The S&P/TSX Composite Index hovered just below the 31,180 level on Thursday as it struggled to maintain the record highs achieved the previous day. This came as markets anticipated an increased likelihood of a Federal Reserve interest rate cut in December during a quieter session, with U.S. markets closed for Thanksgiving. Delays in U.S. Census and Bureau of Labor Statistics reports highlighted weaker U.S. economic activity, prompting several Federal Open Market Committee members to advocate for policy easing in the coming month. This potential policy shift fueled the week's market rally, though investors remained cautious. Notably, major mining companies such as Agnico Eagle, Barrick, and Wheaton Precious Metals saw declines of over 0.6% as gold prices fell. Meanwhile, technology firms and energy producers experienced gains, helping to cushion the overall index's decline.
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