Canadian equities continued to decline for the fourth straight session on Tuesday after West Texas Intermediate (WTI) crude oil futures prices jumped above US$100 for the first time in over two weeks. This surge in oil prices was driven by continued supply disruptions in the Strait of Hormuz and limited progress in U.S.-Iran negotiations, where both sides remain divided over key conditions to de-escalate the conflict. The S&P/TSX Composite Index fell by 234 points, or 0.7%, for the day to settle at 33,584 — registering its second-worst daily drop in April.
Despite gains in some key sectors like energy, utilities, and real estate, heavy intraday losses in mining and technology stocks weighed on TSX investor sentiment.
The recent round of selloff in tech shares was largely driven by a Wall Street Journal report that highlighted slowing growth and rising competitive pressures in the artificial intelligence (AI) space, including claims that OpenAI missed internal revenue and user targets in recent months.
Top TSX Composite movers and active stocks
Celestica (TSX: CLS) plunged by nearly 15% to $493.22 per share, making it the worst-performing TSX stock for the day. In addition to the broader selloff in AI stocks, CLS slipped even after the company posted strong first-quarter results and raised its 2026 outlook.
Notably, Celestica’s revenue jumped 53% year over year in the latest quarter, while its adjusted earnings rose to US$2.16 per share from US$1.20 a year earlier. The company also lifted its 2026 revenue outlook to US$19 billion from US$17 billion, driven by stronger customer demand and better visibility. Still, CLS stock fell as investors appeared to take profits after its sharp rally, while broader weakness in AI-linked stocks overshadowed the company’s upbeat results and guidance.
Mining stocks like Lundin Mining, AbraSilver Resource, and Capstone Copper were also among the day’s bottom performers on the Toronto Stock Exchange, with each diving by at least 6.2%.
On the brighter side, Baytex Energy, TFI International, Vermilion Energy, and Boyd Group Services climbed by at least 4% each, making them the session’s top-performing TSX stocks.
According to the exchange’s daily trade volume data, ARC Resources, Baytex Energy, Telus, Whitecap Resources, and Enbridge were the five most active stocks on the exchange.
TSX today
WTI crude oil futures continued to trade around the US$100 per barrel mark in early morning trading on Wednesday, which could support gains in TSX energy stocks at the open today. At the same time, gold, silver, and copper prices were mixed as geopolitical uncertainty remained elevated.
More importantly, the Bank of Canada (BoC) and the U.S. Federal Reserve interest rate decisions later today will be closely watched, as they could set the tone for global equity markets in the near term. While no rate changes are widely expected, investors will look for any signals on the future policy path, especially as inflation risks remain tied to elevated energy prices.
As the first-quarter corporate earnings season in Canada also gains steam, several TSX-listed companies, including Whitecap Resources, Methanex, West Fraser Timber, GFL Environmental, Allied Properties REIT, Centerra Gold, Bausch Health, Alamos Gold, Capstone Copper, Kinross Gold, Canadian Pacific Kansas City, Choice Properties REIT, Primaris REIT, Brookfield Infrastructure, Canadian National Railway, Capital Power, CGI, and Winpak, will announce their latest quarterly results today.
Market movers on the TSX today
