TSX Struggles at Week's Start

The S&P/TSX Composite Index fell 0.5% to close at 31,170 on Monday as energy and mining weakness outweighed gains in tech ahead of policy decisions by the Bank of Canada and the Federal Reserve.

Energy led the decline with Imperial Oil and Cenovus down about 2% as oil prices slipped more than 2%, while major miners Agnico Eagle and Barrick fell 2.2% and 2.3% respectively.

By contrast data-centre supplier Celestica surged 5.1% to lead the index higher.

Stronger-than-expected Canadian employment reinforced market bets that the Bank of Canada will hold rates on Wednesday, with traders pricing a more than 90% probability of a hold and pushing the next hike into 2026.

The Federal Reserve is widely expected to cut in December, yet lingering uncertainty about the 2026 policy path kept investors cautious.