2026.07.0814:06:45UTC+00TSX Slides on Renewed US-Iran Tensions

The S&P/TSX Composite Index fell nearly 1% on Wednesday, slipping below the 35,000 mark as renewed US–Iran tensions fueled risk aversion. US President Trump said the memorandum of understanding with Iran aimed at ending the conflict was “over,” reigniting concerns about potential disruptions to global energy supplies.

The resulting rise in oil prices stoked fears of energy-driven inflation and the prospect of higher-for-longer interest rates, pressuring financials and the broader market. Among major banks, TD Bank, BMO, and CIBC each declined about 1%, while Brookfield dropped around 2%.

Mining stocks also weakened as gold prices retreated and Trilogy Metals (-1%) reported a wider-than-expected second-quarter loss. Agnico Eagle slid more than 2.5%, and Barrick and Wheaton Precious Metals (WPM) each lost about 2%.

Technology names were under pressure as well, with Shopify and Constellation Software both falling about 4%.

Investors were also awaiting the minutes from the Federal Reserve’s June meeting for additional insight into the US monetary policy outlook. In Canada, markets continued to anticipate that the Bank of Canada will leave interest rates unchanged at its July 15 meeting.