S&P/TSX Composite slides below 36,500 as bond yields rise
The S&P/TSX Composite Index fell more than 0.5% to trade below 36,500 on Tuesday amid rising global bond yields. Higher oil from renewed Middle East hostilities drove rate-hike expectations lower, pressuring financials and miners.
The S&P/TSX Composite Index fell more than 0.5% to trade below 36,500 on Tuesday amid rising global bond yields.
Renewed hostilities in the Middle East lifted oil prices, prompting markets to reassess expectations for interest rate hikes by central banks.
The BoC is expected to leave rates unchanged on Wednesday, while Canada’s 10-year yield reached a near two-week high.
Financial stocks traded mostly lower, while higher yields also weighed on gold prices, pressuring miners.
Agnico Eagle fell nearly 3%, while Barrick, WPM and Franco-Nevada lost about 2%.
Tech stocks extended losses, with Shopify down more than 3.5%.
In contrast, energy stocks gained, with Canadian Natural, Suncor and Cenovus adding around 2% each.