TSX Slips as Tech and Gold Stocks Decline

The S&P/TSX Composite Index fell 0.1% to close at 33,913 on Thursday, weighed down by declines in mining and technology stocks. Gold prices retreated on renewed inflation fears and concerns over prolonged high interest rates, as oil prices rose amid fresh Middle East tensions. Agnico Eagle lost 2.2%, Barrick Gold shed 1.1%, and Wheaton Precious Metals dropped 2%. Technology stocks also declined, with Shopify and Constellation Software both falling 5.7%, and Open Text down 4.9%, as weak first-quarter results from US software firms dampened sentiment. On the upside, Waste Connections surged 8.3% after beating first-quarter revenue estimates. Miner Teck Resources rose 2.9% after exceeding first-quarter profit forecasts, aided by higher copper prices and record sales.

The S&P/TSX Composite Index traded near flat around 34,000 on Thursday as Iran tightened its grip on the Strait of Hormuz, renewing shipping concerns with no sign of resumed peace talks. On Wednesday, Iran captured two ships attempting to exit the Strait and demanded the US lift its naval blockade, which remains in effect despite US President Trump's indefinite ceasefire extension. Oil prices rose, fueling fears of energy-driven stagflation and potential rate hikes. Major bank shares, including Royal Bank of Canada and BMO, were muted. Gold fell, pressuring mining stocks; Agnico Eagle lost nearly 1%. In other news, Waste Connections surged over 6% after reporting Q1 2026 earnings above expectations on Wednesday. Fairfax Financial, down 0.1%, is scheduled to release results today. In contrast, energy producers gained on rising oil prices, with Canadian Natural up nearly 1%.

Futures tracking the S&P/TSX Composite Index edged down on Thursday as Iran tightened its grip on the Strait of Hormuz, renewing shipping concerns with no sign of resumed peace talks. On Wednesday, Iran captured two ships attempting to exit the Strait and demanded the US lift its naval blockade, which remains in effect despite President Trump's indefinite ceasefire extension. Banks are set to open lower amid fears of energy-driven stagflation and potential rate hikes. Gold fell, pressuring mining stocks. In other news, Waste Connections reported Q1 2026 earnings above expectations after the bell on Wednesday, while Fairfax Financial is scheduled to release results today.