- The TSX Composite closed at 35,145 (+0.30%), outperforming a U.S. market selloff driven by NASDAQ weakness of 1.25%.
- WTI crude surged 2.85% to US$90.80/bbl (C$129.49), lifting CNQ and CVE by roughly 3.4% and 2.9% respectively.
- Gold held above US$4,159/oz (+0.44%), pushing Agnico Eagle and Kinross Gold up approximately 1.8% and 1.5%.
- Friday’s U.S. PPI data and the Bank of Canada Business Outlook Survey are the two key catalysts to watch before the open.
Toronto, October 8, 2026 — 4:45 PM ET — The TSX Composite closed at 35,145, up 105 points (+0.30%), outperforming its U.S. counterparts as a powerful rally in crude oil and gold gave Canada’s resource-heavy index a decisive edge. The S&P 500 fell 0.47% to 7,765 and the NASDAQ tumbled 1.25% to 27,193, dragged lower by weakness in large-cap technology. Thursday’s session reinforced a theme gaining traction in Canadian markets: when Wall Street’s growth trade sours, Bay Street’s commodity backbone holds.
Energy Leads the Day
WTI crude surged US$2.52 to US$90.80 per barrel (+2.85%) — equivalent to roughly C$129.49/bbl at today’s USD/CAD rate of 1.4262 — while Brent jumped 3.27% to US$103.48. Supply-disruption fears resurfaced after geopolitical developments in the Middle East stoked concerns about near-term export capacity from the Persian Gulf. Canadian integrated producers were the clearest beneficiaries. Canadian Natural Resources (CNQ.TO) gained approximately +3.4%, while Cenovus Energy (CVE.TO) added +2.9%, each hitting session highs in the final hour of trading on above-average volume.
Gold Miners Shine as Bullion Holds Above US$4,150
Gold rose US$18.30 to US$4,159.00/oz (+0.44%), or approximately C$5,931/oz, sustaining its position well above the psychologically significant US$4,100 level. The move lifted senior gold producers meaningfully. Agnico Eagle Mines (AEM.TO) closed up an estimated +1.8%, and Kinross Gold (K.TO) advanced roughly +1.5%. Silver, by contrast, slipped 0.75% to US$59.45/oz, capping gains in some junior silver names listed on the TSX-V.
Tech and Base Metals Were the Session’s Weak Spots
The NASDAQ’s 1.25% decline dragged Canadian technology sympathizers lower. Shopify (SHOP.TO) shed an estimated -2.1% in line with a broad repricing of high-multiple software names, while semiconductor-adjacent plays also faced selling pressure. Copper fell 0.50% to US$6.5635/lb, weighing on diversified miners. Teck Resources (TECK.B.TO) was among the notable laggards in the materials space, slipping roughly -1.2% as base-metal sentiment cooled alongside the risk-off tone on Wall Street.
| Index / Asset | Last Price | Change |
|---|---|---|
| TSX Composite | 35,145 | +0.30% |
| S&P 500 | 7,765 | -0.47% |
| NASDAQ | 27,193 | -1.25% |
| WTI Crude (USD/bbl) | $90.80 | +2.85% |
| Gold (USD/oz) | $4,159.00 | +0.44% |
| Copper (USD/lb) | $6.5635 | -0.50% |
| USD/CAD | 1.4262 | — |
What to Watch Friday, October 9
Friday’s session will be shaped by the U.S. Producer Price Index (PPI) for September, due pre-market at 8:30 AM ET — a hotter-than-expected read could deepen the tech-sector selloff and further accelerate the rotation into Canadian energy and gold names. Watch for any overnight developments on Middle East supply headlines that could extend crude’s rally or trigger a reversal. On the earnings front, several U.S. financial institutions begin third-quarter reporting season, with results likely to set the tone for risk appetite heading into next week. Canadian investors should also monitor the Bank of Canada’s Business Outlook Survey, which drops Friday morning and may offer fresh signals on the domestic rate path ahead of the October 29 rate decision.
