Tech Rally Stems TSX Decline as Shopify (SHOP) Leads Gains

Canadian stocks trimmed early losses on Monday, June 1, 2026, as a sharp rally in technology shares offset weakness in energy and financials. The S&P/TSX Composite Index slipped just 12 points, or 0.05%, to 24,832, after earlier falling as much as 0.6%. The S&P/TSX Technology Index surged 2.4%, driven by Shopify (SHOP) which jumped 4.7% following an analyst upgrade. Other tech names including Constellation Software (CSU) and Lightspeed (LSPD) also posted strong gains. The advance limited the market's downside as heavyweight energy stocks declined 1.2% on lower oil prices and financials dipped 0.3%. The tech sector's outperformance reflects continued demand for software firms amid AI-driven growth expectations.