05.12.202519:37:41UTC+00TSX Pulls Back from Record High and Weekly Gains

The S&P/TSX Composite Index experienced a decline of approximately 0.6% on Friday afternoon, dipping below the 31,300 mark. This fall comes after a volatile week, ultimately closing with a 0.3% decrease as investors assessed robust Canadian employment data, which lessened the likelihood of additional interest rate cuts by the Bank of Canada. Despite an unanticipated drop in unemployment to its lowest level in 16 months, a significant portion of the job growth was in part-time positions, highlighting limited economic slack and bolstering the case for the Bank of Canada to maintain steady monetary policy. The downturn was widespread, with Shopify and Agnico Eagle each decreasing by 2.6%, Imperial Oil down by 2.6%, Suncor slipping 2.1%, and Cameco leading the losses with a 3.9% drop. Conversely, financial institutions performed well; TD Bank and BMO both rose by about 1.0% following positive earnings reports, which had previously buoyed the market to reach record highs.