TSX Edges Lower as Mining Stocks Weigh

The S&P/TSX Composite Index edged 0.1% lower to close at 35,706 on Thursday as mining losses and a subdued financial sector weighed on the index. Canada’s 10-year yield reached a three-year high as energy-driven inflation concerns persisted and US Treasury yields soared to multi-decade highs. Crude oil and global yields were volatile late in the session, with an upward trend. Financial stocks traded mostly near flat. Gold prices fell, pressuring mining stocks, with Agnico Eagle down 0.6% and WPM shedding 0.7%. Kinross plunged 11.3% after lowering its production outlook for 2026 and 2027. Meanwhile, energy shares gained on higher oil prices. Retailers rose as estimates showed retail sales likely rebounded in August, marking their strongest gain since January. Tech stocks were mostly higher, with Shopify up 2.4%, tracking Meta’s gains amid their partnership to enable purchases through Meta’s Muse AI agent using Shop Pay. BlackBerry shed 3.9% despite its strong 2Q26 results.

The S&P/TSX Composite Index inched lower to below 36,000 on Thursday as a sharp rise in global government bond yields weighed on stock markets. Canada’s 10-year government bond yield neared a three-year high as energy-driven inflation concerns persisted and US Treasury yields soared to multi-decade highs. Crude oil rose amid heightened Middle East tensions, while strong economic data released on Wednesday drove US yields higher, intensifying the global move amid rising expectations of another Fed hike this year. Financial stocks traded mostly near flat. Gold prices fell, pressuring mining stocks, with Agnico Eagle, Barrick, and WPM all shedding more than 1%. Kinross plunged nearly 10% after lowering its production outlook for 2026 and 2027. Meanwhile, energy shares gained on higher oil prices. Retailers rose as estimates showed retail sales likely rebounded in August, posting their strongest gain since January. Elsewhere, BlackBerry shed over 1% despite reporting strong 2Q26 results.

Futures tracking Canadian equities edged lower on Thursday as a sharp rise in global government bond yields weighed on stock markets. Canada’s 10-year government bond yield neared a three-year high as energy-driven inflation concerns persisted and US Treasury yields soared to multi-decade highs. Crude oil rose amid heightened Middle East tensions, while strong economic data released on Wednesday drove US yields higher, intensifying the global move amid rising expectations of another Fed hike this year. Concerns over elevated borrowing costs have weighed heavily on credit-sensitive stocks. Gold prices fell amid surging Treasury yields, pressuring mining stocks. Elsewhere, BlackBerry reported strong 2Q26 results, with EBITDA surging 81%. On the data front, Canadian retail sales likely rebounded in August, according to preliminary estimates, which point to the strongest gain since January.