CANADA STOCKS-TSX slips on weakness in miners and energy stocks, hawkish Fed

(Updates prices and details throughout)

* TSX down 0.1%

* Energy and materials drag

* Toromont Industries (TMTNF) climbs after update on power systems business

By Tharuniyaa Lakshmi

June 18 (Reuters) - Canada's stock index fell on Thursday, reversing early gains, as losses in energy and materials stocks weighed on the TSX and investors continued to assess the U.S. Federal Reserve's hawkish policy stance.

At 10:20 a.m. ET, the Toronto Stock Exchange's S&P/TSX Composite Index was down 0.1% at 35,060.03 points, after rising to a record high in the previous session.

* The energy index was down 2.9% as oil prices fell after the U.S. and Iran signed an interim deal to end the conflict, reopen the Strait of Hormuz and ease sanctions on Tehran, boosting the global supply outlook.

* The Fed held interest rates steady on Wednesday, but policymakers expect a hike in borrowing costs later this year amid growing concerns about inflation being above the central bank's target.

* The materials index slipped 0.9%, tracking gold prices, which fell on the Fed's hawkish policy signals and a stronger dollar.

* "You had a two-punch whammy in two sectors that are quite meaningful in the Canadian market. You've had the price of oil declining, along with energy stocks and the prospects of higher rates pressured gold stocks," said Greg Eckel, portfolio manager of Canadian General Investments.

* Four of the 10 TSX sectors were in the red, though a 0.7% gain in industrial stocks helped limit broader losses. Equipment manufacturer Toromont Industries (TMTNF) was the biggest percentage gainer on the TSX, up 15.1%, after announcing an update on its power systems business.

* Separately, Sweden's defence minister said Canada, Sweden and Norway would announce a new package to supply Ukraine with U.S. weapons. (Reporting by Tharuniyaa Lakshmi in Bengaluru; Editing by Diti Pujara)