TSX Edges Up as Oil Eases

2026-05-05 14:03 By Isabela Couto 1 min. read

The S&P/TSX Composite edged higher to trade above 33,500 on Tuesday, as oil prices declined but remained elevated amid ongoing Middle East tensions.

The US and Iran launched fresh attacks in the Gulf on Monday, intensifying their standoff over the Strait of Hormuz.

The prospect of softer energy prices eased concerns about broad inflation, supporting banks and the broader index.

Royal Bank of Canada and TD Bank edged higher.

Gold prices rose, lifting miners, with Barrick (+1.0%) and Wheaton Precious Metals (+1.0%) advancing.

Cameco (+2.8%) gained after reporting higher Q1 earnings and EBITDA, driven by stronger uranium and fuel sales.

Meanwhile, Shopify sank 10% despite beating Q1 revenue estimates and reporting a rise in gross profit to $1.54 billion from $1.16 billion a year earlier, as net income fell short.

Suncor Energy (+0.3%) is set to report earnings after the close.



News Stream
TSX Slips on Middle East Tensions and Shopify Drop
The S&P/TSX Composite Index fell 0.2% to close at 33,567 on Tuesday, amid ongoing Middle East tensions and a wave of corporate earnings. The US and Iran launched fresh attacks in the Gulf, intensifying their standoff over the Strait of Hormuz. Meanwhile, Shopify plunged 10% despite beating Q1 revenue estimates and reporting higher gross profit, as net income disappointed, while Cameco dropped 3.1%, trimming earlier gains after strong results. In contrast, banks advanced as oil prices eased despite geopolitical risks, with softer energy costs helping to temper inflation concerns, as Royal Bank of Canada rose 0.3% and BMO gained 0.7%. Gold prices increased, supporting miners, with Barrick (+1.1%) and Wheaton Precious Metals (+1.0%) higher. Suncor Energy (+1.9%) is set to report earnings after the close.
2026-05-05
TSX Edges Up as Oil Eases
The S&P/TSX Composite edged higher to trade above 33,500 on Tuesday, as oil prices declined but remained elevated amid ongoing Middle East tensions. The US and Iran launched fresh attacks in the Gulf on Monday, intensifying their standoff over the Strait of Hormuz. The prospect of softer energy prices eased concerns about broad inflation, supporting banks and the broader index. Royal Bank of Canada and TD Bank edged higher. Gold prices rose, lifting miners, with Barrick (+1.0%) and Wheaton Precious Metals (+1.0%) advancing. Cameco (+2.8%) gained after reporting higher Q1 earnings and EBITDA, driven by stronger uranium and fuel sales. Meanwhile, Shopify sank 10% despite beating Q1 revenue estimates and reporting a rise in gross profit to $1.54 billion from $1.16 billion a year earlier, as net income fell short. Suncor Energy (+0.3%) is set to report earnings after the close.
2026-05-05
TSX Falls as Middle East Tensions Escalate
The S&P/TSX Composite fell 0.7% to close at 33,639 on Monday, as investors assessed renewed tensions between the US and Iran over the Strait of Hormuz. Iran’s navy said it turned away enemy warships attempting to pass through the strait, while US Central Command stated no US ships had been hit. Oil prices jumped earlier in the session, fueling concerns that higher crude costs could lift global inflation. The banking sector declined, with BMO down 1.6% and Royal Bank of Canada off 0.7%. Gold prices slipped, pressuring miners, as Agnico Eagle fell 2% and Wheaton Precious Metals lost 1.1%. Energy producers, however, advanced on elevated oil prices, with Canadian Natural up 1.4% and Suncor gaining 1.6%.
2026-05-04