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Daily Markets Update: Tech Selloff Deepens, TSX Holds Steady Near 35,000 — Monday, June 29, 2026

  Global equity markets closed Friday, June 27 with a familiar story: technology stocks under pressure, energy shares retreating on easing Middle East supply fears, and the Toronto Stock Exchange managing to hold its ground better than most. Here is what happened across every major market and what Canadian investors should be watching this week. 🇨🇦 Canada — TSX Composite Index Close (Jun 27) Change S&P/TSX Composite 34,980 ▲ +0.4% The S&P/TSX Composite rose 0.4% on Friday to close at 34,980, supported by strength in the mining and technology sectors. Mining shares climbed on higher gold prices, helped by a weaker U.S. dollar and softening expectations of further Federal Reserve rate hikes following the latest U.S. PCE inflation data. Canada and Japan also advanced cooperation on mining projects, including potential joint stockpiling discussions. Barrick Gold gained 1.6%, while Franco-Nevada rose 2.3%. On the tech side, Shopify surged 4.6% — backed by its Spring '26 produc...
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Anticipation and Reaction to Fed’s Rate Decision

 


As investors braced for the U.S. Federal Reserve’s decision, North American stock markets experienced a mixed close. The Fed maintained its key interest rate at 5.25%-5.50%, leaving the future of rate cuts uncertain. Despite this, the S&P 500 and Nasdaq dipped, while the Dow Jones and S&P/TSX Composite saw modest gains.

Fed Chair Jerome Powell’s press conference offered a glimmer of hope as he dismissed the likelihood of an immediate rate hike, causing a surge in market optimism. He acknowledged the persistent issue of inflation but expressed confidence in the progress towards the 2% target.

The labor market showed signs of normalization, with job openings at a three-year low2. Meanwhile, the earnings season is more than halfway through, with a majority of S&P 500 companies surpassing consensus expectations.

In the corporate landscape, AMD’s AI chip sales forecast led to a 9% drop in its shares, while Amazon’s AI-driven cloud growth pushed its stock up by 2.2%. Johnson & Johnson plans to proceed with a multi-billion-dollar lawsuit settlement, and Starbucks faced a significant sales forecast cut.

The energy sector took a hit due to falling oil prices and a potential Middle East ceasefire, while uranium miners saw a boost from a U.S. ban on Russian imports. Canadian manufacturing activity continued to contract, reflecting ongoing economic challenges.

In summary, the market’s response to the Fed’s decision was a complex interplay of anticipation, relief, and sector-specific movements, highlighting the intricate dynamics of financial markets.

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