TSX Composite slips 1.2% as global yields rise
S&P/TSX Composite fell 1.2% to close at 35,826 on Tuesday as global bond yields climbed. Renewed Middle East hostilities lifted oil and markets repriced rate-hike expectations, pressuring financials, miners and tech.
The S&P/TSX Composite Index fell 1.2% to close at 35,826 on Tuesday amid rising global bond yields.
Renewed Middle East hostilities lifted oil prices and prompted markets to reassess expectations for central bank rate hikes.
The BoC is expected to leave rates unchanged on Wednesday, while Canada’s 10-year yield reached a near two-week high.
Financial stocks declined, with TD Bank and BMO down 0.9% and National Bank losing 1.5%.
Higher yields also weighed on gold prices, pressuring miners.
Agnico Eagle fell 4.4%, Barrick and WPM declined 3.6% and Franco-Nevada shed 2.7%.
Tech stocks extended losses, tracking weakness on Wall Street amid soaring AI-related corporate debt issuance.
Shopify fell 4.7%, Constellation Software lost 2.8% and Celestica dropped 2.1%.
In contrast, energy stocks gained, with Canadian Natural rising 3.7%, Suncor and Cenovus up 3.5% and Imperial Oil adding 3%.