Toronto Stocks Inch into Positive Territory Amidst Tariff Deadline and Earnings Season

Toronto's main stock exchange, the TSX, was in positive territory as investors awaited the US tariff deadline and earnings season began. Mining and retail stocks led gains, while technology and finance shares were weak. Gold miners advanced with the US dollar weakening. Bank of Nova Scotia and Canadian Imperial Bank were up, while Bank of Montreal and Royal Bank of Canada were down.

Toronto's main stock exchange, the TSX, was in positive territory on Tuesday as investors looked to the looming August 1 deadline for the Trump administration's tariff decisions and as earnings season in Canada began to build steam. The S&P/TSX Composite Index (GSPTSE) was 16.87 points higher at 27333.87, according to midday trading data [2].

Mining and retail stocks led gains, countering weakness among technology and finance shares. Gold miners advanced, tracking gains in gold futures as the U.S. dollar weakened amid persistent trade and monetary policy concerns. Barrick Mining (BAR) was up 1.2%, Agnico Eagle (AEM) rose 3%, and B2Gold (BTG) gained 1.6% [2].

The big banking stocks were mixed, with Bank of Montreal (BMO) and Royal Bank of Canada (RY) down 0.2% and 0.5%, respectively, but Bank of Nova Scotia (BNS) and Canadian Imperial Bank (CM) were up 0.4% and 0.6%, respectively [2]. Meanwhile, Canadian National Railway's (CN) shares slipped 0.6% ahead of the release of its second-quarter financial results after the market closes [2].

The TSX was boosted by the broader positive sentiment in the U.S. markets, where the S&P 500 and the Nasdaq notched record high closes ahead of quarterly results. Several industrial and tech firms, including Alphabet (GOOGL.O) and Tesla (TSLA.O), are set to report their earnings this week, which could provide further clarity on market direction [1].

Investors are also keeping a close eye on the Bank of Canada's quarterly survey, which indicated that Canadian businesses saw less chance of a worst-case tariffs scenario but remained cautious while keeping hiring and investment under check [1].

The TSX materials stocks subindex (GSPTTMT) was among the big gainers, rising 2.2% and tracking gold prices. Energy subindex (SPTTEN) fell 0.95% as oil prices slightly dipped [1].

Osisko Development (OR.TO) rose 1.4% after announcing a $450 million credit agreement with funds advised by Appian Capital Advisory [1]. Meanwhile, Goodfood Market (GOOD.TO) climbed 5.3% after reporting a 20% drop in fiscal third-quarter sales but said its customers' average basket size and net sales per active customer reached all-time highs [2].

The TSX remains poised for further gains as investors await key earnings reports and potential trade updates. The market's focus is on the U.S.-EU trade talks and the broader economic outlook, which will likely shape the TSX's performance in the coming weeks.

References:
[1] https://www.reuters.com/markets/europe/tsx-ends-flat-investors-await-trade-updates-key-earnings-2025-07-21/
[2] https://www.marketscreener.com/news/toronto-stocks-just-into-positive-territory-ce7c5cddda8df622