Even as growing hopes of a U.S.-Iran peace deal drove crude oil and metals prices lower, Canadian equities continued their record-setting rally on Tuesday as investors welcomed strong corporate earnings and awaited the U.S. Federal Reserve’s interest rate decision on Wednesday. The S&P/TSX Composite Index advanced 182 points, or 0.5%, to 35,750, reaching another all-time high for a second consecutive session and notching its third straight gain.
On the one hand, mining, energy, and utility stocks remained under pressure with weaker commodity prices and improving risk appetite weighing on these traditionally defensive sectors. On the other hand, strong gains in technology, consumer discretionary, and financial stocks more than offset these losses, pushing the TSX to another record as investors awaited the Fed’s key policy decision.
Top TSX Composite movers and active stocks
Celestica (TSX:CLS) was the top-performing TSX stock for the day, with shares jumping by nearly 10% to $492.14 apiece. This rally in CLS stock came after the Canadian technology company posted second-quarter revenue and adjusted earnings above the high end of its guidance ranges and raised its full-year 2026 outlook.
In the June quarter, Celestica’s revenue surged 62% year over year, while adjusted earnings climbed 83% from a year ago. The company now expects 2026 revenue of US$20.5 billion and adjusted earnings of US$11.30 per share, meaningfully up from its previous forecasts. Investor confidence also grew on expectations that Celestica could deliver stronger revenue growth in 2027, driven by strong customer demand, new program wins, and improving component supply, sparking a buying spree in the stock.
Constellation Software, Air Canada, and Descartes Systems were also among the day’s top gainers on the Toronto Stock Exchange, with each jumping by more than 6%.
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In contrast, Hammond Power Solutions, AbraSilver Resource, 5N Plus, and Aya Gold & Silver slipped by at least 5.6% each, making them the session’s worst-performing TSX stocks.
Based on their daily trade volume, Telus, Manulife Financial, Ivanhoe Mines, Bank of Montreal, and Royal Bank of Canada were the five most active stocks on the exchange.
TSX today
Crude oil prices bounced back sharply in early trading on Wednesday after reports of renewed military exchanges between the United States and Iran raised fresh concerns about prolonged supply disruptions. If oil prices remain elevated through the session, energy stocks could regain momentum and provide support to the resource-heavy TSX. However, renewed fighting between the United States and Iran may also weaken broader investor sentiment and revive concerns about inflation.
With no major domestic economic releases due this morning, Canadian investors will closely watch the Fed’s latest rate decision and press conference in the afternoon.
As the second-quarter corporate earnings season continues in full swing, several TSX-listed companies, including Whitecap Resources, Kinross Gold, Freehold Royalties, Ivanhoe Mines, GFL Environmental, IGM Financial, Bausch Health, SECURE Waste Infrastructure, ATCO, Cenovus Energy, Capital Power, Canadian Utilities, CGI, and Hudbay Minerals, will announce their latest quarterly results today.