Canada’s main stock market slipped a little on Tuesday, mainly because tech shares fell, but the overall year still looks strong.
Overall market picture
The S&P/TSX Composite index closed at 31,866 points, down 0.1% for the day. Despite a third straight loss, the index is still on track for a roughly 29% rise this year – its best performance since 2009.
Tech stocks pull the index down
The technology sub‑index fell about 1.4%, dragging the broader market lower. Investors were cautious after a brief rally in tech shares earlier in the week.
Mining and energy stocks lift the market
Gold and silver prices rose as investors sought safety amid ongoing global tensions. The mining sector responded, with the gold sub‑index up 1% and the broader materials sector gaining 0.7%. Energy stocks also rose around 1.4%.
Year‑end rally looks muted
Typically, the last five trading days of the year see a “Santa Claus rally.” This year, the rally has been weaker, with many investors rebalancing portfolios as the year ends.
What’s next?
U.S. interest‑rate cuts were discussed but not yet confirmed, adding some uncertainty. Traders will watch how tech and commodity stocks perform in the final days of the year and into January.
Remember, this is just my view, not a prediction. Do your own research before making any investment decisions.