04.11.202515:35:09UTC+00TSX Tumbles on Tuesday

On Tuesday, the S&P/TSX Composite Index experienced a decline of approximately 1%, dipping below the 30,000 threshold. This downturn was chiefly driven by significant losses among commodity producers as markets reacted to the latest assertive statements by Bank of Canada Governor Tiff Macklem. In particular, substantial losses were observed in the mining sector: Barrick Mining fell more than 3%, leading bullion miners downward, while Teck Resources also experienced a drop exceeding 3%, pulling base metal equities down as gold and copper prices decreased. In the energy sector, Canadian Natural Resources saw a decline of over 2%, following a dip in oil prices. Additionally, technology stocks sensitive to interest rate movements were impacted; Shopify saw a decrease of 1.7%, and Constellation Software fell by 2.4%. These losses were exacerbated by Macklem's indication that interest rates might have reached their current low point, especially with the concurrent pause in the US tech rally.