03.06.202614:03:48UTC+00TSX Retreats from Record High

The S&P/TSX Composite Index fell more than 0.5% on Wednesday, slipping back below 35,000 and retreating from the record high reached in the previous session, as a renewed exchange of strikes between the US and Iran dampened hopes for a peace agreement. Oil prices climbed amid growing skepticism over a deal that could reopen the Strait of Hormuz, reigniting concerns about energy-driven inflation and the prospect of higher borrowing costs. Financial stocks moved lower, with BMO down nearly 0.5%. Mining shares also dragged on the index as gold prices weakened: Agnico Eagle lost more than 2%, Barrick declined over 1%, and WPM fell more than 1.5%. Shopify dropped nearly 3% despite unveiling a new $3 billion share buyback program. Meanwhile, Dominic LeBlanc, Canada’s minister responsible for Canada–US trade, characterized ongoing talks on the review of the countries’ free trade agreement as constructive, though he offered few additional details.