- TSX Composite closed at 35,568 (+0.56%), outperforming a flat S&P 500 and a slightly negative NASDAQ on Monday.
- WTI crude crashed 8.30% to US$81.90/bbl, hammering Cenovus (-4.2%) and Canadian Natural Resources (-3.8%) on heavy volume.
- Gold held above US$4,082/oz and copper hit US$6.40/lb, powering Agnico Eagle (+2.1%) and Teck Resources (+3.4%) to session highs.
- Watch Canada’s May GDP report at 8:30 AM ET Tuesday and overnight OPEC+ commentary for the next major TSX directional catalyst.
The S&P/TSX Composite closed at 35,568 on Monday, July 27, up 0.56% or roughly 199 points, finishing near the top of its intraday range on above-average volume. The session was a tale of two commodities: a brutal selloff in crude oil that hammered energy names, offset by a powerful rally in gold, silver, and copper that lifted materials stocks and gave Canadian investors plenty to feel good about heading into the week.
What Drove the Day
The dominant story was oil’s collapse. WTI crude fell 8.30% to US$81.90 per barrel — approximately C$112.80 at the current USD/CAD rate near 1.378 — while Brent dropped 9.44% to US$87.64, the most severe single-session decline for global crude benchmarks since late 2024. The move appeared driven by a combination of rising OPEC+ output signals and a larger-than-expected U.S. inventory build reported overnight. Energy names bore the brunt: Cenovus Energy (CVE) shed roughly 4.2% to close near C$22.10, and Canadian Natural Resources (CNQ) fell approximately 3.8% to C$44.65, both on heavy volume as traders rushed to unwind long positions.
On the winning side, gold surged to US$4,082.80 per ounce (+0.37%), or roughly C$5,626/oz, sustaining its position above the psychologically significant US$4,000 mark for a fifth consecutive session. Agnico Eagle Mines (AEM) was among the day’s standout performers, gaining approximately 2.1% to close near C$138.40. Barrick Gold (ABX) added 1.7%, settling around C$31.20. The gold complex received additional support from a softer U.S. dollar and lingering safe-haven demand tied to unresolved trade policy uncertainty.
Copper’s 1.27% advance to US$6.40 per pound — a near-record level — added further fuel to the materials sector. Teck Resources (TECK.B) was the TSX’s top-volume materials name, climbing an estimated 3.4% to C$72.85, buoyed by copper’s strength and positive commentary from a major Chinese smelter consortium signalling sustained demand through Q3 2026. The broader materials sub-index outperformed every other TSX sector on the day.
Sector Scorecard
| Sector | Direction | Notable Mover |
|---|---|---|
| Materials | ▲ Strong | Teck Resources +3.4% |
| Financials | ▲ Modest | Broad bank index +0.4% |
| Energy | ▼ Sharp | Cenovus -4.2%, CNQ -3.8% |
| Technology | ▼ Slight | Tracking NASDAQ -0.18% |
Wall Street Context
U.S. markets offered little directional conviction. The S&P 500 was essentially flat at 7,413 (+0.02%) while the NASDAQ dipped 0.18% to 24,932, weighed by modest profit-taking in mega-cap tech ahead of a heavy earnings week. The TSX’s outperformance relative to U.S. peers underscores how Canada’s commodity-heavy index can decouple meaningfully when metals run and energy doesn’t fully offset the move to the downside.
What to Watch Tuesday
The key overnight and morning catalysts include Canada’s May GDP print, due at 8:30 AM ET, where consensus sits at +0.2% month-over-month — a beat could push the loonie and financials higher. In the U.S., the Conference Board Consumer Confidence Index for July drops at 10:00 AM ET. On the earnings front, watch for results from several S&P 500 heavyweights Tuesday after the close, which will set the tone for Wednesday’s TSX open. Oil traders will be fixated on any OPEC+ commentary overnight following today’s dramatic selloff — a rebound or further deterioration in crude will be the single biggest swing factor for energy-heavy TSX portfolios.
