Canada's big five banks made up 45% of the TSX 60's drop. The largest US banks fell a third as much.

The five largest Canadian banks fell an average of 2.7% on Wednesday, October 7, and accounted for 45% of the TSX 60's 1.49% market-cap-weighted decline on our map. They make up about a quarter of the index by value.

The six largest US banks fell an average of 0.97% the same day, and the S&P 500's financials sector fell 0.48% on our map.

A rare day for all five at once

Our daily price history for these banks starts in March 2025. In that span, all five have fallen more than 2% in the same session only three other times: April 10, 2025, July 29, 2026 and August 19, 2026. TD's drop was its fourth-worst day in the period, and Scotiabank's was its third-worst.

Same yields, different reaction

The Globe and Mail reported that the TSX posted its steepest decline in four months as bond yields stayed elevated, with the financials sector down 2.3%. Reuters reported that Wall Street ended lower the same day as Treasury yields climbed.

Rising yields were the backdrop in both countries. The Globe also quoted an analyst saying tariff uncertainty would weigh on financials. On our map, the Canadian banks fell close to three times as much as the six biggest US banks, which ranged from $JPM at -0.51% to $WFC at -1.53%. Our data does not say why the gap opened. It shows how wide it was, and how rarely all five Canadian banks fall this hard together.