TSX Falls as Oil Rebound Revives Inflation Fears
The S&P/TSX Composite Index fell more than 1% to below 36,000 as oil prices rebounded, renewing inflation concerns. Crude rose after a tanker attack in the Strait of Hormuz underscored supply risks. Energy-driven inflation concerns have weighed on major banks since the start of the US-Iran war, raising the risk of interest rates staying higher for longer. TD Bank, BMO and National Bank fell more than 1%. Meanwhile, lower gold prices pressured heavyweight miners, with Agnico Eagle and Barrick down over 4% and Wheaton Precious Metals shedding nearly 5%. Elsewhere, Cameco sank 11% after reporting a net loss in the third quarter of 2026 despite higher revenue. Imperial Oil edged lower despite beating profit estimates, while Canadian National Railway gained nearly 1.5% after also posting strong results. The TSX was on track to close nearly flat for the week and gain more than 1.5% for the month.
The S&P/TSX Composite Index fell more than 1% to below 36,000 as oil prices rebounded, renewing inflation concerns. Crude rose after a tanker attack in the Strait of Hormuz underscored supply risks. Energy-driven inflation concerns have weighed on major banks since the start of the US-Iran war, raising the risk of interest rates staying higher for longer. TD Bank, BMO and National Bank fell more than 1%.
Meanwhile, lower gold prices pressured heavyweight miners, with Agnico Eagle and Barrick down over 4% and Wheaton Precious Metals shedding nearly 5%. Elsewhere, Cameco sank 11% after reporting a net loss in the third quarter of 2026 despite higher revenue. Imperial Oil edged lower despite beating profit estimates, while Canadian National Railway gained nearly 1.5% after also posting strong results. The TSX was on track to close nearly flat for the week and gain more than 1.5% for the month.