TSX Falls as Oil Rally Fuels BoC Rate Hike Bets
The S&P/TSX Composite Index fell more than 0.5% to hover near 35,500 on Friday as the oil rally continued to fuel inflation concerns, while technology stocks remained under pressure. Crude oil prices climbed amid escalating Houthi attacks on Saudi targets and reports of possible renewed US strikes against Iran. Canadian bond yields moved higher, with markets pricing in a Bank of Canada rate hike at its next meeting amid energy-driven inflationary pressures. Major Canadian banks posted losses, with RBC, TD Bank, BMO, Scotiabank and CIBC each down about 1%. Meanwhile, technology stocks remained under pressure as the rotation away from AI-related shares continued. Celestica extended its losses, falling more than 3.5% after plunging 12% in the previous session, while Shopify shed nearly 1%. Celestica is scheduled to report its third-quarter 2026 results on Monday. Elsewhere, gold prices fluctuated and silver fell, weighing on mining stocks.
The S&P/TSX Composite Index fell more than 0.5% to hover near 35,500 on Friday as the oil rally continued to fuel inflation concerns, while technology stocks remained under pressure. Crude oil prices climbed amid escalating Houthi attacks on Saudi targets and reports of possible renewed US strikes against Iran. Canadian bond yields moved higher, with markets pricing in a Bank of Canada rate hike at its next meeting amid energy-driven inflationary pressures. Major Canadian banks posted losses, with RBC, TD Bank, BMO, Scotiabank and CIBC each down about 1%.
Meanwhile, technology stocks remained under pressure as the rotation away from AI-related shares continued. Celestica extended its losses, falling more than 3.5% after plunging 12% in the previous session, while Shopify shed nearly 1%. Celestica is scheduled to report its third-quarter 2026 results on Monday. Elsewhere, gold prices fluctuated and silver fell, weighing on mining stocks.