07.07.202614:28:50UTC+00TSX Slips as Mining Stocks Weigh

The S&P/TSX Composite Index slipped to trade below 35,500 on Tuesday, pressured by weakness in mining stocks. Gold prices fell as investors weighed renewed tensions in the Middle East and looked ahead to the minutes of the Fed’s June meeting for fresh signals on the interest-rate outlook. Shares of Agnico Eagle, Franco-Nevada, and WPM each declined about 1%, while Barrick dropped 2%.

Oil prices, which had recently retreated toward pre-conflict levels following the Iran–Israel ceasefire, moved higher again after reports of new attacks on vessels in the Strait of Hormuz. The rebound in crude supported energy names: Canadian Natural rose more than 1%, and Suncor and Imperial Oil each advanced about 2%. However, firmer oil also pushed Canadian bond yields higher on renewed inflation worries, capping gains in financial stocks. RBC, TD Bank, and BMO edged up, while Scotiabank fell more than 1.5%.

In the technology sector, Shopify gained 2.5%, mirroring strength in US tech services shares.