S&P/TSX Composite Index Lower as Base Metals Shares Fall

10:28 AM EDT, 10/22/2026 (MT Newswires) -- The S&P/TSX Composite Index reversed Wednesday's gains and was lower mid-morning as tumbling shares in base metals led most sectors lower. Base metals shares were the weakest performer, down 5.5%, as copper futures for December fell 2.3% to its lowest level since mid-September. Silver and gold prices were also lower: down 4.1% and 2%, respectively. Technology shares declined 1.8%, closely followed by the energy sector, down 1.5%. Shares in the telecommunications sector jumped 2.6%, making it the strongest performer, followed by industrials, which climbed 1.6%. Investors are rattled after the New York Times reported that the US and Israel were drawing up plans to strike Iran after the US mid-terms early next month. The report cited unnamed sources. The US has also recalled some non-essential staff and their family members from its embassy in Saudi Arabia, due to escalating attacks by the Iran-backed Houthis, a state department post said. In stocks, Mullen Group (MTL.TO) was last seen up 6.5% at CA$30.84, a multi-year high after the company reported a third-quarter earnings beat.