TSX Drops on Middle East Tensions

2026-07-23 20:22 By Isabela Couto 1 min. read

The S&P/TSX Composite Index lost 0.8% to close at 35,193 on Thursday as strong corporate earnings outweighed pressure from escalating Middle East tensions and renewed concerns over AI spending.

Oil prices surged after fresh strikes near the Strait of Hormuz heightened fears of supply disruptions, fueling inflation concerns and reinforcing expectations of hawkish central banks.

Banks traded lower, with RBC down 1.4%, TD Bank retreating 1.7%, and BMO losing 1.3%.

Gold prices slipped, weighing on miners.

Agnico Eagle shed 1.7%, Barrick lost 0.9%, and WPM retreated 1.1%.

Tech stocks also weakened after Big Tech earnings revived concerns over heavy AI-related capital spending.

Shopify fell 5.4%, while Constellation Software dropped 1.4%.

Meanwhile, Waste Connections (+0.1%), Mullen (+4.7%), and Teck Resources (+3.9%) advanced after beating profit estimates.

Elsewhere, First Quantum slipped 0.4% as Panama considers partnering with the company to reopen the Cobre Panama mine.



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TSX Drops on Middle East Tensions
The S&P/TSX Composite Index lost 0.8% to close at 35,193 on Thursday as strong corporate earnings outweighed pressure from escalating Middle East tensions and renewed concerns over AI spending. Oil prices surged after fresh strikes near the Strait of Hormuz heightened fears of supply disruptions, fueling inflation concerns and reinforcing expectations of hawkish central banks. Banks traded lower, with RBC down 1.4%, TD Bank retreating 1.7%, and BMO losing 1.3%. Gold prices slipped, weighing on miners. Agnico Eagle shed 1.7%, Barrick lost 0.9%, and WPM retreated 1.1%. Tech stocks also weakened after Big Tech earnings revived concerns over heavy AI-related capital spending. Shopify fell 5.4%, while Constellation Software dropped 1.4%. Meanwhile, Waste Connections (+0.1%), Mullen (+4.7%), and Teck Resources (+3.9%) advanced after beating profit estimates. Elsewhere, First Quantum slipped 0.4% as Panama considers partnering with the company to reopen the Cobre Panama mine.
2026-07-23
TSX Falls on Geopolitical Risks and AI Concerns
The S&P/TSX Composite Index fell nearly 1% to trade below 35,500 on Thursday on escalating Middle East tensions and renewed AI spending concerns. Oil prices surged after fresh strikes near the Strait of Hormuz heightened fears of supply disruptions, fueling inflation concerns and reinforcing expectations of hawkish central banks. Banks declined, with RBC and TD Bank down nearly 2%, while BMO and Scotiabank lost over 1%. Gold prices slipped, pressuring miners. Agnico Eagle shed about 2%, while Barrick and WPM lost over 1.5%. Tech stocks also weakened after Big Tech earnings revived concerns over heavy AI-related capital spending. Shopify fell more than 2% and Constellation Software lost over 2.5%. Meanwhile, Waste Connections (+1.4%), Mullen (+4.5%), and Teck Resources (+5%) beat profit estimates. Cenovus (+2.6%) and Ovintiv (+3%) report later today. Elsewhere, Panama is considering partnering with First Quantum (-0.6%) to reopen the Cobre Panama mine.
2026-07-23
TSX Futures Slip as Geopolitical Risks Rise
Futures tracking the S&P/TSX Composite Index fell on Thursday amid escalating Middle East tensions and renewed concerns over AI spending. Oil prices surged after Yemeni Houthis struck two Saudi oil tankers, heightening fears of disruptions to global energy supplies. Rising energy prices fueled inflation concerns, raising expectations that central banks may keep interest rates higher for longer and pressuring financial stocks and the broader market. Gold prices slipped, weighing on mining shares. Meanwhile, technology stocks fell after Big Tech earnings in the US revived concerns over heavy AI-related capital spending. Elsewhere, Waste Connections, Mullen, and Teck Resources beat second-quarter profit estimates. Cenovus and Ovintiv are due to report later in the session. Separately, Panama is considering creating a state-owned mining company to partner with Canada's First Quantum in reopening the Cobre Panama copper mine.
2026-07-23