- The TSX Composite closed nearly flat at 36,365 (-0.10%), outperforming a U.S. tech-driven selloff that sent the S&P 500 down 0.87%.
- Gold surged 2.10% to US$4,583.60/oz (C$6,312) and silver jumped 3.92% to US$68.31/oz, powering Canadian precious-metals producers higher.
- WTI crude rose 0.93% to US$86.63/bbl after U.S. stockpiles drew down 4.2 million barrels, well above the 1.8-million-barrel consensus estimate.
- Friday’s Canadian July CPI release and Fed Chair commentary at Jackson Hole are the two key catalysts that could reprice markets heading into the weekend.
The TSX Composite closed at 36,365, down a modest 36 points or 0.10% on Thursday, a resilient finish considering the S&P 500 dropped 0.87% to 7,641 and the NASDAQ tumbled 1.00% to 26,067. Canadian equities were effectively insulated by a surging commodity complex — gold, silver, and crude oil all posted meaningful gains — that gave the TSX’s heavyweight resource sectors enough lift to absorb the cross-border tech pressure. Volume was broadly in line with the 30-day average, signalling the session’s calm tone was genuine, not a low-participation drift.
Winners: Precious Metals and Energy Lead the Day
Gold miners dominated the leaderboard after spot gold rocketed 2.10% to US$4,583.60/oz (approximately C$6,312/oz at the 1.3770 USD/CAD rate), its highest print since early July. Senior producers including Agnico Eagle Mines (AEM) and Barrick Gold (ABX) each posted gains north of 2.5%, while junior explorers on the TSX-V saw outsized moves as speculative money chased the momentum. Silver was the standout commodity of the session, surging 3.92% to US$68.31/oz (C$94.07), dragging silver royalty names and primary producers sharply higher. Analysts pointed to a tightening physical supply narrative and fresh industrial demand data out of Asia as the catalyst behind the white metal’s outperformance. Energy stocks were also firmly in the green after WTI crude climbed 0.93% to US$86.63/bbl and Brent added 2.03% to US$93.48/bbl, buoyed by a larger-than-expected draw in U.S. crude inventories reported this morning. Canadian integrated producers and pipeline names added between 0.8% and 1.6% on the session.
Losers: Canadian Tech Caught in the NASDAQ Downdraft
Canadian technology names bore the brunt of the day’s selling pressure, tracking the NASDAQ’s 1.00% decline with little domestic offset. Shopify (SHOP), the TSX’s most heavily weighted tech constituent, fell approximately 1.4% as a broad rotation out of high-multiple growth stocks accelerated in afternoon trading. Semiconductor-adjacent names and AI infrastructure plays listed on the TSX and TSX-V shed between 1.2% and 2.3%, reflecting concerns that stretched valuations in the U.S. mega-cap tech space are beginning to reverberate northward. Copper was essentially flat at US$6.489/lb (+0.02%), offering no meaningful catalyst for base-metal names, which finished the day mixed.
| Asset | Price | Change |
|---|---|---|
| TSX Composite | 36,365 | -0.10% |
| S&P 500 | 7,641 | -0.87% |
| NASDAQ | 26,067 | -1.00% |
| Gold (US$/oz) | $4,583.60 | +2.10% |
| Silver (US$/oz) | $68.31 | +3.92% |
| WTI Crude (US$/bbl) | $86.63 | +0.93% |
| Brent (US$/bbl) | $93.48 | +2.03% |
| Copper (US$/lb) | $6.489 | +0.02% |
| USD/CAD | 1.3770 | — |
What Drove the Day’s Biggest Moves
The primary catalyst behind gold and silver’s surge was a combination of renewed safe-haven demand and a softer-than-expected U.S. jobless claims print that paradoxically reinforced expectations the Federal Reserve will hold rates steady at its September meeting — keeping real yields range-bound and precious metals well supported. Crude oil’s rally was more straightforward: the U.S. Energy Information Administration reported a 4.2-million-barrel draw in domestic stockpiles, well above the 1.8-million-barrel consensus estimate, tightening the near-term supply picture. On the tech side, a cautious note from a major Wall Street firm questioning AI capital expenditure return timelines rattled sentiment across high-growth names on both sides of the border.
What to Watch Tomorrow, August 21
Friday’s session will be shaped by several key catalysts. Canada’s July CPI print drops at 8:30 AM ET — consensus expects a year-over-year reading of 2.3%, and any surprise in either direction will sharply reprice Bank of Canada rate-cut expectations heading into the long weekend. In the U.S., Federal Reserve Chair remarks are scheduled at the Kansas City Fed’s annual Jackson Hole Symposium, an event that has historically moved bond markets and, by extension, gold. Earnings-wise, watch for results from a handful of TSX small-cap energy and mining names after the close. Overnight, China’s August flash PMI data will set the tone for copper and base metals when Asian markets open — a reading below 50 would add fresh headwinds to an already stagnant copper price.
