Canada's main stock index fell on Thursday as retreating gold prices pulled down mining shares, while investors stayed cautious as the Middle East conflict entered its sixth day.
The TSX cratered 434.82 points or 1.3%, to break for lunch Thursday at 33,508.04.
The conflict in the Middle East, which has pressured global markets, entered its sixth day with Israel launching a large wave of strikes on
Tehran after Iranian missiles sent millions of Israelis rushing into bomb shelters.
In other developments, Canada has signed new agreements on critical minerals with Australia, the countries said on Thursday.
In corporate news, oil and gas producer Canadian Natural Resources surpassed analysts' expectations for fourth-quarter profit. Natural Resources took on 87 cents, or 1.4%, to $61.11, down from the gains of the morning.
Among miners First Quantum Minerals took a header of $2.78, or 7.4%, to $35.00, and Ero Copper slipped $3.26, or 7.5%, to $40,02, as some major producers cut output.
Tech stocks climbed more than 3% led by enterprise software firm Kinaxis, which jumped $8.15, or 6.3%, to $138.24, after strong customer expansion helped it beat quarterly revenue estimates.
ON BAYSTREET
The TSX Venture Exchange sank 21.48 points, or 2%, to 1,058.04.
All but two of 12 TSX subgroups dipped into the red in the first hour, with gold parting with 4.1%, materials, down 4%, and telecoms off 1.3%.
The two gainers were information technology, ahead 1.7%, and energy, up 0.9%.
ON WALLSTREET
Stocks fell on Thursday as traders caught their breath after a strong performance in the previous session and kept an eye on oil rising prices.
The 30-stock average stumbled 757.39 points, or 1.5%, to 48,982.02, weighed down by losses in stocks such as Caterpillar and Goldman Sachs
The much broader index dived 43.01 points to 6,826.49.
The NASDAQ ditched 69.61 points to 22,737.88.
Class A and B shares of Berkshire Hathaway were a bright spot in the trading day. Both gained more than 1% after the conglomerate disclosed that it started repurchasing its own shares again for the first time since 2024. CEO Greg Abel also bought $15 million worth of stock himself.
Defense Secretary Pete Hegseth said in a briefing with reporters that the U.S. is “winning decisively” in its conflict with Iran and that more forces are arriving to the region. Separately, Treasury Secretary Scott Bessent said on that Trump’s recently announced 15% global tariff will likely go into effect this week.
Prices for the 10-year Treasury weakened, hiking yields to 4.14% from Wednesday’s 4.09%. Treasury prices and yields move in opposite directions.
Oil prices recovered $4.41 to $72.87 U.S. a barrel.
Gold prices dimmed $48.90 to $5,085.80 U.S. an ounce.
