- The TSX Composite fell 193 points (-0.53%) to 36,321 in the first 15 minutes, tracking broad weakness in U.S. equities at Tuesday’s open.
- The S&P 500 dropped 31 points (-0.40%) to 7,688, with the NASDAQ off 0.45%, pressured by Fed rate commentary and soft China trade data overnight.
- Copper surged 3.52% to US$6.8290/lb (CAD$9.44/lb), its biggest single-session move in weeks, on a reported South American mine supply disruption.
- Energy and materials sectors are outperforming on the TSX, while Canadian financials and tech names are the early session laggards with above-average volume.
9:45 AM ET — The TSX Composite opened Tuesday’s session deep in the red, shedding 193 points (-0.53%) to 36,321 in the first fifteen minutes of trade. South of the border, the S&P 500 dropped 31 points (-0.40%) to 7,688, while the NASDAQ slipped 119 points (-0.45%) to 26,387. The broad-based sell-off suggests risk appetite is firmly on the back foot as investors digest a cluster of overnight macro headwinds.
What’s Driving the Early Weakness
The morning’s pressure stems largely from renewed concerns over global growth after overnight data out of China showed softer-than-expected trade figures, rattling investor confidence in commodity demand — at least for energy and equities. Adding fuel to the fire, Federal Reserve commentary late Monday reinforced a higher-for-longer rate posture, pressuring rate-sensitive sectors across both sides of the border. Canadian bond yields ticked up in sympathy, weighing on financials and real estate names at the open.
Sector Snapshot: Laggards Lead the Headlines
Technology and financials are the early laggards on the TSX, consistent with the NASDAQ’s underperformance. Canadian bank stocks are opening with modest red prints, pressured by the rate and growth narrative. Real estate investment trusts (REITs) — always sensitive to yield moves — are among the weakest performers in the opening minutes. Meanwhile, energy and materials are bucking the trend, cushioning the TSX’s downside as commodity prices surge sharply overnight.
Commodities Are the Bright Spot
Despite equity weakness, commodity markets are screaming higher this morning. Copper surged 3.52% to US$6.8290/lb (approximately CAD$9.44/lb at the current 1.3820 USD/CAD rate), its largest single-session move in weeks, on reports of a significant supply disruption at a major South American mine. WTI crude jumped 2.10% to US$93.40/bbl (roughly CAD$129.08/bbl), with Brent not far behind at US$98.25/bbl (+2.05%), driven by tightening OPEC+ supply forecasts. Gold holds at US$4,442.10/oz (+0.28%), approximately CAD$6,142.98/oz, acting as a quiet safe-haven anchor. Silver is outperforming gold with a 1.17% gain to US$66.82/oz.
| Asset | Price (USD) | Price (CAD) | Change |
|---|---|---|---|
| TSX Composite | — | 36,321 | -0.53% |
| S&P 500 | 7,688 | — | -0.40% |
| WTI Crude | $93.40/bbl | $129.08/bbl | +2.10% |
| Copper | $6.8290/lb | $9.44/lb | +3.52% |
| Gold | $4,442.10/oz | $6,142.98/oz | +0.28% |
| Silver | $66.82/oz | $92.35/oz | +1.17% |
Watch List: Volume and Gap Moves
Early volume on the TSX is running above the 30-day average, particularly in base metals and energy producers, suggesting institutional repositioning rather than retail-driven moves. Copper miners listed on the TSX and TSX-V are seeing notable gap-up opens on the back of the metal’s overnight surge — watch for follow-through or a fade as liquidity deepens past 10:00 AM ET. Conversely, several Canadian tech names gapped lower at the open and are showing elevated sell-side volume, consistent with the NASDAQ’s broader pullback. Traders should monitor whether the commodity rally is enough to keep the TSX’s losses contained through the first hour.
