The S&P/TSX Composite Index fell more than 1.7% to close at 36,620, as a rebound in oil prices reignited inflation worries. Crude climbed after a tanker attack in the Strait of Hormuz highlighted renewed supply risks. Those energy-driven inflation concerns have weighed on major banks since the onset of the US–Iran conflict, reinforcing expectations that interest rates may stay higher for longer. RBC slipped 1.5%, TD Bank declined 2.3%, and BMO dropped 2.9%.
Weakness in gold prices also pressured major miners, with Agnico Eagle down 6%, Barrick off 4.6%, and Wheaton Precious Metals (WPM) lower by 5.7%. Technology names suffered sharp losses amid a broad selloff in US chipmakers and hyperscalers: Celestica fell 6.8%, while Shopify declined 5.7%.
Elsewhere, Cameco sank 7.7% after reporting a net loss in the third quarter of 2026 despite higher revenue. Imperial Oil rose 5.4% after beating profit expectations, while Canadian National Railway dipped 0.5% even as it posted strong results.
For the week, the TSX slipped 0.7%, but it still advanced 1.5% over the month.
