TSX Closes Sharply Lower

2026-03-03 21:04 By Felipe Alarcon 1 min. read

Canada’s S&P/TSX Composite Index plunged 2.2% to close at 33,785 on Tuesday, reeling from a global flight to safety as the Middle East conflict threatened a massive inflationary shock.

The index plummeted nearly 4% at its intraday lows before paring some losses after President Trump’s pledge to provide naval escorts and insurance for tankers in the Strait of Hormuz calmed immediate supply panic.

This intervention pulled crude off its daily peaks, yet the resulting spike in bond yields still hammered interest-sensitive banks, with RBC and Scotiabank dropping 1.7% and 2.8% respectively.

The mining sector was decimated as Agnico Eagle and Wheaton Precious Metals plunged over 8% following a sharp retreat in bullion.

While Shopify bucked the trend with a 2.1% gain after its AI showcase, the broader market remains paralyzed by logistical risks and the threat of prolonged energy disruptions.



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TSX Closes Sharply Lower
Canada’s S&P/TSX Composite Index plunged 2.2% to close at 33,785 on Tuesday, reeling from a global flight to safety as the Middle East conflict threatened a massive inflationary shock. The index plummeted nearly 4% at its intraday lows before paring some losses after President Trump’s pledge to provide naval escorts and insurance for tankers in the Strait of Hormuz calmed immediate supply panic. This intervention pulled crude off its daily peaks, yet the resulting spike in bond yields still hammered interest-sensitive banks, with RBC and Scotiabank dropping 1.7% and 2.8% respectively. The mining sector was decimated as Agnico Eagle and Wheaton Precious Metals plunged over 8% following a sharp retreat in bullion. While Shopify bucked the trend with a 2.1% gain after its AI showcase, the broader market remains paralyzed by logistical risks and the threat of prolonged energy disruptions.
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Canada’s S&P/TSX Composite Index plunged over 2.5% to below the 33,650 on Tuesday, driven by a global flight from risk as the escalating Middle East conflict threatens a massive inflationary shock to the world economy. While the death of Iran’s Supreme Leader and strikes on Persian Gulf energy hubs sent Brent crude soaring over 7%, the resulting spike in bond yields has hammered interest-sensitive sectors. Canada’s major lenders, including RBC and TD Bank, dropped nearly 2% as rising credit costs overshadowed the boost to energy giants like Suncor and Enbridge. The rout extended heavily into the mining sector, where Agnico Eagle and Wheaton Precious Metals fell over 6% tracking bullion prices lower. Tech heavyweight Shopify also slid over 3%, reflecting broader pressure on high-growth names.
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TSX Futures Dip as Middle East Conflict Drives Global Selloff
Futures tracking the S&P/TSX Composite Index fell on Tuesday as a global stock selloff deepened amid a widening Middle East conflict. Iran targeted energy infrastructure in UAE, Qatar, and Saudi Arabia, and announced it would strike vessels crossing the Strait of Hormuz, triggering surges in energy commodities that fueled inflation concerns. Banks led the losses amid the plunge in Canadian bonds and its impact on credit activity, with RBC, TD Bank, and BMO set to open lower. Energy stocks gained support from higher oil prices. On Monday's after-hours trading, Capstone Copper reported Q4 profit below estimates.
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