Despite rising crude oil prices and better-than-expected U.S. new home sales data, Canadian equities started the new week on a negative note as investors awaited fresh earnings from major Canadian banks and key economic reports later in the week. After surging to new all-time highs for two consecutive sessions, the S&P/TSX Composite Index dived by 163 points, or 0.6%, on Monday to settle at 28,170.
Despite minor gains in some commodity-linked stocks, heavy losses in other key sectors such as healthcare, industrials, and financials pulled the broader market lower.
Top TSX Composite movers and active stocks
Pason Systems, Definity Financial, Bird Construction, and GFL Environmental were the worst-performing TSX stocks for the day, with each slipping by at least 2.8%.
Shares of Shopify (TSX:SHOP) also slipped 0.8% to $194.87 per share even after the Canadian e-commerce giant unveiled a major upgrade to its built-in fulfillment platform. The company’s new tools mainly integrate global carrier partnerships, bulk order processing of up to 250 shipments, and automated customs documentation.
Shopify expects these enhancements to simplify shipping, cut costs, and help merchants turn fulfillment into a competitive sales advantage. Despite the long-term growth potential of these updates, SHOP stock pulled back as broader market weakness and profit-taking in tech overshadowed this positive product news. On a year-to-date basis, the stock is still up 27%.
On the flip side, NovaGold Resources, Energy Fuels, SSR Mining, and G Mining Ventures climbed by at least 2.0% each, making them the day’s top-performing TSX stocks.
Based on their daily trade volume, Canadian Natural Resources, Manulife Financial, Cenovus Energy, Suncor Energy, and Enbridge were the five most active stocks on the Toronto Stock Exchange.
TSX today
Most commodity prices, especially crude oil, silver, and copper, fell sharply in early Tuesday trading, setting the stage for potential weakness in resource-linked TSX sectors at the open today.
While this may pressure the TSX at the open, attention will quickly turn to Canadian bank earnings, with Bank of Nova Scotia and Bank of Montreal set to report today.
On the economic data front, Canadian investors may want to keep an eye on the latest U.S. consumer confidence figures this morning.
Market movers on the TSX today
