After rallying for two consecutive sessions to reach a fresh all-time high, Canadian stocks retreated on Thursday as rising bond yields and heightened geopolitical uncertainty prompted investors to lock in some recent gains. Despite continued strength in crude oil prices and largely positive corporate earnings, the S&P/TSX Composite Index plunged by 292 points, or 0.8%, for the day to settle at 35,193.
As West Texas Intermediate (WTI) crude oil futures prices crossed the US$90 a barrel level for the first time in over a month, Canadian energy stocks trended higher. Utility stocks also witnessed renewed buying as investors rotated toward defensive sectors amid mounting uncertainty in global markets. However, sharp intraday declines in most other key sectors like technology, real estate, and consumer cyclicals pressured the TSX benchmark.
Top TSX Composite movers and active stocks
Avino Silver & Gold Mines, WSP Global, FirstService, and Gildan Activewear were the worst-performing TSX stocks for the day, with each diving by at least 6.8%.
The selloff in FirstService stock came after the property management firm reported second-quarter results that met expectations but signalled continued macroeconomic headwinds.
On the brighter side, Mullen Group (TSX: MTL) jumped by nearly 5% to $26.80 per share, making it the day’s top-performing TSX stock. The logistics company reported record second-quarter revenue and operating income, while also raising its 2026 capital budget by $50 million.
In its earnings report, Mullen also highlighted that June was its best month in years and suggested the freight recession that had weighed on the trucking and logistics industry for nearly three years may have ended, boosting investor confidence.
Similarly, Teck Resources (TSX: TECK.B) shares rose 4.4% after the mining giant reported strong second-quarter results driven by higher copper production, record copper prices, and disciplined execution across its operations.
Teck’s adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) more than tripled year over year to $2.2 billion in the latest quarter, while adjusted profit attributable to shareholders surged to $948 million from just $187 million a year ago.
Athabasca Oil and Tamarack Valley Energy were also among the day’s top gainers on the Toronto Stock Exchange, with each climbing by at least 3.3%.
According to the exchange’s daily trade volume data, Whitecap Resources, Baytex Energy, Cenovus Energy, Canadian Natural Resources, and Scotiabank were the five most active stocks.
TSX today
Crude oil and most metals, except gold, trended lower in early trading on Friday, pointing to a potentially softer open for the resource-heavy TSX index today.
Still, Canadian investors’ attention is likely to remain fixed on the Middle East after explosions were reported near a base hosting U.S. forces in northern Iraq, shortly after Washington completed a 13th consecutive night of strikes on Iran. Fresh concerns about shipping through the Strait of Hormuz and Bab el-Mandeb may keep energy markets sensitive to any new military developments.
Broader market sentiment could also stay cautious after U.S. president Donald Trump said he was nearing a decision on whether to authorize a much larger attack on Iran.
On the corporate events side, the TSX-listed Canadian National Railway will announce its latest quarterly results today, which could keep its stock in focus throughout the session.
Market movers on the TSX today
