- The TSX Composite dropped ~230 points (-0.64%) at the open, while the S&P 500 fell 0.44% to 7,629 in the first 15 minutes of trading.
- WTI crude surged 2.51% to US$101.97/bbl on a large inventory draw, lifting TSX energy stocks against a broadly negative tape.
- Gold (-0.48%) and silver (-1.60%) are pressuring TSX materials and mining names, with early volume running two to three times normal levels in gold royalty stocks.
- Copper’s 1.69% gain to US$6.47/lb is creating a split within the materials sector, with base metals producers outperforming precious metals peers at the open.
The TSX Composite opened Friday’s session at 35,742, down approximately 230 points or 0.64%, as broad risk-off sentiment swept through Canadian markets in the first 15 minutes of trade. The S&P 500 is faring only slightly better, sliding 34 points to 7,629 (-0.44%), while the NASDAQ is the relative outperformer among U.S. benchmarks, off just 0.19% to 25,958. Sellers are in control early, but the damage is not uniform across sectors.
Energy Defies the Tape
The clearest divergence at the open is in energy. WTI crude has surged 2.51% to US$101.97 per barrel — equivalent to roughly C$143.10 at the current USD/CAD rate of 1.4034 — providing a powerful backstop for TSX-listed oil and gas producers. Brent crude is a notable outlier, however, sliding 2.05% to US$110.85, a spread widening that points to acute North American supply tightness rather than a global demand rally. Canadian integrated producers and pipeline names are opening with green prints, making the TSX energy sub-index one of the only pockets of strength on the board this morning.
Materials and Financials Lead the Decline
Materials are under meaningful pressure at the open. Gold has pulled back 0.48% to US$4,041.00 per ounce (approximately C$5,671/oz), and silver is taking a harder hit, down 1.60% to US$53.89 per ounce. The precious metals retreat is weighing on senior and mid-tier gold miners listed on the TSX, with several names gapping down 1–2% at the bell on above-average volume. Copper, at US$6.47 per pound (+1.69%), is offering a partial offset for base metals names and adding nuance to the materials picture — copper-levered plays are seeing early buying interest.
TSX financials are also under pressure, consistent with a risk-off open. Canada’s Big Six bank stocks are tracking the broader index lower, weighed by a flattening yield curve narrative that has dominated overnight macro commentary. Early volume in the financial sub-sector is running above the 30-day average, suggesting institutional repositioning rather than retail-driven noise.
Overnight Catalysts Driving the Action
The overnight session set the tone. U.S. equity futures sold off into the North American open after hotter-than-expected jobless claims data out of Washington reinforced a “higher-for-longer” rate narrative, pressuring rate-sensitive sectors across both the TSX and S&P 500. The WTI spike is being attributed to a larger-than-anticipated draw in U.S. crude inventories reported late Thursday, catching short-sellers offside. Meanwhile, the divergence between WTI and Brent is drawing attention to logistical bottlenecks at Cushing, Oklahoma, which traders are monitoring closely into the weekend.
Early Movers and Unusual Volume
Several TSX-listed gold royalty and streaming companies are gapping down on the silver selloff, with volume in the first 15 minutes already tracking toward two to three times normal levels in that sub-group. On the upside, copper producers and oil sands names are seeing notable gap-up opens, with bid-side volume absorbing early supply cleanly — a sign of conviction buying rather than a dead-cat bounce. Traders will be watching the 35,600 level on the TSX as near-term support; a break below that mark could accelerate selling pressure heading into the lunch hour.
| Index / Asset | Level | Change |
|---|---|---|
| TSX Composite | 35,742 | -0.64% |
| S&P 500 | 7,629 | -0.44% |
| NASDAQ | 25,958 | -0.19% |
| WTI Crude (USD/bbl) | $101.97 | +2.51% |
| Gold (USD/oz) | $4,041.00 | -0.48% |
| Silver (USD/oz) | $53.89 | -1.60% |
| Copper (USD/lb) | $6.47 | +1.69% |
| USD/CAD | 1.4034 | — |