points or 1.53% at 24,380.71. The index tumbled to a low of 24,249.96 in the final hour.
Macro Update: The Canadian central bank is widely expected to lower interest rate by 25 basis points, amid trade uncertainty with the U.S. If the rate cut happens, then it will be the seventh concecutive reduction by the central bank.
Top Movers: Technology stocks were the major losers. The Information Technology Capped Index closed down 3.64%. BlackBerry, Shopify, Celestica, Computer Modelling Group, Coveo Solutions, Docebo, Lightspeed Commerce, Descartes Systems Group and Constellation Software ended lower by 3 to 7%.
Our Stance: The index remains below its 21-period Simple Moving Average (SMA), reinforcing the prevailing downtrend and indicating continued selling pressure. Momentum indicators suggest a cautious outlook. The key support level to monitor is 24,100, aligning with a crucial horizontal trendline. Maintaining this level could provide a foundation for stabilization and potential recovery. However, a break below may accelerate losses, with additional downside targets at 23,900 and 23,700.
Commodity Update: The U.S. dollar weakened against the yen on Tuesday amid concerns about a potential U.S. economic slowdown and ongoing uncertainty surrounding the Trump administration's trade policies. Wall Street's persistent selloff added to the pressure. In commodities, gold rose by 0.01% to $2,901.30, silver increased by 0.12% to $32.56, and copper remained flat at $9,526.30. Brent crude dropped 0.70% to $68.77, nearing a three-year low due to fears of a global economic slowdown and escalating trade tensions. Trump's tariffs on China and retaliatory measures from Beijing further dampened market sentiment.
Technical Update: On Monday, the S&P/TSX Composite Index dropped by 378.05 points, or 1.53%, closing at 24,380.71. The decline was largely driven by weakness in the technology sector, which fell 3.64%, weighing heavily on overall market sentiment. The index remains below its 21-period Simple Moving Average (SMA), reinforcing the prevailing downtrend and indicating continued selling pressure. Momentum indicators suggest a cautious outlook, with the Relative Strength Index (RSI) at 36.62, nearing oversold territory. While this could lead to a short-term rebound, downside risks remain. The key support level to monitor is 24,100, aligning with a crucial horizontal trendline. Maintaining this level could provide a foundation for stabilization and potential recovery. However, a break below may accelerate losses, with additional downside targets at 23,900 and 23,700. Market sentiment remains fragile as investors closely watch macroeconomic developments and sector performance for further direction.
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