After a strong rally the week before, Canadian stocks slipped slightly to start the new week after U.S. president Donald Trump renewed pressure on the Federal Reserve, demanding immediate rate cuts, citing falling inflation and economic slowdown risks. The S&P/TSX Composite Index fell 184 points, or 0.8%, on Monday to settle at 24,009 — ending its five-day winning streak.
While rallying gold and silver prices pushed mining stocks higher, heavy losses in other key sectors, including healthcare, real estate, and technology, dragged the broader market into the red.
In a fiery social media post, Trump claimed “virtually no inflation” as energy and food prices declined and warned that failure to cut rates could slow the economy. He also criticized Fed Chair Jerome Powell as “Mr. Too Late,” alleging political bias during the last election.
Top TSX Composite movers and active stocks
Energy Fuels, Bausch Health, Denison Mines, and CES Energy Solutions were the worst-performing TSX stocks for the day, with each diving by at least 5.9%.
Shopify (TSX:SHOP) also fell 2.7% to $112.92 per share after a U.S. appeals court revived a proposed data privacy class action against the Canadian tech giant. According to a Reuters report, the court ruled that Shopify could face legal proceedings in California over allegations it collected personal data from state residents through tracking software installed during online purchases.
The decision challenges Shopify’s claim that it shouldn’t be sued in California because it operates broadly across jurisdictions. On a year-to-date basis, SHOP stock is now down 26%.
On the flip side, NovaGold Resources, Torex Gold, G Mining, and Orla Mining climbed by at least 2.1% each, making them the session’s top-performing TSX stocks.
Based on their daily trade volume, Canadian Natural Resources, TC Energy, Royal Bank of Canada, Cenovus Energy, and Calibre Mining were the five most active stocks on the exchange.
TSX today
Spot gold prices reached a fresh all-time high in early trading on Tuesday, which could lift TSX mining stocks at the open today.
While no major economic releases are due this morning, Canadian investors will continue to monitor developments in U.S. monetary policy and trade dynamics, which remain key drivers of sentiment.
On the corporate events side, the TSX-listed West Fraser Timber will release its latest quarterly earnings report today after the market closing bell. Bay Street analysts expect the Canadian wood products firm to post earnings of US$0.61 per share for the first quarter with revenue of US$1.54 billion.