TSX Dips on Banks and Miners Losses
The S&P/TSX Composite Index fell more than 1.7% to close at 36,620 as rebounding oil prices renewed 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 that interest rates will remain higher for longer. RBC fell 1.5%, TD Bank lost 2.3%, and BMO shed 2.9%. Meanwhile, lower gold prices pressured heavyweight miners, with Agnico Eagle down 6%, Barrick losing 4.6%, and WPM shedding 5.7%. Technology stocks also posted heavy losses amid a major selloff in US chipmakers and hyperscalers. Celestica fell 6.8%, while Shopify lost 5.7%. Elsewhere, Cameco sank 7.7% after reporting a net loss in the third quarter of 2026 despite higher revenue. Imperial Oil gained 5.4% after beating profit estimates, while Canadian National Railway shed 0.5% despite also posting strong results. The TSX lost 0.7% on the week but gained 1.5% for the month.
The S&P/TSX Composite Index fell more than 1.7% to close at 36,620 as rebounding oil prices renewed 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 that interest rates will remain higher for longer. RBC fell 1.5%, TD Bank lost 2.3%, and BMO shed 2.9%.
Meanwhile, lower gold prices pressured heavyweight miners, with Agnico Eagle down 6%, Barrick losing 4.6%, and WPM shedding 5.7%. Technology stocks also posted heavy losses amid a major selloff in US chipmakers and hyperscalers. Celestica fell 6.8%, while Shopify lost 5.7%. Elsewhere, Cameco sank 7.7% after reporting a net loss in the third quarter of 2026 despite higher revenue.
Imperial Oil gained 5.4% after beating profit estimates, while Canadian National Railway shed 0.5% despite also posting strong results. The TSX lost 0.7% on the week but gained 1.5% for the month.