TSX Retreats After Fed Decision

2026-07-29 18:33 By Isabela Couto 1 min. read

The S&P/TSX Composite Index fell 1.2% to 35,334 on Wednesday, pulling back from a record high as investors assessed the Federal Reserve's latest policy decision.

The Fed held interest rates unchanged, as expected, though three FOMC members favored a rate hike.

Oil prices also extended gains as Middle East tensions escalated, fueling inflation concerns.

The BoC's summary of deliberations showed policymakers agreed the economy was adjusting to recent shocks, although some questioned the recovery's durability and warned about rising inflation expectations.

Higher bond yields pressured financials, with RBC down 3% and TD Bank losing 3.2%.

Barrick fell 1.4%, while Franco-Nevada gained 1.3%.

Shopify lost 1.2% and Celestica dropped 6.2% ahead of Microsoft and Meta earnings and amid a US chip selloff, while Constellation Software rose 3.2%.

Energy stocks outperformed on higher crude prices, with Canadian Natural up 4.6% and Cenovus gaining 4.5% after stronger quarterly results.



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