Canadian stocks ended their four-day winning streak on Tuesday as investors weighed comments from Federal Reserve chair Jerome Powell, who warned of rising downside risks to employment alongside persistent inflationary pressures. The S&P/TSX Composite Index plunged by 143 points, or 0.5%, to settle at 29,816 — registering its biggest single-day percentage decline in four weeks.
On the one hand, a recovery in oil and gas prices drove energy stocks higher. On the other hand, sharp declines in other key sectors, such as technology and industrials, pressured the TSX benchmark as Powell’s remarks highlighted a slower U.S. growth outlook.
Meanwhile, at home, Bank of Canada governor Tiff Macklem cautioned that surging U.S. protectionism and China’s curbs on Canadian canola are weighing on exports and investment, underlining a softer near-term backdrop.
Top TSX Composite movers and active stocks
Atkinsrealis, Finning International, Discovery Silver, and Aya Gold & Silver were the worst-performing TSX stocks for the day, with each diving by at least 5.6%.
Shares of Aris Mining (TSX:ARIS) also fell by nearly 5% to $13.08 apiece, making it among the worst performers on the Toronto Stock Exchange. This selloff in ARIS stock came after the Vancouver-based gold miner confirmed a shaft collapse at La Reliquia, a partner-operated mine within its Segovia title.
Aris revealed that the incident temporarily trapped 23 workers, including five of its employees, though all remain in good health with rescue efforts ongoing. The company’s management noted that operations at La Reliquia contribute only a small portion of Segovia’s overall production, but investor concerns still weighed on sentiment. Despite the recent weakness, ARIS stock is still up by a solid 160% on a year-to-date basis.
On the brighter side, Energy Fuels, Vermilion Energy, SECURE Waste Infrastructure, and Sprott climbed by at least 3.7% each, making them the day’s top-performing TSX stocks.
Based on their daily trade volume, Canadian Natural Resources, Cenovus Energy, TC Energy, B2Gold, and Barrick Mining were the five most active stocks on the exchange.
TSX today
Commodity prices were largely mixed in early trading on Wednesday, pointing to a mixed opening for the resource-heavy main TSX index today.
While no major domestic economic releases are due, Canadian investors may want to keep a close eye on the latest monthly new home sales and weekly crude oil stockpiles data from the native states this morning.
Besides these external data points, investor sentiment will likely remain sensitive to any follow-up commentary from central bank officials, especially regarding global trade risks.
Market movers on the TSX today
