2026.07.1713:53:43UTC+00TSX Slips on Tech Rout and Middle East Tensions

The S&P/TSX Composite Index fell nearly 1% on Friday, slipping below the 35,500 mark amid a global selloff in semiconductor stocks and heightened geopolitical tensions that kept oil prices elevated. North American technology shares dropped sharply as investors retreated from crowded semiconductor positions on renewed worries over AI-related capital spending. Shopify declined 1.5%, while Celestica extended its slide by more than 6% after tumbling 9.3% in the previous session.

At the same time, the United States and Iran stepped up attacks across the Gulf, and the breakdown of their truce disrupted oil flows through the Strait of Hormuz. The conflict drove oil prices higher, fueling inflation concerns and weighing on financials and the broader equity market. Major banks—including RBC, TD Bank, BMO, and Scotiabank—each fell by about 1%.

Gold prices also edged lower and were on track for a weekly decline, adding further pressure to mining shares. Agnico Eagle lost more than 1%, while Barrick and WPM each dropped nearly 2%.