Canada's S&P/TSX composite index closed down 274.50 points, or 0.75%, at 36,137.20 on Thursday, its first decline in four sessions, as a sharp drop in gold and weakness in base metals pulled mining shares lower. The TSX close followed three straight gains, including Monday's two-month high.

By the numbers

  • S&P/TSX composite index: 36,137.20, down 274.50 points (-0.75%)
  • Canadian dollar: 70.19 US cents, down from 70.49 US cents
  • WTI crude oil: US$88.74 a barrel, up 2.55%
  • Gold: US$3,885.30 an ounce, down 2.88%
  • S&P 500 (New York): 7,592.40, down 26.98 points (-0.35%)

Closing figures for Thursday, November 12, 2026. Oil and gold are front-month futures prices. Market data: Yahoo Finance.

Read also TSX closes up 241 points as tech and energy rally

What moved the market

Gold was the session's biggest drag. Front-month gold fell 2.88% to US$3,885.30 an ounce, touching its lowest level since October 2025, according to Reuters. Materials stocks fell 3.17% and gold miners dropped 3.84%, the weakest sectors on the day.

The metal's slide came as fading hopes for peace in the Middle East pushed oil higher, feeding concern about inflation and interest rates, Reuters reported. WTI crude rose 2.55% to US$88.74 a barrel, lifting energy stocks 0.82%. Following similar trends in U.S. Treasuries, Canada's 10-year yield climbed by 7.7 basis points to 3.794%.

A leadership shock at Nvidia also hung over markets. The chipmaker's shares fell about 5% after it disclosed that chief executive Jensen Huang had stepped down, The Associated Press reported, and named Colette Kress interim chief executive. "Overall, it's Jensen Huang day," said Allan Small of iA Private Wealth, according to Reuters.

Which sectors led and lagged?

Technology was the strongest major group, gaining 0.80%, helped by a 4.8% rise in Celestica. Michael Dehal of Raymond James suggested to Reuters that expectations Broadcom and AMD could pick up share may be lifting the equipment maker.

  • Energy +0.82%, technology +0.80% and consumer staples +0.42% led.
  • Utilities, financials and real estate slipped modestly.
  • Materials -3.17% and gold miners -3.84% lagged badly.

Among individual names, Cargojet rose 10.3% after the air cargo company's third-quarter results beat estimates, Reuters reported. Agnico Eagle fell 4.06%, Barrick 3.07% and Kinross 3.37%, according to Yahoo Finance data cited in coverage. Teck Resources lost 3.84% and First Quantum 3.5%. Shopify slipped 1.49%.

In energy, Canadian Natural Resources gained 0.5% and Enbridge 0.47%. The big banks were nearly flat, with Royal Bank and Toronto-Dominion each down 0.21%.

What to watch next

The Canadian dollar weakened to 70.19 US cents from 70.49, adding a currency headwind for importers. South of the border, the S&P 500 fell 0.35% to 7,592.40 as investors weighed the Nvidia transition. Attention now turns to whether gold stabilizes above its one-year low and whether oil's climb keeps pressure on rate expectations, with fresh economic data expected in the sessions ahead.

FAQ

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

The index fell 274.50 points, or 0.75%, to 36,137.20, its first decline in four sessions. It remains up 1.49% over the past five sessions and 13.95% so far this year.

Why did the TSX fall?

A 2.88% drop in gold to a more-than-one-year low hammered materials and gold miners, outweighing gains in energy and technology. Nvidia's leadership turmoil and higher oil prices added to caution, Reuters and The Canadian Press reported.