TSX falls 402 points as gold and banks slide

Canada’s main stock index was down 401.87 points, or 1.12 per cent, at 35,571.58 as of 10:33 a.m. ET on Friday, Oct. 23, 2026, as gold miners and banks fell while oil climbed above US$100 a barrel. The S&P/TSX composite index stood 393.69 points lower on Yahoo Finance data at the same minute, a difference of about 0.02 per cent.

The index opened at 35,857.64, which was also its high of the session, and touched a low of 35,491.62, according to TMX Money. It had closed at 35,973.45 on Thursday, as our market close report showed. TMX Money puts the index up 13.4 per cent so far in 2026. These are intraday figures and will change through the session.

Sources: TMX Money for the TSX composite, confirmed against Yahoo Finance; Yahoo Finance for the Dow, oil, gold and the loonie.

Gold stocks led the decline for a second day. The iShares S&P/TSX Global Gold Index ETF (TSX:XGD) was down about 3.1 per cent, Yahoo Finance data showed, as the December gold contract slipped 1.3 per cent. Agnico Eagle Mines Ltd. (TSX:AEM) was off about 2.8 per cent, Wheaton Precious Metals Corp. (TSX:WPM) about 3.0 per cent and Barrick Mining Corp. (TSX:ABX) about 2.4 per cent.

The big banks were also lower. The iShares S&P/TSX Capped Financials Index ETF (TSX:XFN) was down about 1.7 per cent, with Royal Bank of Canada (TSX:RY) off about 1.4 per cent and Toronto-Dominion Bank (TSX:TD) about 1.6 per cent. Shopify Inc. (TSX:SHOP) was down about 0.9 per cent as technology shares extended Thursday’s retreat, and the iShares S&P/TSX Capped Information Technology Index ETF (TSX:XIT) lost about 1.1 per cent.

Energy was the exception. The iShares S&P/TSX Capped Energy Index ETF (TSX:XEG) was up about 1.9 per cent, with Canadian Natural Resources Ltd. (TSX:CNQ) gaining about 2.2 per cent and Suncor Energy Inc. (TSX:SU) about 2.1 per cent. Yahoo Finance reported that West Texas Intermediate crude was near US$102 a barrel and Brent near US$111, close to a five-month high, on fears of escalating tension in the Middle East. Our report on the Strait of Hormuz has more on the supply worries.

In the United States, the Dow was down about 1.4 per cent, while the S&P 500 and Nasdaq composite were lower by less than 1 per cent, Yahoo Finance reported. It said investors were still uneasy about the artificial intelligence trade after a steep sell-off in technology shares on Thursday sent money into bonds. The yield on the 10-year U.S. Treasury note was about 4.98 per cent. Based on Bloomberg data, Yahoo Finance said the odds of a Federal Reserve rate hike at its Oct. 28 meeting had fallen to about five per cent.

Rogers Communications Inc. (TSX:RCI.B) reported third-quarter results before the open. Its Class B shares traded at $45.69, down 1.59 per cent, at 10:20 a.m. ET, according to TMX Money. Our story on the results has the details.

The Bank of Canada also announces its interest rate decision on Oct. 28, which economists expect to be a hold. Our guide to TSX holidays in 2026 lists the remaining market closures this year.

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This article is for information only and is not investment advice. Speak to a licensed adviser before making investment decisions.