- The TSX Composite opened flat at 36,401, outperforming a softening S&P 500 (-0.17%) and NASDAQ (-0.29%) in the first 15 minutes of trade.
- Gold surged to $4,529.60/oz (+0.90%) and silver jumped 1.95% to $67.02/oz, making precious metals the clear TSX sector leaders at the open.
- Brent crude spiked 2.59% to $93.99/bbl on Strait of Hormuz supply disruption fears, lifting Canadian energy producers and widening the Brent-WTI spread.
- Copper’s 0.93% drop to $6.4270/lb on weak China PMI data is weighing on base metal miners, which are among the session’s early laggards on the TSX.
9:45 AM ET — The TSX Composite opened Thursday’s session essentially unchanged at 36,401, holding flat as U.S. markets drifted lower in the first 15 minutes of trade. The S&P 500 slipped 13 points, or 0.17%, to 7,695, while the NASDAQ shed 0.29% to 26,256 — both indices under modest pressure from overnight risk-off sentiment that is keeping tech and growth names on the defensive.
Commodities Doing the Heavy Lifting for the TSX
Canada’s resource-heavy benchmark is outperforming its U.S. peers this morning, and the reason is straightforward: commodities are surging. Gold jumped 0.90% to $4,529.60/oz USD ($6,286.77 CAD) — a fresh headline-grabbing level — while silver rocketed 1.95% to $67.02/oz USD ($92.96 CAD), making precious metals the clear early leaders. Senior gold producers and silver royalty names on the TSX are seeing green across the board in the opening minutes, with the materials sector pacing all groups.
Energy is also a notable early outperformer. WTI crude climbed 1.07% to $86.75/bbl and Brent surged 2.59% to $93.99/bbl, with the spread widening notably — a signal traders are watching closely. Canadian oil sands and intermediate producers are gapping up modestly at the open. The overnight catalyst: supply disruption concerns in the Middle East resurfaced after a shipping incident in the Strait of Hormuz was reported late Wednesday, tightening the near-term crude outlook and sending Brent above $93 for the first time in recent sessions.
Tech and Base Metals Lagging Early
Not everything is rallying. Copper fell 0.93% to $6.4270/lb, weighing on base metal miners and dragging the TSX’s diversified mining names lower. The copper pullback follows weaker-than-expected manufacturing PMI data out of China overnight, stoking fresh demand concerns for industrial metals. Base metal producers on both the TSX and TSX-V are among the early laggards.
On the tech side, the NASDAQ’s soft open is casting a shadow over Canadian tech and AI-linked names. Growth stocks sensitive to U.S. rate sentiment are underperforming, consistent with a broader rotation into hard assets this morning. The information technology sector on the TSX is tracking slightly negative in early trade.
Unusual Volume and Gap Moves to Watch
Precious metals royalty and streaming companies are drawing above-average early volume as gold and silver print multi-session highs. Traders should also watch for gap-up moves in intermediate oil producers given the Brent spike — any name with significant North Sea or international exposure could see outsized early movement. On the downside, copper-leveraged juniors on the TSX-V are flagging elevated selling volume relative to their 30-day averages in the opening minutes.
| Asset | Level | Change |
|---|---|---|
| TSX Composite | 36,401 | +0.00% |
| S&P 500 | 7,695 | -0.17% |
| NASDAQ | 26,256 | -0.29% |
| Gold (USD/oz) | $4,529.60 | +0.90% |
| Silver (USD/oz) | $67.02 | +1.95% |
| WTI Crude (USD/bbl) | $86.75 | +1.07% |
| Brent (USD/bbl) | $93.99 | +2.59% |
| Copper (USD/lb) | $6.4270 | -0.93% |
| USD/CAD | 1.3872 | — |
The immediate picture: Canada’s commodity backbone is insulating the TSX from U.S. weakness, but the session’s direction will depend on whether gold and oil can hold their overnight gains as North American volume builds through the morning.
