TSX Today: What to Watch for in Stocks on Thursday, May 28

After hitting a record high earlier this week, Canadian stocks moved lower for a second straight session on Wednesday as falling commodity prices, continued uncertainty about the outcome of U.S.-Iran peace talks, and mixed bank earnings pressured the market. The S&P/TSX Composite Index plunged by 242 points, or 0.7%, to settle at 34,412 — turning negative for the week and trimming its month-to-date gains to 1.3%.

Despite continued buying in some sectors like consumer staples, industrials, and real estate, sharp declines in commodity-linked stocks dragged the TSX benchmark lower.

Top TSX Composite movers and active stocks

G Mining Ventures, Enerflex, K92 Mining, and Lundin Gold dived by at least 4.8% each, making them the worst-performing TSX stocks for the day.

National Bank of Canada (TSX:NA) also fell 4% to $203.90 per share after the lender reported its fiscal second-quarter 2026 results (ended in April).

While National Bank posted strong year-over-year growth in its profit and raised its quarterly dividend by 6% to $1.32 per share, investors appeared concerned about a slight decline in its common equity tier-one (CET1) ratio and softer performance in its capital markets segment. Profit-taking after NA stock’s strong recent rally may have also contributed to the pullback.

On the brighter side, goeasy, West Fraser Timber, and Exchange Income stood out as the day’s top-performing TSX stocks, with each climbing by at least 4.2%.

Shares of CAE (TSX:CAE) were also among the top gainers on the Toronto Stock Exchange, as they climbed by 4% to $34.15 apiece. These gains came after the Saint-Laurent-headquartered civil aviation tech firm announced a new teaming agreement with Swedish defence firm Saab to support Canada’s Airborne Early Warning and Control (AEW&C) program based on Saab’s GlobalEye platform.

Investors appeared optimistic about the partnership as the agreement expands CAE’s role in advanced military training and simulation solutions for Canada’s defence sector.

Based on their daily trade volume, Canadian Natural Resources, Enbridge, Baytex Energy, Manulife Financial, and Telus were the five most active stocks on the exchange.

TSX today

After closing below US$90 per barrel yesterday for the first time in over a month, West Texas Intermediate (WTI) crude oil futures prices rebounded in early trading on Thursday, but gold and silver prices continued to fall sharply for the third straight day. Given these largely negative commodity trends, the resource-heavy TSX index could remain under pressure at the open today.

Renewed military activity near the Strait of Hormuz could keep TSX energy stocks volatile today after the U.S. launched fresh strikes on Iran and Iranian forces fired warning shots at vessels attempting to cross the waterway. In addition, uncertainty around a potential U.S.-Iran agreement could pressure broader market sentiment further, especially as U.S. president Donald Trump signalled he is not rushing into a deal.

In addition to Bank of Canada’s press conference, Canadian investors may want to closely watch important U.S. quarterly gross domestic product figures and personal consumption expenditure data this morning.

On the corporate events front, several key TSX-listed companies, including ATS, Canadian Imperial Bank of Commerce, Royal Bank of Canada, Toronto-Dominion Bank, and BRP, will release their latest quarterly earnings today.

Market movers on the TSX today

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  More reading

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  Fool contributor Jitendra Parashar has positions in Canadian Natural Resources, Enbridge, and Toronto-Dominion Bank. The Motley Fool recommends ATS Corp., Brp, Canadian Natural Resources, Enbridge, Enerflex, TELUS, and West Fraser Timber. The Motley Fool has a disclosure policy.