TSX rises as tech and finance stocks lead, Shopify jumps nearly 8%

What Happened

TSX climbs 0.57% to 36,009.40 as tech and finance shares pull the index higher. The technology sub‑index jumped 2.96%, helped by a rally in AI‑related stocks and a lift from Wall Street where Advanced Micro Devices led gains.

Reaction

Angelo Kourkafas, senior global strategist‑investment strategy at Edward Jones, said the tech sector is driving the move and highlighted Shopify as a major beneficiary, noting that mega‑cap tech is reasserting leadership. Shopify, Canada’s third‑largest firm, rose 7.8% and rival Blackberry added 7%. The financials index, which holds the big banks and insurers, climbed 1.4%. Bank of Canada Governor Tiff Macklem warned that new US tariffs could push fourth‑quarter growth below 1%, adding that slower growth may ease inflation but the Middle East conflict could lift prices as oil spikes.

Outlook

Oil settled at the $100‑a‑barrel psychological level, prompting a 2.5% drop in heavyweight energy stocks and a 0.7% slip in the broader mining index. Investors are awaiting retail sales data later in the week for clues on consumer spending amid rising inflation fears.