04:27 PM EST, 11/18/2025 (MT Newswires) -- The Toronto Stock Exchange succumbed to renewed selling pressure late Tuesday and closed lower for the third session in the last four as investors seek defensive positions amid concerns around potential corrections across North American stock markets, not least in the area of technology due to ultra-high valuations on artificial-intelligence companies.

The S&P/TSX Composite Index closed down 39.75 points, or near 0.1%, to 30,036.46.. The resources-heavy index was not helped by mixed commodity prices, and investor nerves ahead of Nvidia's (NVDA) earnings in the United States on Wednesday when market watchers will look for signals about whether the artificial-intelligence boom is accelerating or slowing.

Most sectors were lower, led by Base Metals, down near 1.5%, and Telecom, down 1.25%. In contrast, Energy was up near 1.9% and Health Care up near 0.8%.

In news related to the Financial sector, which was flat to slightly lower, Canadian credit unions are looking forward to Ottawa opening the doors for competition in the financial service sector so they can compete with the big banks, BNN Bloomberg is reporting today, noting the optimism comes as Prime Minister Mark Carney's federal budget, which was narrowly passed on Monday, signaled it wants to boost competition in financial services, a much sought after move by credit unions.

If successful, this move could finally give the lending institutions a meaningful foothold in the national market dominated by a handful of players, Michael Hatch, vice president of government relations for the Canadian Credit Union Association told BNN Bloomberg on Tuesday. "The budget bill that we saw last night is a first step in terms of starting that process, and we're very encouraged by it," said Hatch.

Staying on financials, Scotiabank on Tuesday said it is shuffling its executive ranks, with Phil Thomas appointed group head and chief strategy and operating officer, with Anique Asher moved to executive vice-president of real estate secured lending.

Of commodities, gold prices were trading lower over a fourth-straight session late afternoon Tuesday, as the momentum buying that pushed it to a record high last month fades along with hopes for another cut to U.S. interest rates this year and weakening risk appetite. Gold for December delivery was down US$3.90 to US$4,070.60 per ounce, remaining under the Oct. 20 record of US$4,359.40.

But West Texas Intermediate crude oil closed higher even as it sticks to a tight range amid concerns the market is over supplied despite solid demand for refined products. WTI crude oil for December delivery closed up $0.83 to settle at US$60.74 per barrel, while January Brent oil was up US$1.02 to $64.92.