2026.05.2720:26:50UTC+00TSX Slides on Mining and Energy Losses

The S&P/TSX Composite Index fell 0.7% to close at 34,412 on Wednesday, as investors weighed conflicting signals over a potential US–Iran agreement to end the conflict and restore energy flows through the Strait of Hormuz. The US rejected an Iranian media report describing a draft interim deal that would allegedly allow shipping traffic through Hormuz to return to normal within a month of the agreement taking effect.

Resource stocks led the decline. Miners retreated alongside weaker gold prices, with Agnico Eagle down 3%, Barrick Gold off 1.7%, and Wheaton Precious Metals sliding 2.4%. The energy sector also lost ground as crude prices slipped below $90 per barrel: Canadian Natural Resources and Suncor each fell 2.2%, while Imperial Oil dropped 3.4%.

Financials were mixed despite upbeat earnings from three of Canada’s six largest banks. Bank of Montreal gained 0.8% and Bank of Nova Scotia advanced 0.5%, while National Bank of Canada sank 4%, even after reporting second-quarter profits that topped forecasts on robust domestic and capital markets performance. Royal Bank of Canada, Toronto-Dominion Bank, and CIBC traded lower ahead of their results, scheduled for release on Thursday.