TSX Rebounds on US-Iran Diplomacy Hopes

2026-05-28 18:39 By Isabela Couto 1 min. read

The S&P/TSX Composite Index edged up to trade above 34,500 on Thursday, rebounding from earlier losses after reports said the US and Iran had reached an outline agreement to extend their ceasefire, pending approval from US President Trump.

The development followed Iran’s attack on a US air base in response to US strikes on an alleged Iranian drone operation.

Bond yields fell amid signs of progress toward a peace deal.

Mining stocks rebounded as gold prices trimmed losses, with Agnico Eagle and Barrick gaining nearly 2%, while WPM rose more than 2.5%.

Tech stocks also advanced, with Shopify jumping nearly 6% and Constellation Software adding over 3.5%, tracking gains in US hardware and software shares.

UBS also reiterated its “neutral” rating on Shopify and maintained its $130 target price.

Meanwhile, major banks traded lower despite strong quarterly results from RBC (-0.9%) and TD Bank (-0.2%).



News Stream
TSX Rises on US-Iran Peace Hopes
The S&P/TSX Composite Index rose 0.3% to close at 34,517 on Thursday amid hopes of a US-Iran peace deal. Reports indicated that the two countries reached a preliminary agreement to extend their ceasefire, pending approval from US President Trump. The development followed Iran’s strike on a US air base in response to earlier US attacks on an alleged Iranian drone operation. Bond yields declined as prospects for easing tensions improved. Mining stocks rebounded as gold prices pared losses, with Agnico Eagle up 1.4%, Wheaton Precious Metals gaining 2.0%, and Barrick adding 0.8%. Tech shares also advanced, led by Shopify (+7.4%) and Constellation Software (+4.0%), tracking gains in US technology stocks. UBS reiterated its neutral rating on Shopify and maintained its $130 target price. Meanwhile, major banks traded mixed despite solid quarterly results from RBC (-0.4%) and TD Bank (+0.7%).
2026-05-28
TSX Rebounds on US-Iran Diplomacy Hopes
The S&P/TSX Composite Index edged up to trade above 34,500 on Thursday, rebounding from earlier losses after reports said the US and Iran had reached an outline agreement to extend their ceasefire, pending approval from US President Trump. The development followed Iran’s attack on a US air base in response to US strikes on an alleged Iranian drone operation. Bond yields fell amid signs of progress toward a peace deal. Mining stocks rebounded as gold prices trimmed losses, with Agnico Eagle and Barrick gaining nearly 2%, while WPM rose more than 2.5%. Tech stocks also advanced, with Shopify jumping nearly 6% and Constellation Software adding over 3.5%, tracking gains in US hardware and software shares. UBS also reiterated its “neutral” rating on Shopify and maintained its $130 target price. Meanwhile, major banks traded lower despite strong quarterly results from RBC (-0.9%) and TD Bank (-0.2%).
2026-05-28
TSX Slips on Renewed Middle East Tensions
The S&P/TSX Composite Index edged lower to trade below 34,500 on Thursday as renewed Middle East tensions tempered hopes for a peace deal while investors digested bank earnings. Iran targeted a US air base after the US struck what it described as an Iranian drone operation near the Strait of Hormuz. Oil prices rebounded, fueling stagflation concerns. Mining stocks weighed on the index as gold prices hit their lowest in nearly two months, with Agnico Eagle, Barrick, and WPM down nearly 2%. Banks also traded lower, with CIBC losing 2.7% and BMO down 1.2%. RBC traded little changed despite higher quarterly profit boosted by trading revenue, while TD Bank was muted after stronger adjusted earnings. Bond yields rose after US PCE inflation accelerated to a three-year high in April, reinforcing expectations of a hawkish stance.
2026-05-28