29.07.202614:50:03UTC+00TSX Falls as Financials and Miners Losses Weigh

The S&P/TSX Composite Index fell nearly 1% on Wednesday, slipping below 35,500 after closing at a record high in the previous session, dragged down by financial and mining stocks. Rising oil prices, driven by escalating tensions in the Middle East following joint US-Saudi strikes in Iraq, stoked inflation concerns and pushed bond yields higher. Investors were also focused on the upcoming Federal Reserve policy decision: while rates are widely expected to be left unchanged, markets are watching for any dissenting votes in favor of a hike.

Among financials, RBC and Scotiabank each lost more than 1.5%, while TD Bank, BMO, Brookfield, and CIBC declined about 2%. Mining shares also retreated after Allied Gold (-16%) scrapped a proposed sale to a Chinese buyer and as gold prices weakened. Agnico Eagle dropped more than 2%, Barrick fell nearly 3%, and WPM slid 2.5%. By contrast, energy names outperformed: Canadian Natural rose nearly 4%, and Cenovus advanced 5% after posting stronger-than-expected Q2 revenue and profit.