2026.01.2714:51:35UTC+00TSX Struggles for Direction Ahead of BoC Decision

On Tuesday, the S&P/TSX Composite Index experienced modest fluctuations, hovering around the 33,100 level. Gains in the energy and financial sectors were counterbalanced by declines in technology stocks, as investors anticipated upcoming interest rate announcements from the U.S. Federal Reserve and the Bank of Canada. It is broadly expected that the Bank of Canada will maintain its policy rate at 2.25% during Wednesday's meeting, with the Federal Reserve also predicted to keep rates unchanged. Energy stocks drove the index upwards, notably as Cenovus experienced a rise of over 1.5% due to a rebound in oil prices. The financial sector also saw an uptick, led by Scotiabank, which increased by nearly 1%. However, the mining sector remained relatively stable despite higher gold prices, while the technology sector lagged, with major players Shopify and Constellation Software declining by about 1% and 2%, respectively.