Canada's main stock index fell on Wednesday as renewed U.S.-Iran tensions rattled investors and drove oil prices higher, fueling inflation worries.
The TSX started the midweek session cratered 396.54 points, or 1.1%, to 34,876.05.
The Canadian dollar gained 0.2 cents to 70.59 cents U.S.
Oil stocks rose, helped by gains in Athabasca Oil, improving 51 cents, or 5%, to $10.79, while Cenovus Energy surged $1.52, or 4.2%, to $37.32, and CES Energy Solutions, up 53 cents, or 3.3%, to $16.67.
Miner Aris fell $1.38, or 6.5%, to $20.18, leading declines on the TSX.
Elsewhere, Air Canada shares dipped $1.06, or 4.2%, to $24.36, after it said Scandinavian airline SAS' top boss, Anko Van der Werff, would succeed Michael Rousseau as the CEO, ending months of leadership speculation.
Ivanhoe Mines edged down a penny to $10.04, after the company said copper production at its flagship Kamoa-Kakula complex in the Democratic Republic of Congo is set to rise in the second half of 2026.
Trilogy Metals dipped 13 cents, or 2.8%, to $4.46, after the company reported a wider second-quarter loss.
ON BAYSTREET
The TSX Venture Exchange dived 9.15 points, or 1%, to 883.12.
All but three of the 12 subgroups were higher on the day, led by energy, ahead 3.1%, telecoms, surging 1.8%, while consumer staples picked up 1%.
The three laggards were gold and materials, each stumbling 3.8%, while consumer discretionary sank 0.4%.
ON WALLSTREET
Stocks moved sharply lower on Wednesday after U.S. President Donald Trump told the NATO summit in Turkey that the ceasefire with Iran is “over” amid renewed hostilities in the Middle East that sent oil prices surging.
The Dow Jones Industrials hurtled lower 713.38 points, or 1.4%, to 52,211.77.
The S&P 500 fell 59.79 points to 7,444.06.
The tech-heavy NASDAQ swooned 178.52 points to 25,640.17.
International Brent crude futures were up 7.5% at $79.65 per barrel. West Texas Intermediate futures popped 7.1% to trade at $75.41.
“I think it’s over. I don’t want to deal with them anymore. They’re scum,” Trump said.
Trump’s remarks followed what the U.S. called a “series of powerful strikes” against Iran on Tuesday in retaliation to attacks against three commercial vessels traveling in the Strait of Hormuz.
Speaking to reporters at the NATO summit in Ankara, Turkey, on Wednesday, the military alliance’s Secretary General Mark Rutte said America’s strikes were “absolutely necessary.”
Consumer stocks that may be impacted by higher energy prices fell. Home Depot slid 3%, while McDonald’s pulled back by more than 1%. Booking Holdings shed 4%.
Investors’ attention will also turn to the minutes from the Federal Open Market Committee’s June meeting, due at 2 p.m. ET Wednesday.
The release is expected to provide more insight into Federal Reserve Chairman Kevin Warsh’s first policy meeting, where officials left interest rates unchanged while signaling that additional rate hikes could be warranted if inflation pressures persist.
Prices for the 10-year Treasury swooned, raising yields to 4.59% from Tuesday’s 4.55%. Treasury prices and yields move in opposite directions.
Oil prices added $5.10 to $75.54 U.S. a barrel.
Gold prices sank $100.40 to $4,057.00 U.S. an ounce.
