- TSX Composite opened down just 0.12% at 35,656, significantly outperforming the S&P 500’s 0.64% decline thanks to surging crude oil prices.
- WTI crude jumped 3.62% to $103.67/bbl and Brent rose 3.86% to $108.65/bbl on overnight OPEC+ supply disruption reports, powering TSX energy names.
- Gold fell 1.22% to $4,312.80/oz and silver dropped 1.76%, dragging TSX materials and senior gold miners lower with gap-down opens of 1.5–2.5%.
- NASDAQ led U.S. losses at -1.05% as tech sold off on higher yields; above-average volume in Canadian energy names signals active institutional repositioning.
9:45 AM ET — The first 15 minutes of trade told two very different stories on Monday morning. The TSX Composite is holding relatively steady at 35,656, down just 43 points or 0.12%, while U.S. markets are bearing the brunt of the selling: the S&P 500 has opened at 7,608, off 49 points or 0.64%, and the NASDAQ is pacing the losses at 26,058, down 1.05%. Canada’s relative resilience is no accident — a surge in crude oil prices is doing the heavy lifting for the TSX’s energy-heavy index composition.
Energy Surges, Tech Drags
WTI crude is the standout mover of the morning, up $3.62 or 3.62% to $103.67 per barrel, while Brent is outpacing even that, climbing 3.86% to $108.65/bbl. The catalyst: overnight reports of a significant production disruption in a key OPEC+ member nation, compounding already tight global supply conditions. Canadian integrated producers and pipeline operators are gapping higher at the open on the TSX, with energy the clear sector leader early. At USD/CAD of 1.3858, that $103.67 WTI price translates to approximately $143.67 CAD per barrel — a powerful tailwind for producers reporting in Canadian dollars.
On the other end of the ledger, the technology sector is the session’s biggest drag, particularly on the NASDAQ. The index’s 1.05% decline reflects continued rotation out of high-multiple growth names as bond yields ticked higher overnight. Canadian tech-adjacent names listed on the TSX are not immune, with several software and AI-exposed equities opening in negative territory, though losses are more contained than their U.S. counterparts.
Precious Metals Roll Over, Copper Weakens
Gold is seeing a notable pullback this morning, falling $53.27 or 1.22% to $4,312.80 per ounce — that’s roughly $5,977 CAD/oz at current exchange rates. Silver is underperforming even gold, dropping 1.76% to $63.42/oz. The precious metals selloff appears linked to a firming U.S. dollar overnight and profit-taking following gold’s extended run above $4,300. TSX-listed senior gold miners including names in the Abitibi and Red Lake corridors are opening with gap-down moves of 1.5–2.5%, dragging the materials sector into negative territory early.
Copper is also under pressure, sliding 1.37% to $6.3810/lb, signalling some demand-side caution despite the broader commodity complex’s strength in energy. Base metals and diversified miners are lagging on the TSX as a result.
Early Sector Snapshot
| Sector | Direction | Key Driver |
|---|---|---|
| Energy | ▲ Leading | WTI +3.62%, Brent +3.86% |
| Technology | ▼ Lagging | NASDAQ -1.05%, yield pressure |
| Materials / Gold | ▼ Lagging | Gold -1.22%, Copper -1.37% |
| Financials | → Flat/Mixed | Watching rate signals |
What to Watch Next
Volume is running above 30-day averages in TSX-listed energy names in the first 15 minutes, a sign institutional players are actively repositioning into the crude oil spike rather than waiting for confirmation. Unusual gap-up moves in mid-cap oil sands and conventional producers are worth monitoring for follow-through. On the downside, watch whether gold’s selloff deepens through the $4,300 support level — a break there could accelerate miner losses into the afternoon session. U.S. equity direction will remain the macro ceiling for the TSX throughout the day.
