TSX Futures Dip Tuesday as Gold Falls

Canada’s S&P/TSX Composite Index rose 0.6% to a fresh record 33,970 points on Tuesday, as tech and industrial gains offset financial weakness. Thomson Reuters surged 11.4% after partnering with Anthropic on AI tools. This helped technology and industrials rise 0.8% and 0.9%, respectively. Conversely, the financial sector faced pressure despite strong earnings. Scotiabank reported a jump in Q1 net income to $2.30 billion, yet shares fell 0.7% as traders weighed credit risks. Energy was mixed despite Whitecap Resources beating estimates, while gold miners like Agnico Eagle (1.5%) found late support. Sentiment remains cautious as a 10% US tariff took effect today, with investors now pivoting to upcoming results from BMO and RBC to gauge the resilience of Canada’s financial core.

Canada's S&P/TSX Composite Index retreated around 0.2% to 33,714 on Tuesday as a sell-off in gold miners outweighed optimism from the banking sector’s earnings kickoff. Despite the broader decline, the Bank of Nova Scotia rose 0.5% after reporting Q1 net income of $2.30 billion a significant surge from the previous year’s $993 million, which had been dampened by international divestment losses. Scotiabank's results provided a buffer as major miners like Agnico Eagle and Barrick Gold fell roughly 2% amid a retreat in bullion prices. While energy stocks remained mixed, Whitecap Resources buoyed the sector after exceeding quarterly estimates in its Monday after-hours report. Market sentiment remains cautious as traders navigate the implementation of a 15% US global tariff and simmering geopolitical tensions, even as crude oil prices hover near seven-month highs. Investors now pivot to upcoming results from BMO and RBC to gauge the resilience of Canada’s financial core.

Futures tracking the S&P/TSX Composite Index slipped Tuesday on pressure from mining stocks, while banks took the spotlight on the start of earnings season for the exchange's largest sector. The Bank of Nova Scotia reported Q1 net income of $2.30 billion, up from $993 million a year earlier, surging sharply as the prior year included an impairment loss of $1,355 million related to the announced sale of the banking operations in Colombia, Costa Rica and Panama. Meanwhile, oil prices rose, nearing seven-month highs and supporting energy shares. Also, Whitecap Resources beat estimates in its Monday after-hours results, while NexGen Energy is expected to release its Q4 2025 results soon.