Global Tensions Rattle Markets; Major Indexes Fall in Volatile Trading
The Canadian Vanguard Stock Market Report – Tuesday March 3, 2026 Edition.
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The Toronto Market
The Toronto Market Index
The S&P/TSX Composite Index came close to a worst-case scenario today, falling 756.33 points, or 2.19%, to close at 33,784.94. Escalating conflict in the Middle East weighed heavily on investor sentiment and pressured the Toronto market throughout the session.
The index opened sharply lower, down 763 points from the previous close, and continued to slide during the first hour of trading. At its lowest point—approximately one hour into the session—the index was down roughly 1,386 points, raising concerns of a deeper selloff.
However, the market staged a notable recovery as the day progressed. The index rebounded to near its opening level and traded relatively steady for the remainder of the session. While it ultimately finished well above the day’s low, a 2% decline still reflects a challenging and volatile day for investors.
Today’s TSX Market Statistics
At the Toronto Stock Exchange, declining issues significantly outnumbered advancing issues. There were 1,819 decliners compared with 410 advancers, resulting in a decliner-to-advancer ratio of 4.44 to 1 — roughly nine decliners for every two advancers. An additional 136 securities closed unchanged.
The exchange recorded 60 new 52-week highs and 45 new 52-week lows. This compares with yesterday’s notably stronger breadth, which saw 308 new highs and 33 new lows.
Total trading volume reached 626,919,933 shares, representing a 4% increase from the 600,955,845 shares traded in the previous session.
Toronto Market Wrap-Up Report
The S&P/TSX Composite Index faced significant pressure today, falling as much as 1,386 points — approximately 2.5% — within the first hour of trading. While the index recovered meaningfully from its intraday low and finished well above that level, the overall tone of the session remained firmly negative.
Market breadth was weak, with only two of the ten sectors closing in positive territory. Technology led the gainers, rising 2.49%, while Utilities posted a modest 0.21% advance. The remaining sectors ended the day lower.
Retail-related names struggled, and Financials declined 1.4%. Basic Materials was the session’s worst-performing sector, plunging 7.04%. Gold and silver mining stocks were broadly lower across both Canadian and U.S. markets, contributing to the sharp weakness in Materials.
Notable Company Moves
- Shopify Inc. (SHOP) was among the top performers, gaining 2.05% to close at $166.67. Trading volume reached 2.5 million shares, exceeding its 50-day average volume of approximately 2.0 million shares.
- Aerospace names continue to show resilience. Bombardier Inc. (BBD.B) remains a stock to watch within the sector.
- Outside of Technology, Thomson Reuters Corporation (TRI) stood out, climbing 5.97% to close at $144.17 on volume of 903,000 shares.
Despite the late-session stabilization, today’s sharp early selloff and weak sector participation reflect a cautious and defensive tone in the Toronto market.
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The US Markets
U.S. Market Indexes
The Dow Jones Industrial Average fell 403.51 points, or 0.83%, to close at 48,501.27. The S&P 500 declined 64.99 points, or 0.94%, ending the session at 6,816.63. Meanwhile, the Nasdaq Composite dropped 232.17 points, or 1.02%, to finish at 22,516.69.
Although the Nasdaq recovered from its intraday low — at one point down approximately 520 points, or nearly 2.5% — all three major indexes followed a similar trading pattern. Each opened lower, sold off sharply in early trading, and then pared losses as the session progressed.
The Russell 2000 underperformed its large-cap counterparts, falling 47.59 points, or 1.79%, to close at 2,608.36. Small-cap stocks were hit particularly hard amid geopolitical uncertainty and heightened market volatility. The Russell 2000 is now trading below its 50-day moving average, a development that may be viewed as a short-term technical weakness.
Today’s U.S. Market Statistics
At the New York Stock Exchange, declining issues significantly outpaced advancing issues. There were 3,740 decliners compared with 911 advancers, while 333 securities closed unchanged. This resulted in a decliner-to-advancer ratio of 4.1 to 1 — roughly four decliners for every advancer — reflecting broadly bearish market breadth.
The NYSE recorded 137 new 52-week highs and 167 new 52-week lows. By comparison, the previous session saw 226 new highs and just 39 new lows, indicating a notable deterioration in momentum.
Total trading volume on the NYSE reached 6,520,019,999 shares, up 16% from 5,600,630,594 shares traded the prior day.
On the NASDAQ, decliners also led advancers by a wide margin. There were 3,540 declining stocks and 1,262 advancing stocks, with 316 issues unchanged. The decliner-to-advancer ratio came in at 2.8 to 1 — approximately three decliners for every advancer.
The NASDAQ posted 62 new 52-week highs and 294 new 52-week lows, a sharp reversal from yesterday’s 369 new highs and 57 new lows.
Total NASDAQ trading volume reached 10,069,747,146 shares, representing an 8.5% increase from the previous session’s 9,277,095,129 shares.
U.S. Market Wrap-Up Report
Market conditions were broadly negative today, with Telecommunication Services the only sector to finish in positive territory, edging up just 0.27%. All other major sectors declined by at least 1%. The Materials sector suffered the steepest losses, falling 4.52%, underscoring the severity of the session. Financials and Utilities dropped 1.44% and 1.47%, respectively.
The Dow Jones Industrial Average was down more than 1,200 points earlier in the morning before recovering a portion of its losses. Investor sentiment was rattled by escalating geopolitical tensions, particularly concerns surrounding shipping through the Strait of Hormuz, a critical corridor for global oil supply. The ongoing U.S.–Iran conflict entered its fourth day, intensifying market uncertainty.
Gold and Precious Metals Under Pressure
Traditionally, gold serves as a safe-haven asset during periods of conflict. However, gold prices fell approximately 3.5% today, and many gold mining stocks declined sharply. Among those posting significant losses were:
- AngloGold Ashanti (AU)
- Newmont Corporation (NEM)
- Coeur Mining (CDE)
- Gold Fields (GFI)
- Agnico Eagle Mines Limited (AEM)
- Hecla Mining Company (HL)
These stocks closed down between 7% and 12%. Silver prices also weakened, pressuring silver miners such as First Majestic Silver and Pan American Silver, both of which fell more than 10%. A strengthening U.S. dollar appeared to be a key factor weighing on precious metals.
Notable Company Moves
- Nvidia (NVDA) declined 1.33% to close at $180.00 on heavy volume of 178 million shares traded.
- Disk-drive manufacturers, which had been strong performers earlier in 2025, showed notable weakness. SanDisk (SNDK) fell 8.67% to close at $565.41. Although it remains above its 50-day moving average, it slipped below its 25-day moving average — a short-term technical concern.
- Western Digital (WDC) and Seagate Technology (STX) also underperformed significantly.
- Micron Technology (MU) dropped approximately 8% during the session.
Overall, it was a difficult trading day, with geopolitical tensions dominating early market action and risk appetite remaining subdued throughout the session.
Commodities and Bonds Update
Oil: U.S. crude rose more than 3% today, despite pulling back slightly from the day’s high after news that the U.S. government offered insurance and naval escorts for oil tankers in the Strait of Hormuz amid the Middle East conflict. At the time of this update, U.S. oil is up $2.12, or 3.03%, trading at $76.79 per barrel.
Gold: Gold prices retreated slightly under pressure from a stronger U.S. dollar. Gold is currently up $52.70, or 1.05%, at $5,327.70 per troy ounce.
Silver: Silver fell 2.09%, or $1.70, and is trading at $85.21 per ounce.
Bitcoin (BTC-USD): Bitcoin slipped 0.67% and is trading at $68,821.00.
10-Year Treasury Yield: The yield on the 10-year U.S. Treasury rose five basis points in the morning and is currently at 4.073%.
After-Hours Futures: U.S. futures remained soft after the session:
- Dow Futures: -153 points (-0.32%)
- S&P 500 Futures: -25.50 points (-0.38%) at 6,798.75
- Nasdaq 100 Futures: -155.25 points (-0.63%) at 24,600
Note: Overnight futures often have limited correlation with the next day’s regular session. All figures reflect market conditions at the time of this update (12:30 a.m. EST, Wednesday).
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(c) This article is published by The Canadian Vanguard on March 3, 2026
