Canadian stocks fell sharply on Tuesday as mixed corporate earnings, falling commodity prices, and concerns about high-flying tech stocks’ overvaluation led to a broad market pullback. The S&P/TSX Composite Index plunged by 497 points, or 1.6%, to 29,778 — marking its biggest single-day percentage decline in 10 days and reaching its lowest closing level in over a month.
Nearly all key market sectors ended the session in negative territory, but the TSX selloff was mainly driven by huge losses in technology and mining stocks.
Top TSX Composite movers and active stocks
Shares of Pet Valu Holdings (TSX:PET) dived over 16% to $29.95 apiece, making it the worst-performing TSX stock for the day. The PET stock selloff came after the Markham-based pet food retailer posted mixed third-quarter results and trimmed its full-year outlook.
While Pet Valu’s total revenue rose nearly 5% year over year to $289.5 million in the September quarter, its adjusted earnings and profit margins declined. Investors also reacted to the company narrowing its 2025 forecast, which now calls for revenue between $1.175 billion and $1.185 billion, and slightly lower profit expectations. Despite the recent selloff, PET stock is still up nearly 19% on a year-to-date basis.
New Gold, Aya Gold & Silver, and G Mining Ventures were also among the bottom performers on the Toronto Stock Exchange, with each diving by more than 8%.
On the flip side, International Petroleum (TSX:IPCO) climbed by 3.7% after reporting its third-quarter results and announcing early progress on a key development project. The company’s average production reached nearly 45,900 barrels of oil equivalent per day in the latest quarter — above guidance, while its Blackrod Phase 1 project is now expected to deliver first oil a quarter ahead of schedule.
Waste Connections and Fortis were also among the session’s top gainers on the TSX, as they rose by at least 1.8%.
According to the exchange’s daily trade volume data, B2Gold, Canadian Natural Resources, Enbridge, TC Energy, and Manulife Financial were the five most active stocks.
TSX today
After declining in the previous session, crude oil and precious metals prices staged a recovery in early trading on Wednesday, which could provide some support to TSX energy and mining stocks at the open today.
However, macroeconomic uncertainties amid increasing fears of a near-term market correction may continue to limit investor appetite for risk.
Meanwhile, Canadian investors will be closely watching for updates from key TSX-listed companies reporting earnings today, including Nutrien, goeasy, Open Text, Sun Life Financial, WSP Global, Kinaxis, Great-West Lifeco, Air Canada, CGI, Brookfield Renewable Partners, ATS, Cameco, Stella-Jones, Sprott, Maple Leaf Foods, and IGM Financial. Any surprises, positive or negative, could add to sector-specific swings as the earnings season rolls on.
Market movers on the TSX today
