TSX Rises as Bond Yields Ease

The S&P/TSX Composite Index rose 0.5% to close at 35,369 on Friday, supported by gains in financial, mining, and technology stocks. The pause in the oil rally eased energy-driven inflation concerns, pushing bond yields lower and supporting financials and the broader market. TD Bank gained 0.7%, while BMO and Scotiabank each added 0.7%, CIBC rose 0.9%, and Brookfield advanced 1.2%. Gold prices edged higher, lifting miners, with Agnico Eagle up 0.7% and WPM gaining 1.5%. In technology, Shopify climbed 1.6% and Constellation Software rose 4%, while Celestica tumbled 8.7%, tracking a selloff in US chipmakers. Energy stocks declined as oil prices pulled back from recent highs, with Canadian Natural down 1.1% and Suncor losing 0.7%. Cenovus fell 1.4% ahead of the release of its earnings report due July 29th.

The S&P/TSX Composite Index rose nearly 0.5% to trade above 35,000 on Friday, nearing record highs as mining stocks advanced. Gold prices rose, lifting miners, with Agnico Eagle and Barrick gaining about 1% each, WPM rising more than 1.5%, and Teck Resources extending gains by nearly 2% after beating profit estimates. Meanwhile, the oil rally paused, easing energy-driven inflation concerns. Lower bond yields supported financials and the broader market, with BMO, Scotiabank, and Brookfield gaining more than 0.5%. In technology, Constellation Software rose 1.5% and Shopify added nearly 0.5%, while Celestica fell about 5.5%, tracking a selloff in US chipmakers. Energy stocks traded higher as oil prices remained elevated despite the recent pullback. Canadian Natural added 0.5%, while Cenovus edged up ahead of its earnings report. Canadian National Railway, down 0.8%, is also set to report results today.

Futures tracking the S&P/TSX Composite Index moved higher on Friday as the rally for oil prices halted and cooled energy-driven inflation concerns. Lower bond yields supported financials and the broader market. Gold prices edged higher, lifting mining stocks. Elsewhere, Dutch engineering consultancy Arcadis said it had received a second unsolicited takeover bid from Canadian peer WSP Global. Earlier this week, the Trump administration imposed a 50% tariff on a range of Canadian imports, although the US is aiming to reach interim trade deals with Canada and Mexico by the end of 2026.