TSX Edges Higher on Tuesday

The S&P TSX Composite rose 0.7% to close at a record high of 33,257, extending recent gains as strength in technology and financials outweighed softer energy performance, while investors remained cautious ahead of key US economic data later in the week. Technology stocks led the advance, driven by a sharp rally in Shopify, which surged 7.4% after MoffettNathanson upgraded the stock to buy, citing improving execution and confidence in its AI driven commerce strategy. Financials were broadly firmer, with Bank of Montreal gaining 0.6% after announcing new leadership appointments within its capital markets division, while other major banks also posted modest gains. Materials were supported by selective strength in precious metals producers despite gold prices pulling back late in the session, following strong recent advances. In contrast, energy stocks lagged as oil prices slipped toward $64 per barrel, easing concerns around Middle East supply risks.

The S&P TSX Composite rose about 0.2% to trade above 33,050 on Tuesday, as investors largely stayed on the sidelines ahead of key US economic data due later in the week. Gold prices were mostly flat after strong gains in the previous session, leaving major miners mixed, while energy stocks also showed a mixed performance as oil prices steadied amid persistently elevated US–Iran tensions, sustaining concerns over potential Middle East supply disruptions. Shopify jumped nearly 5% as investors positioned ahead of earnings, supported by expectations of solid results, renewed confidence in its AI-driven commerce strategy, and broader strength across large-cap technology. On the corporate front, markets awaited earnings from Constellation Software and Intact Financial later in the day, with results from Great-West Lifeco, Manulife Financial, Shopify, Sun Life Financial, and Waste Connections due Wednesday.

Futures tracking Canada’s S&P/TSX Composite traded near the flatline on Tuesday, as investors refrained from taking large positions ahead of key US economic data due later in the week. Meanwhile, gold prices fell, retreating from strong gains in the previous session and weighing on mining stocks. In contrast, oil prices rose as tensions between the US and Iran remained elevated, sustaining concerns over potential supply disruptions in the Middle East and lending support to energy producers. On the corporate front, investors awaited earnings from Constellation Software and Intact Financial later in the day. Results from Great-West Lifeco, Manulife Financial, Shopify, Sun Life Financial, and Waste Connections are due on Wednesday.