- NASDAQ surged 2.78% to 25,122 overnight on tech earnings strength, setting a constructive tone for the TSX open at 35,506.
- Gold is holding firm above $4,100 at $4,112.60/oz — approximately $5,696 CAD — supporting TSX-listed senior gold producers heading into the session.
- Copper’s 0.73% rise to $6.4915/lb signals renewed industrial demand, a direct positive for Teck Resources, Lundin Mining, and the base metals sector.
- U.S. PCE inflation data and Canada’s May GDP reading are the two must-watch releases that could reprice rate-cut expectations and shift market direction today.
The NASDAQ’s 2.78% surge to 25,122 is the dominant overnight story, driven by stronger-than-expected earnings from major U.S. technology names that reminded investors why Big Tech remains the engine of this bull market. The S&P 500 added 1.66% to close at 7,438, and that momentum is flowing directly into Canadian pre-market sentiment. The TSX Composite sits at 35,506 — up 0.49% in early indications — but the real question for July 31 is whether Canadian tech and resource stocks can keep pace with their southern counterparts.
Gold Holds the $4,100 Line — For Now
Gold is trading at $4,112.60 per ounce, a modest gain of 0.30% overnight, but the more important story is what it didn’t do: it refused to sell off despite risk appetite surging in equities. That resilience above the psychologically critical $4,100 level suggests institutional buyers are treating the metal as a portfolio core position, not a fear trade. At current USD/CAD rates near 1.3850, Canadian investors are looking at approximately $5,696 per ounce in CAD terms — a figure that keeps TSX-listed gold producers firmly in the green. Watch Agnico Eagle and Barrick Gold at the open for early directional cues on the senior gold complex.
Copper’s 0.73% Jump Signals Industrial Demand Is Back
Copper climbed to $6.4915 per pound, a 0.73% gain overnight that carries outsized significance for Canadian resource investors. The move is being attributed to improving manufacturing data out of China and continued electrification spending in North America — two tailwinds that benefit Canadian copper producers and diversified miners alike. Teck Resources and Lundin Mining are names to watch on the TSX when the bell rings at 9:30 a.m. ET. If copper can hold above $6.45 through the session, it may trigger fresh momentum buying in the base metals complex.
Oil Is Steady — Not Exciting, But Not a Problem
WTI crude is essentially flat at $83.62 per barrel (+0.04%), while Brent is slightly more constructive at $89.53 (+0.56%). The narrow spread between headline moves suggests the market is in a wait-and-see posture ahead of today’s U.S. economic data. For Canadian energy producers concentrated in the oil sands — where WTI-linked pricing dominates — the $83 handle is a comfortable operating environment. Expect the S&P/TSX Capped Energy Index to open without a strong directional catalyst unless this morning’s data shifts the macro narrative.
What to Watch Today: Data and Earnings
Today is the last trading session of July, which means month-end portfolio rebalancing flows will add noise to price action across all sectors — particularly in the final hour. On the economic calendar, U.S. PCE inflation data for June is scheduled for release this morning and represents the single most important data point of the day. A reading that comes in below the 2.6% consensus estimate could accelerate the equity rally and pressure gold; a hot print could do the opposite. Canadian investors should also monitor Canada’s GDP growth figures for May, due from Statistics Canada this morning, which will directly influence Bank of Canada rate-cut expectations for September.
| Asset | Price | Change |
|---|---|---|
| TSX Composite | 35,506 | +0.49% |
| S&P 500 | 7,438 | +1.66% |
| NASDAQ | 25,122 | +2.78% |
| Gold | $4,112.60/oz | +0.30% |
| WTI Crude | $83.62/bbl | +0.04% |
| Copper | $6.4915/lb | +0.73% |
Silver is the one soft spot this morning, off 0.95% to $58.26 per ounce. The divergence from gold is worth monitoring — silver’s industrial demand component makes it more sensitive to growth fears, and today’s PCE and GDP readings could determine whether the metal closes July on the right or wrong side of $58.
