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TSX Falls as Banks and Miners Retreat

The S&P/TSX Composite Index fell more than 1% below 35,500 on Wednesday amid elevated oil prices and rising bond yields. Crude oil climbed on persistent risks to Middle Eastern energy flows, raising inflation concerns and reinforcing expectations of a prolonged higher-interest-rate environment. The move compounded the impact of higher US deficit spending on elevated domestic yields. Canadian sovereign bonds fell, further pressuring credit-sensitive stocks. RBC shed more than 1.5%, while TD Bank, BMO, Scotiabank and CIBC lost about 2% each. Markets are pricing in at least one 25-basis-point Bank of Canada rate hike by year-end. Meanwhile, gold prices declined, weighing on miners, with Agnico Eagle, Barrick, WPM and Franco-Nevada falling around 3% each. In contrast, energy producers gained as the oil rally resumed, with Suncor, Imperial Oil and Cenovus up more than 1% each.

SquawkNews Desk 1 updates Updated Oct 07, 2026, 02:13 PM UTC

Story updates

02:13:24 PM UTC
SquawkNews
This article was automatically generated by Dow Jones using technology from Automated Insights. Stocks in Canada fell during early trading Wednesday, as the S&P/TSX Composite Index dropped 1.3% to 35196.44. Among local companies with a market cap of at least 1 billion Canadian dollars ($701.6 million), Xanadu Quantum Techs is the biggest early laggard, plunging 6.8%, followed by shares of Snowline Gold, which plunged 5.8%. Shares of Energy Fuels plunged 5.6%. Pet Valu Holdings is the biggest leader this morning, rising 4.4%, and Extendicare rose 2.4%. Bausch Health rounds out the top three movers, as shares rose 2.3%. On the currency front, the WSJ Dollar Index increased 0.3% to 97.48. The Canadian dollar weakened 0.3% against the U.S. dollar to US$0.70. In the bond markets, the 10-year Canadian government bond yield increased 5.1 basis points to 3.975%. Data source: Dow Jones Market Data, FactSet (END) Dow Jones Newswires October 07, 2026 10:11 ET (14:11 GMT) Copyright (c) 2026 Dow Jones & Company, Inc. The statements in this document shall not be considered as an objective or independent explanation of the matters. Please note that this document (a) has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and (b) is not subject to any prohibition on dealing ahead of the dissemination or publication of investment research.

The S&P/TSX Composite Index fell more than 1% below 35,500 on Wednesday amid elevated oil prices and rising bond yields. Crude oil climbed on persistent risks to Middle Eastern energy flows, raising inflation concerns and reinforcing expectations of a prolonged higher-interest-rate environment. The move compounded the impact of higher US deficit spending on elevated domestic yields. Canadian sovereign bonds fell, further pressuring credit-sensitive stocks.

5%, while TD Bank, BMO, Scotiabank and CIBC lost about 2% each. Markets are pricing in at least one 25-basis-point Bank of Canada rate hike by year-end. Meanwhile, gold prices declined, weighing on miners, with Agnico Eagle, Barrick, WPM and Franco-Nevada falling around 3% each. In contrast, energy producers gained as the oil rally resumed, with Suncor, Imperial Oil and Cenovus up more than 1% each.