TSX Closer: The Index Plunges More Than 700 Points as Base Metals, Technology Stocks Slide

04:19 PM EST, 11/05/2026 (MT Newswires) -- The S&P/TSX Composite Index plunged more than 700 points on Thursday as sharp losses in base metals, technology and financial stocks weighed on the benchmark index, while investors assessed the Canadian budget tabled by Prime Minister Mark Carney's government amid ongoing trade tensions with the US. The index closed down 736.13 points, or 2%, at 35,605.27, with most sectors in red. Base metals led the decliners, dropping 5.2%, followed by information technology and financial, which were down 3.8% and 3.2%, respectively. Shares in telecom and utilities advanced 2.5% and 0.1%, respectively. In commodities, West Texas Intermediate (WTI) and Brent crude prices bounced after plunging more than 7% in the previous session, as continuing uncertainty over the US-Israeli conflict with Iran and renewed attacks on oil tankers in the Persian Gulf raised concerns about potential supply disruptions. December WTI crude oil contract settled up $2.40, or 2.7%, at $90.52 per barrel, while January Brent oil was last seen up $3.88, or 4.1%, at $98.50 per barrel. December Comex gold futures jumped 1.0%, or $39.10, to $4112.10 per ounce at last look. In currencies, the US dollar edged up 0.3% against the Canadian dollar to CA$1.4013 at last look. Canada's federal budget took center stage on Thursday, with government spending plans and their implications for economic growth in focus. "Budget 2026 needs to show it continues to deliver on both growth and fiscal strategies," wrote Cynthia Leach, assistant chief economist at RBC Economics, in a budget preview published last week. In stocks, Canadian National Railway (CNR.TO, CNI) closed down C$3.20 at CA$177.24 on Thursday after announcing earlier in the day that it shipped a record 3.54 million metric tonnes of grain and processed grain products across Canada in October.