After closing at a record high in the previous session, the Canadian stock market started the new week on a slightly negative note as renewed global trade tensions made investors cautious after U.S. president Donald Trump announced plans to impose new reciprocal tariff rates on several countries beginning August 1. The S&P/TSX Composite Index slipped by 16 points to settle at 27,020 — ending its four-day winning streak.
Despite minor strength in mining stocks, sharp declines in most other main sectors, including real estate, energy, and consumer discretionary, contributed to the index’s pullback.
Trump’s latest reciprocal tariff move is largely aimed at addressing the U.S. goods trade deficit and signals a harder stance in ongoing trade talks — raising concerns over potential retaliatory measures and disruptions in global supply chains.
Top TSX Composite movers and active stocks
Sandstorm Gold (TSX:SSL) was the top-performing TSX stock for the day, as it rose over 6% to $13.96 per share. This rally in SSL stock came after the American mining giant Royal Gold announced it would acquire Sandstorm in an all-share transaction valuing the company at approximately US$3.5 billion.
The deal offers Sandstorm shareholders a 17% premium to the stock’s July 3 closing price and would result in them owning about 23% of the combined entity. Expected to close in the fourth quarter of 2025, the merger transaction is likely to significantly expand Royal Gold’s portfolio with 40 additional producing assets and boost its gold-dominant revenue mix. On a year-to-date basis, Sandstorm Gold stock is now up nearly 74%.
NGEx Minerals, OR Royalties, and Orla Mining also climbed by over 5% each, making them among the day’s top gainers on the Toronto Stock Exchange.
In contrast, ATS, Nuvista Energy, Celestica, and H&R Real Estate Investment Trust slid by at least 3.2% each, making them the session’s worst-performing TSX stocks.
Based on their daily trade volume, Canadian Natural Resources, TD Bank, TC Energy, Cenovus Energy, and Whitecap Resources were the five most active stocks on the exchange.
TSX today
Commodity prices across the board were mixed in early morning trading on Tuesday, pointing to a flat opening for the resource-heavy main TSX index today.
In addition to the latest domestic purchasing managers index (PMI) data this morning, Canadian investors will also be watching for developments related to U.S. trade policy, which could sway global risk sentiment throughout the trading day.
Market movers on the TSX today
