Written By
Nick Raffoul
Nick Raffoul is the Founder and Lead Analyst at Best Canadian Stocks. He graduated with a degree in Business Administration, has over a decade of writing experience, and grew his personal portfolio 153% from 2020 to 2024.
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TSX Retreats from All-Time High
The TSX gave back ground on Wednesday, with the S&P/TSX Composite closing at 34,801 on June 3, 2026 — a decline of 367.92 points, or roughly 1%, from the June 2 record close of 35,170. After breaching all-time highs just one session earlier, the index spent most of the day in the red as geopolitical headlines dominated the tape.
What Triggered the Selloff
The catalyst was a sharp escalation in US–Iran tensions. Reports of Iranian attacks targeting Kuwait and Bahrain, combined with U.S. strikes near the Strait of Hormuz, pushed oil prices higher and revived concerns about energy-driven inflation and its potential impact on borrowing costs. The move reminded investors that commodity-price shocks can arrive quickly, and that the TSX — with its deep energy exposure — is not immune.
Tech stocks felt the pressure from both directions: the geopolitical uncertainty compounded losses already being registered on Wall Street, pulling Canadian tech names lower alongside their U.S. peers.
Which TSX Stocks Fell Hardest
The selling was broad but hit certain sectors harder than others. Here is how the session’s notable decliners closed on June 3, 2026:
Tech Stocks
Technology names were among the session’s biggest losers. Constellation Software shed 4.7% and Shopify dropped 3%, with both names tracking weakness on Wall Street as investors grew cautious about high-multiple growth stocks in an environment of rising commodity prices.
Mining and Precious Metals
Counterintuitively, gold miners did not benefit from the risk-off mood. Gold prices themselves declined during the session, dragging the miners with them. Agnico Eagle Mines fell 3.6%, Wheaton Precious Metals declined 3.5%, and Barrick Gold lost 2.5%.
Financials and Diversified
Brookfield dropped 3.4% as the rate-sensitive real assets platform felt the pressure of a higher-for-longer commodity environment. Bank of Montreal (BMO) declined a more modest 1.5%, reflecting measured caution rather than outright selling in the broader financial sector.
- Constellation Software: −4.7%
- Agnico Eagle Mines: −3.6%
- Wheaton Precious Metals: −3.5%
- Brookfield: −3.4%
- Shopify: −3.0%
- Barrick Gold: −2.5%
- Bank of Montreal: −1.5%
Data as of June 3, 2026. Source: Trading Economics.
What Comes Next — Bank of Canada on June 10
Eyes now turn to the Bank of Canada’s next rate decision on June 10, 2026. The policy rate currently sits at 2.25%, and a hold is widely expected. Whether that expectation holds — and how the accompanying statement is framed — could set the tone for Canadian equities heading into the summer. We’ve covered the full rate debate in detail at that link; if you haven’t read it, now is a good time.
Staying Invested Through Volatility
A single-session pullback of 1%, even from a record high, is a normal part of market cycles. The TSX has closed above 35,000 as recently as June 2 — one day of geopolitical-driven selling does not change the underlying trajectory of a diversified Canadian portfolio.
For investors who find themselves tempted to react to daily headlines, the evidence consistently favours staying invested and keeping a diversified mix of sectors and assets. That is especially relevant on a day when tech, mining, financials, and real assets all sold off together — the kind of correlated move that looks alarming in the moment but rarely marks a durable inflection point.
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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.
Written By
Nick Raffoul
Nick Raffoul is the Founder and Lead Analyst at Best Canadian Stocks. He holds a degree in Business Administration and has over a decade of writing experience. Nick began investing just before the COVID-19 market crash in March 2020, growing his personal portfolio 153% by 2024. In 2022, he founded Best Canadian Stocks to make data-driven investing accessible to all Canadians. His goal is to help all of his readers achieve financial freedom, maximize their spending power, and reach their financial goals. Whether you're maximizing your TFSA, building an RRSP to save for retirement, or looking to buy your first stock, Nick has your back. His work covers Canadian equities, dividend investing, tax-advantaged accounts, and personal finance.
