TSX Dips on Mining and Energy Losses

The S&P/TSX Composite Index fell 0.5% to close at 34,736, pressured by weakness in commodity-linked sectors. Gold prices declined as the dollar strengthened on rising bets for further US rate hikes, weighing on mining shares. Agnico Eagle lost 4.1%, Barrick shed 4.3%, and WPM retreated 2.9%. Oil prices also extended this week’s losses on signs that more tankers are set to leave the Strait of Hormuz, pressuring energy stocks. Canadian Natural dropped 3.7%, Suncor fell 3.4%, and Cenovus lost 4.1%. In contrast, Canadian technology stocks rebounded from the previous session’s global selloff, with Shopify rising 6.1%, Constellation Software up 2.8%, and Celestica gaining 3.3% ahead of Micron’s earnings report. Micron reported third-quarter results above expectations after the bell.

The S&P/TSX Composite Index lost more than 0.5% to trade below 35,000 on Wednesday amid persistently high borrowing costs and weakness in commodity-linked sectors. Gold prices declined as the dollar strengthened on rising bets for further US rate hikes, pressuring mining stocks. Agnico Eagle and WPM shed nearly 3%, while Barrick fell more than 4%. Oil prices also extended this week’s losses on signs that more tankers are set to leave the Strait of Hormuz, easing concerns over energy-driven inflation but weighing on energy shares. Canadian Natural and Imperial Oil lost more than 2%, while Suncor retreated 2.5% and Cenovus shed about 3%. Major banks traded near the flatline, with RBC, BMO, and TD Bank edging lower. In contrast, Canadian tech stocks rebounded from the prior session’s global selloff, with Shopify gaining nearly 3%, while Celestica and Constellation Software rose around 1%.

Fututres tracking the S&P/TSX Composite Index edged lower on Wednesday on persistently high borrowing costs and pressure from energy producers. Gold prices declined as the dollar strengthened on rising bets for further US rate hikes, weighing on mining stocks. Oil prices also fell, extending this week’s losses on signs that more tankers are set to leave the Strait of Hormuz, easing concerns over energy-driven inflation but pressuring energy shares. Adding to caution, a broader reassessment of AI valuations on Wall Street wiped roughly $1.3 trillion in market value in the previous session, weighing on global risk sentiment.