Canada's main stock index fell on Thursday, with technology and metal mining shares leading declines as investors worried about a potential escalation of the Middle East war.
The TSX slumped 495.08 points, or 1.5%, to close Thursday at 31,887.52.
The Canadian dollar slid 0.23 cents to 72.16 cents U.S.
Cogeco Communications fell $6.37, or 8.3%, to $70.42 after TD Cowen downgraded it to "hold" from "buy".
Bank of Montreal said it was targeting a return on equity of more than 15% by 2028, as it eyes growth across its wealth management and U.S. businesses. Shares of the lender fell $5.91, or 3.1%, to $183.56.
BRP Inc rose $3.55, or 4%, to $93.08. after the powersports product company beat estimates with its quarterly results.
Gold took the hardest hits, as Aya Gold & Silver lost $1.36, or 7.2%, to $17.46, and Equinox Gold shed $1.28. or 7.1%, to $16.73.
Elsewhere in resources, G Mining Ventures doffed $3.24, or 7.4%, to $40.29, while K92 Mining fell $1.86, or 8%, to $21.31.
In techs, Celestica was pummeled $39.03, or 9.4%, to $378.58, while Bitfarms lost 24 cents, or 7.8%, to $2.82.
Utilities proved the only gaining group, as Emera Inc. gathered 85 cents, or 1.2%, to $71.40, while Fortis Inc. took on 62 cents to $77.10.
On the macroeconomic front, Statistics Canada is reports the number of employees receiving pay and benefits from their employer—measured as "payroll employment" in the Survey of Employment, Payrolls and Hours—increased by 45,600 (+0.2%) in January following a decrease of 10,600 (-0.1%) in December.
On a year-over-year basis, payroll employment was up by 33,500 (+0.2%) in January 2026.
ON BAYSTREET
The TSX Venture Exchange stumbled 37.09 points, or 3.9%, to 910.55.
All but one of the 12 TSX subgroups took a spill on the day, with gold and materials each falling 3.6%, while information technology subsided 3.1%.
The lone bright spot was in utilities, up 0.4%.
ON WALLSTREET
The S&P 500 fell on Thursday, weighed by higher oil prices, as traders followed the latest developments out of the Middle East.
The Dow Jones Industrials faltered 469.38 points, or 1%, to 45,960.11
The much-broader index subtracted 114.74 points, or 1.7%, to 6,437.16
The NASDAQ lost 521.74 points, or 2.4%, to 21,408.08.
Speaking about the recent performance in oil prices, President Donald Trump said he thinks their surge as well as the pressure seen in the broader market are not as bad as he expected. “It’s all going to come back down to where it was and probably lower,” he said regarding oil.
Earlier today, Trump said in a Truth Social post that Iran “better get serious soon, before it is too late, because once that happens, there is NO TURNING BACK, and it won’t be pretty.” Trump also labeled Iranian negotiators as “very different” and “strange,” claiming they were “begging” the U.S. to make a deal to end the now four-week war.
This comes after Iran’s foreign minister reportedly told state media on Wednesday that top authorities in the Middle Eastern nation are reviewing an American proposal to end the war, but Tehran has no intention of having talks with the U.S.
Meanwhile, Gulf countries issued a joint statement Thursday condemning Iran’s “criminal” strikes from Iraqi territory on their energy infrastructure. They added that they are ready to defend themselves going forward.
One observer said markets “seem to be concluding that Iran’s negative public message may be a smokescreen for a more accommodating private posture,” he wrote in a note. “We’re not so sure, and the ambiguity can’t last much longer amid Trump’s five-day deadline for talks.”
Prices for the 10-year Treasury went straight down, raising yields to 4.42% from Wednesday’s 4.33%. Treasury prices and yields move in opposite directions.
Oil prices gained $3.33 to $93.65 U.S. a barrel.
Gold prices tumbled $154.10 to $4,398.20 U.S. an ounce.
