TSX Slip on Mining and Tech Losses

The S&P/TSX Composite Index fell 0.4% to close at 34,824, weighed down by losses in the mining and technology sectors. Gold prices declined as easing geopolitical tensions reduced safe-haven demand, pressuring mining stocks. Agnico Eagle and WPM fell 2.1%, while Franco-Nevada lost 3.6%. Technology shares also underperformed despite gains on Wall Street, with Shopify down 2%. Meanwhile, banks advanced as oil prices remained near pre-conflict levels after the US and Iran agreed to halt mutual attacks ahead of peace talks later this week, despite renewed clashes over the weekend. Lower oil prices eased concerns about energy-driven inflation, supporting financial stocks. RBC gained 1%, while TD Bank and BMO both rose 0.6%.

The S&P/TSX Composite Index traded near flat around the 35,000 mark on Monday as investors assessed the temporary truce between the US and Iran. Oil prices remained near pre-conflict levels after both sides agreed to halt mutual attacks ahead of peace talks this week, following renewed clashes over the weekend. Low oil prices eased concerns over energy-driven inflation. Major banks traded higher, with RBC and TD Bank up more than 0.5%. Technology shares also advanced, tracking gains on Wall Street, with Shopify adding over 2%. On the other hand, gold prices fell as easing geopolitical tensions reduced safe-haven demand, weighing on mining stocks. Agnico Eagle and WPM lost more than 1%, while Barrick shed over 1.5%. Investors also await Canada’s May GDP data later this week for fresh signals on economic momentum. Markets continue to expect the Bank of Canada to keep rates on hold through most of the year, although bets on a rate hike by December have increased.

The S&P/TSX Composite Index futures moved higher on Monday after the US and Iran agreed to pause recent hostilities in the Middle East. Oil prices remained near pre-conflict levels after both sides agreed to halt mutual attacks ahead of peace talks this week, following renewed clashes over the weekend. Low oil prices eased concerns over energy-driven inflation, supporting financial stocks and the broader index. Meanwhile, gold prices fell as easing geopolitical tensions reduced safe-haven demand, weighing on mining shares. Investors also await Canada’s May GDP data later this week for fresh signals on economic momentum. Markets continue to expect the Bank of Canada to keep rates on hold for most of the year, though traders increased bets that the bank could tighten policy this year.