04:14 PM EDT, 07/31/2025 (MT Newswires) -- The Toronto Stock Exchange fell for a second day on Thursday, bringing losses since Tuesday's record high to near 270 points amid uncertainty that Canada and the United States will achieve an agreement on trade tomorrow's deadline.

Not helped today by lower commodity prices, the resources heavy S&P/TSX Composite Index closed down 110.18 points to 27,259.78, adding to the near 160 points lost Wednesday, when it dropped from Tuesday's record close.

Among sectors, most were lower with the Battery Metals Index down 4%, Health Care down 2.7% and Energy down 1.2%. Base Metals was up near 1.2%.

Just hours away from an Aug. 1 deadline, the United States and Canada remain locked in talks to resolve a brewing trade dispute. Prime Minister Mark Carney said Wednesday it is "possible" the two nations won't reach an agreement before Friday, while U.S. President Donald Trump earlier Thursday agreed to extend talks with Mexico by 90 days, raising the prospect of a similar outcome for the Canadians.

U.S. Treasury Secretary Scott Bessent, as reported by The Wall Street Journal, has said U.S. trade talks with Canada have involved the level of aluminum tariffs as some U.S. manufacturers, most notably Ford Motor, are dealing with a financial hit.

According to The WSJ, the Treasury secretary's remarks Thursday signal possible relief for Canada's aluminum sector, which, along with steel makers, faces a 50% tariff on their U.S. exports. It noted Canada is the U.S.'s biggest foreign supplier of both metals, and the deals President Trump has made to date have maintained the 50% duty of steel and aluminum.

Of commodities today, gold edged lower midafternoon even as the dollar rose after a key U.S. inflation measure climbed in June and a day after the Federal Reserve chair Jerome Powell signaled the central bank will hold off on interest-rate cuts as it assesses the impact of U.S. tariffs on inflation. Gold for December delivery was last seen down $5.30 to US$3,347.50 per ounce.

Also, West Texas Intermediate crude oil closed lower, falling off a five-week high after an unexpected rise in U.S oil inventories and despite fresh sanction threats on Russian supply from the Trump Administration. WTI crude for September delivery closed down $0.74 to settle at US$69.26 per barrel, falling off the highest since June 20, while September Brent oil was last seen down $0.73 to US$72.51.