Toronto’s primary index retreated from all-time highs as renewed trade-war anxieties and a tech-sector pullback overshadowed a historic surge in precious metals.

The S&P/TSX Composite Index finished Monday, January 26, 2026, with a minor loss of -51.66 points (-0.16%), closing at 33,093.32. While the index briefly touched a new intraday record of 33,428.44 in early trading, the momentum evaporated by the afternoon. The primary catalyst for the reversal was a weekend social media salvo from U.S. President Donald Trump, threatening 100% tariffs on Canadian imports should Ottawa pursue a trade deal with China. This geopolitical friction, coupled with a decline in crude oil prices, effectively neutralized a blockbuster day for mining stocks that saw gold breach the psychological US$5,000 per ounce barrier for the first time in history.

Source: Kalkine Group

Sector Scoreboard: Where the Money Moved

The market was a tale of two cities: the "safe-haven" miners vs. the "trade-sensitive" cyclicals.

In the Green (Gainers)

  • Materials (+1.2%): The star of the show. Gold miners surged as the yellow metal hit $5,082, driven by "fear-driven" buying and central bank diversification.
  • Base Metals (+0.8%): Copper and nickel saw modest gains on long-term industrial demand expectations for 2026.

In the Red (Losers)

  • Financials (-1.1%): Heavyweights like RBC (-1.35%) and CIBC (-1.20%) led the decline, as tariff threats sparked fears of a Canadian economic slowdown.
  • Technology (-1.4%): Shopify (-1.06%) and others faced pressure ahead of high-stakes U.S. tech earnings and general trade uncertainty.
  • Energy (-0.6%): Dragged down by falling oil prices and the ongoing U.S.-Iran military buildup headlines.
  • Healthcare & REITs: Among the worst performing broad sectors due to rising bond yields.

Top Stock Movers: The Jan 26 Leaderboard

Source: Kalkine Group

Top Gainers

  1. IVN (Ivanhoe Mines) +4.48%: Hit a 52-week high. Investors are piling into copper-rich plays as the "year of industrial metals" kicks off.
  2. ELD (Eldorado Gold) +4.45%: Touched a 5-year high. Beneficiary of the historic gold rally.
  3. AAUC (Allied Gold) +4.2%: Recently signed a $5.5B cash deal with a Chinese buyer; the cash-heavy valuation is attracting massive interest despite the trade rhetoric.
  4. LUN (Lundin Mining) +3.8%: Strong copper production forecasts and the general lift in the basic materials sector.
  5. NGEX (NGEx Minerals) +5.5%: Strong exploration data and sector-wide mining optimism.

Top Losers

  1. SEA (Seabridge Gold) -6.87%: Ironically down despite gold's rise; likely due to profit-taking after a massive run-up or specific project financing concerns.
  2. BITF (Bitfarms) -5.2%: Crypto-correlated stocks slumped as Bitcoin volatility spiked amidst the geopolitical tension.
  3. CURA (Curaleaf Holdings) -4.8%: Broad weakness in the healthcare/cannabis sector as capital rotated into safer commodities.
  4. DML (Denison Mines) -4.5%: Uranium plays cooled off as the market refocused on immediate precious metal gains.
  5. PPTA (Perpetua Resources) -4.1%: Similar to other junior miners, saw a "sell the news" reaction as gold hit its peak.

Technical Analysis: The View from the Charts

Source: Trading View

As of today, January 26, the TSX is flashing a "Neutral-to-Cautious" signal.

  • Resistance: The index failed to hold the 33,400 level, which now acts as a formidable ceiling.
  • Support: Technical analysts are watching the 33,000 psychological floor and the 20-day Moving Average at 32,850. A break below this could signal a deeper correction.
  • RSI (Relative Strength Index): Currently near 68, pushing the "overbought" territory. The afternoon slide suggests the market needed to blow off some steam after the record run-up in mid-January.

The Bottom Line: A Golden Hedge in a Tariff Storm

Monday was a stark reminder that Canada’s market remains at the mercy of its southern neighbor's trade policy. While the gold rush to $5,000 provides a beautiful hedge for the TSX's heavy materials weighting, it cannot fully insulate the banking and tech sectors from the chill of a potential trade war. Investors should brace for heightened volatility as the review of North America's free-trade pact looms.