The S&P/TSX Composite Index ended Friday’s session with a 0.5% decline, closing at 35,788. The drop came as rising oil prices stoked inflation worries, while tech stocks continued their downward trend.
Crude prices surged due to escalating Houthi attacks on Saudi targets and reports of potential renewed US strikes against Iran. Canadian bond yields rose, with markets anticipating a Bank of Canada rate hike at its next meeting to combat energy-driven inflation.
Major Canadian banks saw losses, with BMO falling 0.8% and CIBC down 0.9%. Tech stocks extended their declines following a Wall Street selloff the previous day. Celestica dropped another 3.2% after a 12% plunge on Thursday, ahead of its third-quarter 2026 earnings report scheduled for Monday.
Lower gold and silver prices weighed on mining stocks, with Agnico Eagle and Barrick each losing 1.3%. For the week, the TSX declined 0.5%.