12:19 PM EDT, 05/21/2025 (MT Newswires) -- The Toronto Stock Exchange is down around 140 points at midday, likely on some profit taking after 10 successive days of gains that took it to a record closing high yesterday.

Miners, up 0.3%, is the sole gainer. Industrials and technology are the biggest gainers, down 0.95% and 0.9%, respectively.

In stocks, Canada Goose (GOOS.TO) is up 27% to $15.75 after it reported a fourth-quarter earnings beat.

The resources heavy index is down today despite higher commodity prices. Oil prices rose early on Wednesday following a report Israel is readying a strike on Iranian nuclear facilities and even as a survey showed U.S. oil inventories unexpectedly rose last week. Gold prices rose for a third-straight session on the higher geopolitical risk and as the dollar weakened.

Rosenberg Research in its 'Early Morning With Dave' note, had noted U.S. equity futures were trading lower, led by global bond sell-off. It said the move off the lows in market rates has had zero to do with growth (real rates) or inflation expectations (breakeven levels) but was all due to the surge in the term premium, reflecting ever higher fiscal risks. The White House has tried to convince everyone that the "big, beautiful" budget bill will not add a dime to the deficit projection, but the non-partisan Committee for a Responsible Federal Budget estimates the plan will lift the national debt by at least US$3.3 trillion through to the end of 2034, it added.

Meanwhile, Derek Holt, Vice-President & Head of Capital Markets Economics at Scotiabank, noted a "new wrench" has been thrown into the works by 'Golden Dome' promises from U.S. President Donald Trump for a missile defence shield. He claims it will cost US$175 billion and be completed in three years and hence by the end of his term. "Fat chance," said Holt.

As Canada declares interest in joining the 'Golden Dome' project, confirmed by a spokesperson for Prime Minister Carney yesterday, Canadian taxpayers should be fully aware of points on cost, timing and efficacy, said Holt, adding that cost is a key consideration from a fiscal policy standpoint. Holt noted Trump merely said yesterday that Canada will "pay their fair share", whatever that means.

According to Holt, if the costs of a system fully covering Canada and the U.S. are proportional to area, which they may or may not be, then Canada's inclusion would more than double the US$161 billion to US$542 billion cost estimates from the CBO given that Canada covers a bigger area than the United States. That could mean a total price tag of, say, US$350 billion to over US$1.1 trillion.