Canadian stocks retreated from their record highs on Wednesday as weakness in metals prices, mixed bank results, and renewed Canada-U.S. trade uncertainty weighed on investor sentiment. The S&P/TSX Composite Index fell by 144 points, or 0.4%, to settle at 36,814, snapping its three-day winning streak.
The pullback came after the TSX had closed at an all-time high in the previous session, with a rebound in crude oil prices raising concerns about persistent inflation and falling metals adding pressure to the resource-heavy benchmark.
Even as energy and utility stocks saw renewed buying, sharp intraday declines in most other key sectors, including mining, consumer cyclicals, and technology, dragged the TSX index down.
Top TSX Composite movers and active stocks
As gold and copper prices fell sharply, mining stocks like Southern Cross Gold, NGEx Minerals, NovaGold Resources, and Wheaton Precious Metals plunged by at least 4.4% each, making them the worst-performing TSX stocks for the day.
National Bank of Canada (TSX:NA) was also among the day’s bottom performers on the Toronto Stock Exchange, as its stock fell more than 4% to $213.18 per share. This selloff in National Bank stock came after the Montréal-headquartered lender reported its fiscal third-quarter 2026 (ended in July) results.
Last quarter, National Bank’s net income jumped 23% year over year to $1.31 billion. Its revenue also climbed 18% with the help of strong performance across all business segments. However, the Canadian lender’s provisions for credit losses climbed to $246 million from $203 million a year ago, while its common equity tier-one capital ratio slipped to 13.5%, weighing on investor sentiment despite the strong headline earnings.
On the brighter side, TransAlta, Aritzia, Stantec, and South Bow climbed by at least 3% each, making them the session’s top-performing TSX stocks.
Based on their daily trade volume, Canadian Natural Resources, Manulife Financial, ARC Resources, Enbridge, and Cenovus Energy were the five most active stocks on the exchange.
TSX today
Metals prices continued to decline, while oil prices were largely mixed in early trading on Thursday. Given these slightly negative commodity market signals, the resource-heavy TSX Composite could remain under pressure at the open today.
With no major domestic economic releases due this morning, Canadian investors may want to keep an eye on the latest U.S. jobless claims and developments from the Jackson Hole Symposium for further clues about the interest rate outlook.
Meanwhile, Canada-U.S. trade tensions could remain a key driver of market sentiment as there appears to be little immediate progress toward restarting negotiations.
As Canadian banking sector earnings continue in full swing, Royal Bank of Canada, Toronto-Dominion Bank, Canadian Imperial Bank of Commerce, and Laurentian Bank of Canada will release their latest quarterly earnings reports today.
Market movers on the TSX today
