Despite largely upbeat corporate earnings reports, Canadian stocks fell on Tuesday as renewed escalation in U.S.-Iran tensions, declining metals prices, and a tech sector selloff weighed on investor sentiment. The S&P/TSX Composite Index plunged by 269 points, or 0.8%, to settle at 35,532.
Even as select healthcare and utility stocks trended higher, steep losses in most other key market sectors, including technology, mining, and consumer cyclicals, dragged the TSX benchmark down.
Top TSX Composite movers and active stocks
Thomson Reuters (TSX: TRI), Allied Properties REIT, Shopify, and Americas Gold and Silver were the worst-performing TSX stocks for the day, with each diving by at least 5.3%.
The weakness in Thomson Reuters shares came after the Toronto-based information and technology services giant released its third-quarter 2026 financial results, which showed strong revenue growth but weaker reported profits and cash flows.
Thomson Reuters also recently completed the sale of a 51% stake in its Global Print business for about US$500 million and updated its full-year outlook to reflect the divestiture. Despite solid growth in its core businesses, declining reported profits, weaker cash generation, and pressure on profit margins likely weighed on investor sentiment toward TRI stock.
On the brighter side, 5N Plus (TSX: VNP) surged by nearly 25% to $32.62 per share, making it the session’s top-performing TSX stock. This rally in VNP stock followed the Montreal-based specialty semiconductor and performance materials company’s release of its third-quarter 2026 financial results and an upbeat full-year outlook.
5N’s revenue jumped 30% year-over-year in the latest quarter, driven by higher sales volumes across both its specialty semiconductors and performance materials businesses. Meanwhile, the company also reported a strong order backlog of US$447.3 million and reduced its net debt to US$32.4 million from US$50.3 million at the end of 2025. Strong customer demand, continued capacity expansion, and confidence in its full-year earnings outlook appeared to boost investor sentiment, driving VNP stock sharply higher.
Curaleaf, Toromont Industries, and Hammond Power Solutions were also among the day’s top gainers, with each jumping by at least 7.5% in intraday trading.
Based on their daily trade volume, Enbridge, Manulife Financial, Whitecap Resources, Cenovus Energy, and TD Bank were the five most active stocks on the Toronto Stock Exchange.
TSX today
Crude oil prices fell, while metals prices surged in early Wednesday trading as early U.S. midterm election results suggested that Democrats were winning control of both chambers of Congress, raising questions about the future direction of American economic and trade policies.
The election outcome could have important implications for Canada-U.S. trade talks, especially as Prime Minister Mark Carney recently indicated that Washington was showing greater flexibility on some of Canada’s key demands.
Meanwhile, easing crude oil prices could help reduce inflation concerns, and the rebound in gold, silver, and copper prices could support TSX mining shares following Tuesday’s market selloff.
As the third-quarter earnings season heats up further, several TSX-listed companies, including ATS, Allied Gold, B2Gold, Brookfield Renewable Partners, Cenovus Energy, Colliers International, Great-West Lifeco, Kinaxis, Lundin Gold, Lundin Mining, Manulife Financial, Maple Leaf Foods, Nutrien, Sprott, Stella-Jones, and Sun Life Financial, will announce their latest quarterly earnings reports today.
Overall, these developments could keep Canadian equities volatile on Wednesday as investors weigh the impact of shifting U.S. political dynamics, fluctuating commodity prices, and a busy corporate earnings calendar.
Market movers on the TSX today
