- TSX Composite closed at 35,369, up 0.50%, outperforming a near-flat S&P 500 and a declining NASDAQ on Friday.
- Gold held above US$4,054/oz (C$5,709) for a third straight session, driving broad strength in TSX-listed senior gold producers.
- WTI crude fell 2.30% to US$90.07/bbl on an inventory build and weak Eurozone demand data, pressuring Canadian energy stocks.
- Canadian GDP for May and U.S. PCE inflation data are the key macro releases to watch in the week ahead.
The TSX Composite closed at 35,369 on Friday, July 25, 2026, adding 175 points (+0.50%) on the day — a convincing finish that left Canada’s benchmark well ahead of a flat S&P 500 (+0.05%) and a retreating NASDAQ (-0.64%). Volume was broadly in line with 30-day averages, with conviction concentrated in materials and precious metals. The session’s defining theme: commodities diverged sharply, and the TSX’s heavy metals weighting turned that divergence into a net win.
Winners: Precious and Base Metals Carry the Day
Gold’s climb to US$4,054.60/oz (+0.20%) — approximately C$5,709/oz at the prevailing 1.4086 USD/CAD rate — kept senior producers bid all session. Agnico Eagle Mines (AEM.TO) was among the session’s standout performers, extending its year-to-date lead among TSX large-caps as bullion held above the psychologically significant US$4,000 level for a third consecutive session. Silver was the bigger mover on a percentage basis, surging +1.11% to US$58.44/oz (C$82.30), giving a meaningful boost to intermediate silver producers listed on the TSX and TSX-V.
Copper’s +0.50% gain to US$6.3365/lb added a second tailwind for base-metals names. Teck Resources (TECK.B.TO) and First Quantum Minerals (FM.TO) both traded higher, with the copper complex benefiting from persistent supply-side tightness and constructive demand signals out of Asia. The materials sector was the clear index leader on the day.
Losers: Energy Stumbles on Crude Collapse
The session’s biggest drag was crude oil. WTI fell 2.30% to US$90.07/bbl and Brent dropped 2.74% to US$97.93/bbl — the sharpest single-day decline for oil in over three weeks. The sell-off was attributed to a combination of a larger-than-expected U.S. inventory build reported Thursday evening and renewed demand concerns tied to softer-than-expected Eurozone PMI data released overnight. Canadian Natural Resources (CNQ.TO) and Cenovus Energy (CVE.TO) both shed ground, with the broader TSX energy sub-index ending as the day’s worst-performing sector.
Tech was the other pressure point. The NASDAQ’s -0.64% decline — driven by post-earnings weakness in U.S. mega-cap names — bled into Canadian tech listings. Shopify (SHOP.TO) drifted lower in sympathy, though losses were contained relative to its U.S. peers. Growth-oriented names on the TSX-V also faced modest headwinds as risk appetite cooled in the software segment.
The Number That Mattered Most
Gold above US$4,000 for a third straight session is no longer a talking point — it is becoming a baseline. With real yields softening and central bank buying continuing at an elevated pace, the structural bid under bullion is reshaping TSX sector leadership. Materials now account for an outsized share of index gains in 2026, and that dynamic showed no sign of reversing today.
What to Watch Monday
The week ahead opens with Canadian GDP data for May due Monday morning — a reading that will sharpen expectations ahead of the Bank of Canada’s September rate decision. In the U.S., the Federal Reserve’s preferred inflation gauge, the PCE Price Index for June, lands Friday and will dominate the macro conversation all week. Earnings-wise, watch for results from several TSX-listed energy and financial names scheduled to report before the bell Monday. Overnight, oil traders will be watching weekend OPEC+ commentary closely after today’s sharp WTI decline.
