- TSX Composite fell 117 points (0.32%) to 36,515 at the open, led lower by energy and gold-linked materials stocks on heavy volume.
- WTI crude dropped 1.79% to $89.67/bbl (CAD $123.69) after API data showed a surprise inventory build and OPEC+ output reports weighed on sentiment.
- Gold slid 0.71% to $4,459.90/oz and silver fell 1.09% to $66.24/oz as a firmer U.S. dollar, driven by strong jobs data, pressured precious metals.
- Copper surged 1.54% to $6.6780/lb on Chilean supply disruption headlines, making copper-linked TSX names the early session’s standout gainers.
Toronto, September 04, 2026, 9:45 AM ET — The TSX Composite opened the Friday session on the back foot, sliding 117 points, or 0.32%, to 36,515 in the first 15 minutes of trade. South of the border, the S&P 500 slipped 10 points, or 0.13%, to 7,737, while the NASDAQ barely budged, off just 0.01% at 26,581 — signalling that tech is not the culprit today. The selling in Canada is squarely a commodities story.
Energy and Materials Dragging the Tape
WTI crude is the biggest overnight catalyst rattling Canadian markets this morning, dropping $1.63, or 1.79%, to $89.67 per barrel (approximately CAD $123.69/bbl at today’s USD/CAD rate of 1.3792). Brent is similarly weak at $94.12/bbl, off 1.47%. The move follows an overnight Reuters report citing higher-than-expected OPEC+ output compliance waivers and a surprise build in U.S. crude inventories flagged by API data late Thursday. TSX energy producers — particularly oil sands and intermediate producers — are showing early gap-downs, with the sector among the worst performers in the opening print.
Gold is adding to the pressure on the materials sector, pulling back $31.90, or 0.71%, to $4,459.90 per troy ounce (roughly CAD $6,151/oz). Silver is the harder hit precious metal, down 1.09% to $66.24/oz. The pullback in bullion follows a firmer-than-expected U.S. jobs data print overnight that briefly boosted the U.S. dollar index, pushing yields higher and squeezing non-yielding assets. Senior gold miners and royalty names on the TSX are trading with above-average early volume as traders unwind positions set during gold’s recent run.
Copper the Lone Bright Spot in Resources
Not everything in the commodity complex is red. Copper is surging 1.54% to $6.6780 per pound — a notable divergence from the broader metals selloff. The move is being attributed to a fresh set of supply disruption headlines out of Chile, where a key smelter reportedly curtailed operations overnight. TSX-listed copper producers and copper-leveraged base metal names are seeing unusual upside volume in early trade, making the copper sub-sector a clear outlier and a focus for active traders in the session’s opening minutes.
Sector Snapshot: Early Leaders and Laggards
| Sector | Early Direction | Key Driver |
|---|---|---|
| Energy | Lagging ▼ | WTI -1.79%, inventory build |
| Materials (Gold/Silver) | Lagging ▼ | Gold -0.71%, USD strength post-jobs data |
| Materials (Copper) | Leading ▲ | Copper +1.54%, Chilean supply disruption |
| Technology | Roughly flat | NASDAQ -0.01%, no major catalyst |
What to Watch Into the Late Morning
With U.S. Labour Day weekend just days behind us and markets returning to full post-summer liquidity, today’s volume is running above the 30-day average in energy and materials — suggesting institutional rebalancing, not just retail noise. The key number to monitor is WTI: if crude stabilizes above the $89 handle, the TSX’s energy-heavy composition could find support and pare early losses. Conversely, a break below $89 would likely extend the TSX decline toward the 36,400 level. The S&P 500’s relative resilience — down only 0.13% — suggests U.S. equity sentiment remains constructive, limiting the downside risk for Canadian equities tied to continental demand.
