TSX Falls as Mining and Tech Losses Weigh

The S&P/TSX Composite Index fell 0.8% to close at 35,226 on Friday, pressured by losses in mining and technology stocks. Gold miners declined as gold prices weakened amid a sharp rise in long-term US Treasury yields, with Agnico Eagle down 3.6%, Barrick losing 2.5%, and WPM falling 3.9%. Technology shares also underperformed, led by Shopify (-4.3%) and Celestica (-6%), as investors turned cautious ahead of Shopify's 2Q26 earnings on August 5. Fairfax Financial (-0.5%) and Cameco (-2.1%) reported revenue above expectations but missed EPS estimates. Enbridge slipped 1.8% despite beating forecasts for adjusted second-quarter profit. Telus plunged 11.3% after posting a second-quarter loss and resetting its quarterly dividend. Meanwhile, Imperial Oil rose 0.5% on stronger-than-expected earnings, while ATD gained 1.4% after announcing plans to acquire Poland's Zabka.

The S&P/TSX Composite Index edged lower to below 35,500 on Friday, weighed down by losses in mining stocks. Gold prices fell amid a sharp rebound for long-term Treasury yields. Agnico Eagle was down more than 3%, while Barrick and WPM lost over 2% each. Software stocks also weakened, with Shopify and Constellation Software down about 0.5%. Meanwhile, Fairfax Financial (-2%) and Cameco (-0.1%) reported revenue above expectations, but both missed EPS forecasts. Enbridge slipped more than 0.5% despite beating estimates for second-quarter adjusted profit, while Imperial Oil fell 2% despite reporting stronger-than-expected quarterly earnings. In contrast, financials advanced, with RBC, TD Bank, and BMO adding about 0.5% each. Meanwhile, a first estimate showed the Canadian economy grew 0.8% in the second quarter, the most in nearly two years, to show some resiliency to inflatonary pressure.

Futures tracking the S&P/TSX Composite Index were little changed on Friday as investors assessed another round of corporate earnings and Canada's May GDP report. Fairfax Financial and Cameco reported revenue above expectations, although both missed EPS forecasts. Enbridge beat estimates for second-quarter adjusted profit. Imperial Oil reported quarterly earnings above expectations as profit doubled on higher crude prices and stronger refining margins. On the data front, Canada's economy expanded 0.3% in May, the second consecutive monthly increase and slightly above forecasts of 0.2%, reinforcing the BoC's view that the economy is adjusting to recent shocks. Meanwhile, gold prices fell as a stronger US dollar weighed on mining stocks. Oil prices extended gains, supporting energy shares but fueling inflation concerns.