Steep declines in oil and precious metals prices, renewed concerns about more U.S. Federal Reserve rate hikes in the near term, and re-emerging U.S.-Iran tensions drove Canadian stocks sharply lower on Wednesday, ending their three-day winning streak. The S&P/TSX Composite Index plunged by 608 points, or 1.7%, to 35,042, its lowest closing level since July 20.
Even as select consumer staples and healthcare stocks saw buying, heavy losses in other main sectors like mining, financials, and industrials pressured the TSX benchmark.
The Fed might not ease its policy stance soon
Notably, the latest minutes of the Federal Open Market Committee’s (FOMC) September meeting revealed that most policymakers expect another interest rate hike before the end of 2026. The Fed had already raised its benchmark rate by 25 basis points last month, citing stubborn inflation and continued strength in the U.S. economy.
Top TSX Composite movers and active stocks
Fortuna Mining (TSX: FVI) dived by more than 9% to $14.44 per share, making it the day’s worst-performing TSX stock. In addition to weaker gold and silver prices, this selloff in FVI stock came after the Vancouver-based miner reported lower production for the third quarter of 2026.
In the latest quarter, Fortuna’s total production fell on both a year-over-year and a sequential basis. This decline in production was mainly driven by equipment availability issues and a temporary blockade by artisanal miners at its Séguéla mine in Côte d’Ivoire that disrupted operations and delayed access to higher-grade ore. Although Fortuna still maintained its full-year production guidance, the weaker quarterly output and operational challenges added to the selling pressure on FVI stock.
BlackBerry, Energy Fuels, and I-80 Gold were also among the session’s bottom performers on the Toronto Stock Exchange, with each diving by at least 7.8%.
Despite the broader market selloff, shares of Extendicare, Bausch Health, Open Text, and Descartes Systems inched up by at least 2% each, making them the top-performing TSX stocks for the day.
Based on their daily trade volume, TD Bank, Athabasca Oil, Telus, Cenovus Energy, and Canadian Natural Resources were the five most active stocks on the exchange.
TSX today
Crude oil prices staged a sharp rebound in early Thursday trading as renewed tensions in the Middle East raised concerns about disruptions to global energy supplies. Although these gains may support TSX energy stocks at the open today, the broader TSX could remain under pressure because elevated oil prices renew inflation concerns. At the same time, silver and copper prices trended lower, which could pressure mining shares.
With no major domestic economic releases due, Canadian investors may want to keep an eye on the latest jobless claims data from the U.S. this morning.
On the corporate events side, the TSX-listed Aritzia and NovaGold Resources are slated to release their latest quarterly earnings reports today.
Overall, the prospect of additional U.S. monetary tightening could push Treasury yields higher and make equities less attractive, especially in rate-sensitive sectors. These concerns, combined with ongoing geopolitical uncertainty and weakness in metals prices, could make it difficult for the TSX to recover today.
Market movers on the TSX today
