TSX Slips on Mining Weakness as Wall Street Holds Near Record Highs Ahead of Jobs Data

 

Tuesday, June 30, 2026

Canadian and global markets are wrapping up the second quarter on a cautious note, with the TSX pulling back on gold and mining weakness even as Wall Street rides the momentum of Monday's record-setting session into the holiday-shortened week. Here's how every major market is positioned heading into Thursday's critical U.S. jobs report.

🇨🇦 TSX

The S&P/TSX Composite fell 0.4% in its most recent session to close at 34,824, weighed down by losses in mining and technology. Gold prices declined as easing geopolitical tensions reduced safe-haven demand, pressuring miners — Agnico Eagle and Wheaton Precious Metals each fell more than 2%, while Franco-Nevada dropped 3.6%. Tech shares also underperformed despite a strong session on Wall Street, with Shopify down 2%. On the upside, financials advanced as oil prices held near pre-conflict levels following the U.S.-Iran truce: RBC gained roughly 1%, while TD Bank and BMO each rose 0.6%. Investors are now watching for Statistics Canada's GDP release and any fresh signal on whether the Bank of Canada's July 15 rate decision could see a shift in tone.

🇺🇸 United States

Wall Street closed out its most recent session at fresh records. The Dow Jones Industrial Average climbed above 52,000 for the first time, settling at 52,182.74 (+0.59%), powered largely by Alphabet's debut as a Dow component after replacing Verizon — shares jumped roughly 5% on the news. The S&P 500 rose 1.18% to 7,440.43, while the tech-heavy Nasdaq Composite surged 2.07% to 25,820.14 as megacap names rebounded sharply: Tesla gained 8.5%, Amazon rose 3.2%, and Meta added 2.2%. The rally was underpinned by a Supreme Court ruling preserving Federal Reserve Governor Lisa Cook's position, plus an easing in U.S.-Iran tensions over the weekend. Markets now turn to a holiday-shortened week, with the closely watched June jobs report landing Thursday instead of the usual Friday slot, and trading closed entirely on Friday for Independence Day.

🇪🇺 Europe

European bourses opened higher Tuesday, extending the relief rally tied to the Middle East ceasefire. The pan-European Stoxx 600 was up roughly 0.6% shortly after the open, with mining and industrial goods stocks leading gains near 1.4–2%. Chipmakers were in particularly strong demand, with ASML up 3.2%, BE Semiconductors up 2%, and ASMI gaining 1.4%. Germany's DAX rose 0.8%, France's CAC 40 added 0.35%, the U.K.'s FTSE 100 gained 0.17%, and Italy's FTSE MIB ticked up 0.1%. Strategists at UBS flagged lingering concerns about the sustainability of AI capital-expenditure growth even as the broader tape stayed positive.

🌏 Asia-Pacific

Asian markets were broadly higher to close out the quarter. Japan's Nikkei 225 rose 0.15% to 69,468, while Hong Kong's Hang Seng jumped 1.57% to 23,027. Mainland China's SSE Composite gained 1.16% on stronger-than-expected June factory activity data, supported by tech export demand, and the Shenzhen Index added 0.19%. Australia's S&P/ASX 200 climbed 0.68%, while South Korea's KOSPI slipped 0.20% after a volatile June for the region's heavily tech-weighted index.

🛢️ Commodities

WTI crude oil traded near $70.54 per barrel, up about 1.9%, while Brent crude hovered around $72.50, both holding close to pre-conflict levels as the U.S.-Iran truce continued to ease energy-driven inflation worries. Gold slipped to roughly $4,030 per ounce as safe-haven demand cooled alongside the de-escalation, while silver also pulled back from recent highs. For Canadian households, softer oil prices are a modest tailwind heading into the summer driving season, even as broader grocery and energy costs remain a top-of-mind budgeting concern.

💱 CAD/USD

The Canadian dollar remains under pressure, with USD/CAD trading near 1.4239 — close to a one-year low for the loonie. The pair has been range-bound but biased toward further CAD softness, largely at the mercy of broader U.S. dollar sentiment heading into Thursday's payrolls data. Over the past month, the Canadian dollar has weakened roughly 2.8% against the greenback. For anyone with upcoming U.S. travel plans, cross-border purchases, or USD-denominated bills, the weaker loonie continues to be worth watching closely this week.

Bottom line: Markets are holding a cautiously optimistic tone as Q2 closes, with the U.S.-Iran ceasefire supporting risk appetite globally. The TSX's mining-led dip is the outlier in an otherwise green session worldwide — but all eyes now shift to Thursday's U.S. jobs report and next week's Bank of Canada rate decision on July 15 for the next real catalyst.

This article is for informational purposes only and does not constitute financial or investment advice. Market figures reflect the most recently confirmed closing data available at time of publication and are subject to change.