2026.07.2714:03:46UTC+00TSX Hits Record High as Oil Prices Tumble

The S&P/TSX Composite Index rose 0.5% on Monday to trade above 35,500, setting a new record high as oil prices slumped following a pause in hostilities between the United States and Iran. Crude prices retreated after both countries halted strikes over the weekend amid renewed diplomatic efforts, with President Donald Trump reportedly open to restarting peace talks. The drop in oil prices eased energy-related inflation worries, pushing Canadian bond yields lower and bolstering financial stocks.

Major banks advanced, with RBC, BMO, and CIBC each gaining around 1%, while TD Bank and Scotiabank rose more than 0.5%. Gold prices climbed as lower U.S. Treasury yields increased demand for the metal, lifting mining shares. Agnico Eagle, Barrick, and WPM each added roughly 1%.

Tech heavyweight Shopify jumped more than 5%, mirroring strength in U.S. software names. By contrast, energy stocks weakened on the pullback in crude, with Suncor and Cenovus each falling nearly 3%. Celestica (+0.3%) and Gibson Energy (-1.2%) are due to report earnings after the closing bell.