Market Recap Nov 10: Barrick (ABX) Stock Falls 5.6% on Hot US CPI
Barrick Mining (ABX) stock fell 5.61% to C$56.41 on Tuesday, a move that tracked the gold complex rather than anything in the company’s own results. The cause came from Washington: the US October inflation report landed hotter than economists expected, gold sold off, and Canada’s gold miners sold off harder.
Those Barrick third-quarter results landed on Nov 9, the previous session, at the end of a five-session run in the Canadian gold miners that we covered at the time. Tuesday took back part of that run: the TSX gold sector proxy (XGD) fell 4.61%. The quarter matters now for a different reason: its cost picture decides whether margin survives a lower gold price.
Where the session finished
The S&P/TSX Composite closed at 36,170.45, down 0.76% from Monday’s 36,446.26, and the S&P 500 slipped 0.38% to 7,520.93. Gold’s December COMEX contract was US$4,039.00, down 1.83%. NYMEX WTI, December contract, settlement-window price from Yahoo Finance trade data, was US$86.08. Data as of the Nov 10 close.
What the US inflation print changed
The Bureau of Labor Statistics’ October CPI release put all-items CPI-U up 0.4% month over month, seasonally adjusted, and core up 0.3%. Economists polled by Reuters had forecast 0.3% on the headline; September was 0.6%. BLS published no 12-month changes: October 2025 data were never collected during a lapse in appropriations.
Reuters reported that a 25 basis point hike at the Fed’s December 8-9 meeting is now fully priced, a basis point being a hundredth of a percentage point. Odds of a 50 basis point move rose from zero to roughly 10% on CME FedWatch pricing, while one Reuters-sourced piece put them at 15%. Fed Governor Christopher Waller would consider a half point if core inflation runs at 0.3% or higher, Reuters reported, and Tuesday’s core was exactly 0.3%. Dallas Fed President Lorie Logan said the Fed needs at least two more quarter-point increases, Reuters reported, which puts the path in play, not just December.
Gold pays no income, so its holding cost is whatever cash and bonds return. Treasury yields rose and the dollar firmed on the print, Reuters reported, raising that cost and making the metal dearer abroad. Miners amplify the metal because their costs are largely fixed: gold down 1.83% against XGD’s 4.61%, roughly two and a half times.
Materials accounted for 93% of the net decline
Our holdings-level model on XIC’s Nov 9 constituents covers 99.71% of index weight and reproduces the day at -0.753 percentage points against the printed -0.76%. Contributions are in basis points of index return.
Materials removed 69.8 bp on a -3.90% sector return, which is 93% of the 75.3 basis points of net decline the model attributes to the session once the day’s advancers are counted back in. Information technology took another 13.0 bp on -1.59%, and Energy was the only meaningful offset at +12.4 bp on +0.80%, rising on a day the oil settlement fell.
The largest single detractor was not a gold name. Shopify (SHOP) cost the index 15.7 bp, down 3.14% to C$208.12 on a 5.0% weight. That is more than the entire information technology sector gave up, so the rest of Canadian tech was a small net positive. Agnico Eagle followed at -12.5 bp and Barrick at -10.6 bp.
Shopify’s fall came alongside a selloff in US technology. Nvidia dropped 5.47% to US$168.89, Microsoft 2.20% to US$533.16, and the Nasdaq closed 0.74% lower. Tuesday reads as a gold day, and it was, but its largest drag belongs to another story.
With the metal falling, earning at the lower price matters more than digging the most ounces, which is how we rank Canadian gold stocks on margin. Barrick’s Nov 9 quarter speaks to that: our coverage found gold costs inside guidance and copper costs above it. A lower gold price meets a gold cost base that came in as guided, and copper is the side to watch if metals keep falling.
Canada is priced toward higher rates, not fully
The Bank of Canada’s policy rate is 2.50%, raised from 2.25% on Oct 28. One-month CORRA futures on the Montreal Exchange put the odds of a 25 basis point hike on Dec 9 at 46%. Benchmark Government of Canada yields in the Nov 9 session were 3.13% on the 2-year and 3.63% on the 10-year.
What comes next
Franco-Nevada (FNV), a gold royalty company, reports third-quarter results on Wednesday Nov 11, and Statistics Canada publishes October’s Canadian CPI on Monday Nov 16. Nvidia reports on Tuesday Nov 17 at 16:00 ET, the next scheduled test for this session’s tech leg.
Disclaimer: The content on bestcanadianstocks.ca is for informational and entertainment purposes only and does not constitute financial advice. Past performance is not indicative of future results. Always consult a qualified financial advisor before making investment decisions. Market and stock data as of the November 10, 2026 close.
