2026.05.1513:54:32UTC+00TSX Slides as Bond Rout and Oil Surge Hit Sentiment

The S&P/TSX Composite Index fell nearly 2% on Friday, slipping below the 34,000 mark as investors reacted to a global bond market selloff and stalled US–Iran negotiations. Oil prices advanced amid a lack of progress toward an agreement to halt ship attacks and seizures in and around the Strait of Hormuz, amplifying stagflation worries and putting additional pressure on the broader equity market.

Financials were weaker, with shares of Royal Bank of Canada and TD Bank each declining more than 1%. Gold prices also retreated as renewed inflation concerns drove expectations for higher interest rates and pushed US Treasury yields upward, weighing heavily on mining stocks. Agnico Eagle, Barrick, and Wheaton Precious Metals all lost more than 4%.

In corporate earnings, NXT Energy fell 2.3% after reporting softer first-quarter revenue and profit. Questerre tumbled 18.2% even as it posted stronger adjusted funds flow, supported by lower Brazil-related costs.