TORONTO / December 2, 2025 — The S&P/TSX Composite Index slipped about 0.3%, falling below the 31,300 mark on Monday as investors exercised caution ahead of major Canadian bank earnings and key U.S. economic releases this week, including the delayed September PCE report, all in anticipation of next week’s FOMC decision.

Tech stocks led the decline, with Shopify down over 4% and Constellation Software losing roughly 2%. Celestica tumbled more than 5%, hitting the bottom of the index.

Financial heavyweights also traded lower ahead of quarterly results, as banks continue to navigate reserve requirements amid persistent delinquencies.

Energy stocks provided some support to the market after oil prices climbed to one-week highs.

On the economic front, Canada’s manufacturing PMI dropped to 48.4 in November from 49.6 in October, signaling a modest deterioration and marking the tenth consecutive month of contraction in the sector.