2026.09.2920:24:02UTC+00TSX Inches Lower as Soft GDP and Trade War Weigh

The S&P/TSX Composite Index edged lower to close at 35,460 on Tuesday, weighed down by soft GDP data and the implementation of a new US ban on several Canadian imports. Advance estimates showed that real GDP rose 0.2% in August, as strength in mining and quarrying and in retail trade was partially offset by weaker oil and gas extraction. GDP was effectively flat in July.

The US import ban on a range of Canadian products, including numerous alcoholic beverages and dairy items, also came into effect, pressuring related stocks, with Saputo slipping 2%. The financial sector was weaker as well, with major banks in the red and RBC down 0.6%.

Oil prices retreated as US and Iranian officials continued indirect talks through mediators, dragging energy producers lower. Canadian Natural fell 0.7%, while Suncor lost 1.7%.

In contrast, miners recovered from the previous session’s pullback as gold prices firmed, lifting Agnico Eagle by 1.1% and Franco-Nevada by 0.9%. Technology stocks also advanced, supported by sentiment around the planned Anthropic IPO on Wall Street, with Shopify climbing 2.9%.