TSX Eases From Record High

The S&P/TSX Composite Index fell around 0.3% to below the 31,300 mark on Monday, easing from record highs as caution dominated trading ahead of major bank earnings and several key US economic releases this week, including the delayed September PCE report, all before next week’s FOMC decision.

Tech led the decline, with mega-cap Shopify down over 4% and Constellation Software losing around 2%, while Celestica dropped more than 5% to the bottom of the index.

Financial heavyweights also traded firmly in the red ahead of quarterly results as banks continue to grapple with reserve needs amid persistent delinquencies.

On the other hand, major energy producers offered some support after oil prices hit one-week highs.

Economically, Canada’s manufacturing PMI slipped to 48.4 in November from October’s 49.6, signalling a modest deterioration and extending the sector’s contraction into a tenth straight month.