Escalating global trade tensions and falling precious metals prices drove Canadian stocks lower for the second consecutive session on Tuesday as the country’s 10-year treasury bond yields climbed to their highest level in over five months. The S&P/TSX Composite Index gave up 117 points, or 0.4%, to settle at 26,904 — marking its worst single-day performance in more than a week.
Even as intraday gains in crude oil prices supported energy stocks, big losses in many other key sectors, such as mining, healthcare, and technology, kept the TSX index under pressure.
Top TSX Composite movers and active stocks
Weakness in gold and silver prices drove SSR Mining, IAMGOLD, First Majestic Silver, Fortuna Mining, and Endeavour Silver down by at least 7.5% each, making them the worst-performing TSX stocks for the day.
On the flip side, Ivanhoe Mines (TSX: IVN) climbed by 4.2% to $10.59 per share, making it one of the session’s top-performing TSX stocks. The rally in IVN stock came after the Vancouver-based metals mining firm reported strong second-quarter operational results, including an 11% year-over-year increase in its copper production at the Kamoa-Kakula complex to 112,009 tonnes.
Investors also reacted positively to Ivanhoe’s ramp-up of the complex’s phase one and two concentrators to 85% of capacity, with phase three already operating 30% above design throughput. Also, progress on the company’s key growth initiatives, including Platreef’s expected first production in the fourth quarter and a new on-site smelter set to start in October, added optimism around Ivanhoe’s long-term outlook. Despite the recent rally, however, IVN stock is still down 38% year to date.
Baytex Energy, Vermilion Energy, and Cenovus Energy were also among the day’s top gainers on the Toronto Stock Exchange, with each climbing by over 4%.
According to the exchange’s daily trade volume figures, TD Bank, Canadian Natural Resources, Baytex Energy, TC Energy, and Ivanhoe Mines were the five most active stocks.
TSX today
China posted a 3.6% drop in its June wholesale inflation figures, marking its worst decline since August 2023. Despite that, copper futures jumped more than 10% in overnight trading in the U.S. after President Donald Trump revealed his intentions to impose a 50% tariff on copper imports, sparking concerns over future supply constraints. Meanwhile, gold and silver prices continued to slide in early trading on Wednesday.
Given these mixed signals from the commodity market, the resource-heavy main TSX index could open on a volatile note today as investors weigh the impact of surging copper prices against continued weakness in precious metals.
While no major domestic economic releases are due, Canadian investors may want to keep an eye on the latest weekly U.S. crude oil inventories and the Fed’s latest meeting minutes due later today. In addition, more trade and tariff announcements from Washington could further influence TSX investors’ sentiments, especially in resource and export-linked sectors.
Market movers on the TSX today
