The S&P/TSX Composite Index slipped 0.4% to close at 36,814 on Wednesday, pulling back from Tuesday’s record high as weakness in mining stocks and rising trade tensions weighed on the market.
Gold producers were broadly lower after US PCE data came in above forecasts, reinforcing expectations of another Federal Reserve rate hike and pressuring bullion prices. Agnico Eagle dropped 4.2%, Barrick fell 3.6%, and Wheaton Precious Metals (WPM) declined 4.3%.
Trade-sensitive names also struggled. BRP lost 1.7% and Linamar slipped 1.4% amid escalating trade frictions. Ottawa announced retaliatory tariffs on roughly $20 billion in annual US imports, mirroring Washington’s latest levies on autos, furniture, plastics, plywood, and electrical equipment. ATD retreated 1.1% and Dollarama fell 3.6% as investors weighed the potential drag on Canada’s economy.
In financials, National Bank sank 4.2% even after it reported better-than-expected third-quarter earnings. Royal Bank of Canada (RBC, +0.5%), TD Bank (+0.7%), and CIBC (+0.1%) are scheduled to report on Thursday. Bank of Montreal finished unchanged, while Scotiabank gained 0.8% following stronger-than-anticipated quarterly results released on Tuesday.
