Canada's main stock index closed lower on Tuesday, with the S&P/TSX composite index falling 275.80 points, or 0.76%, to 36,170.50, as hotter-than-expected US inflation and a sharp drop in gold prices weighed on mining shares. The TSX close snapped a two-session winning streak and pulled the benchmark about 2.1% below its record high set in late August.

By the numbers

  • S&P/TSX composite index: 36,170.50, down 275.80 points (-0.76%)
  • Canadian dollar: 70.83 US cents, little changed
  • WTI crude oil: US$86.04 a barrel, down 0.93%
  • Gold: US$4,030.20 an ounce, down 2.05%
  • S&P 500 (New York): 7,520.93, down 29.01 points (-0.38%)

Closing figures for Tuesday, November 10, 2026. Oil and gold are front-month futures prices. Market data: Yahoo Finance.

Read also Canadian businesses may absorb rising costs to limit inflation

Why did the TSX fall on Tuesday?

US consumer prices rose 0.4% in October, above the 0.3% economists had expected, according to reports citing the data. The reading reinforced expectations that the Federal Reserve will raise interest rates next month, and a Fed policymaker suggested a 50-basis-point hike remains possible, according to Stockhouse.

Higher US rates tend to pressure gold and other metals, and the materials group was the index's biggest drag, according to Reuters. Gold fell 2.05% to US$4,030.20 an ounce, and the gold miner sector fund lost 4.61%, the weakest of the TSX sector funds.

Shiraz Ahmed, CEO of Sartorial Wealth, told Reuters that hotter inflation and Fed hikes "will likely put pressure on the US economy," adding a downstream effect for Canada, which sends about 70% of its exports south.

What moved the market

Crude oil also slipped, with WTI settling at US$86.04 a barrel, down 0.93%, after US officials played down the need for further military action against Iran, easing fears of supply disruptions, Reuters reported. Energy shares still led, with the TSX energy sector fund up 1.06%. Among the other sector funds:

  • Utilities rose 0.44% and financials added 0.04%.
  • Real estate slipped 0.13% and technology lost 0.33%.
  • Consumer staples fell 0.36%.

The Canadian dollar was little changed at 70.83 US cents. In New York, the S&P 500 fell 0.38% to 7,520.93.

Stocks and sectors that stood out

Trisura Group rose 4.82% to $30.88 and Paramount Resources gained 3.85% to $32.06, according to Investing.com. Kinaxis climbed 3.15% to $215.63, a three-year high.

Among decliners, NovaGold Resources fell 8.96% to $8.84, Americas Gold and Silver dropped 8.58% to $4.26 and Perpetua Resources lost 8.01% to $27.45. GFL Environmental fell 7.2% after the waste firm said it rejected buyout proposals and would stay public, Reuters reported.

What to watch next

Attention turns to the Federal Reserve's December meeting, where a rate increase is now widely expected following the inflation report. Investors will also watch whether gold holds near US$4,000 an ounce and whether oil extends its slide, both of which feed directly into the TSX's mining and energy heavyweights.

FAQ

How did the S&P/TSX composite index close on Tuesday?

The index fell 275.80 points, or 0.76%, to 36,170.50, ending a two-day winning streak. It remains up 14.06% so far this year.

Why did the market move?

Hotter-than-expected US inflation raised expectations of a Federal Reserve rate hike, pushing gold and metal miners lower, while falling oil prices added pressure, according to Reuters.