- The TSX Composite dropped 288 points (-0.81%) to 35,509 in the first 15 minutes, with the S&P 500 and NASDAQ also opening lower on September 28.
- Gold cratered 3.52% to $4,169.20 USD/oz (~$5,895 CAD/oz), hammering TSX Materials sector names including Barrick, Agnico Eagle, and Kinross on heavy volume.
- WTI crude’s 2.03% surge to $94.29/bbl is offering a partial offset, with TSX Energy names among the only early gainers in an otherwise broad selloff.
- Month-end rebalancing and profit-taking in precious metals appear to be key overnight catalysts, with several gold royalty stocks gapping down at the open.
9:45 AM ET — The TSX Composite opened the final Monday of September deep in the red, falling 288 points, or 0.81%, to 35,509 in the first 15 minutes of trading. The selloff mirrors broad weakness in U.S. markets, where the S&P 500 slid 39 points (-0.51%) to 7,704 and the NASDAQ shed 168 points (-0.62%) to 26,901 at the bell. Investors are in full risk-off mode to kick off the week.
Precious Metals Crater, Dragging TSX Materials Sector
The single biggest catalyst hitting Bay Street this morning is a savage reversal in gold and silver overnight. Spot gold collapsed $152.30, or 3.52%, to $4,169.20 USD per ounce — equivalent to approximately $5,895 CAD/oz at the current USD/CAD rate of 1.4143. Silver is even harder hit, plunging 4.02% to $61.66 USD/oz. The TSX Materials sector — home to Canada’s heavyweight gold miners including Agnico Eagle, Barrick Gold, and Kinross — is the clear early laggard, posting some of the deepest individual losses on the exchange in early trading. Volume in major gold names is running well above the 30-day average, signalling institutional distribution, not just retail nerves.
Energy a Bright Spot, But a Split Market
Not everything is red. WTI crude is surging 2.03% to $94.29 USD/bbl — roughly $133.33 CAD/bbl — providing a meaningful tailwind for TSX Energy constituents including Canadian Natural Resources, Cenovus, and Suncor. This is creating a sharply bifurcated open on the TSX: energy names are posting early gains and drawing volume, while the materials and mining complex absorbs the brunt of the pain. Notably, Brent crude tells a more complex story, falling 4.98% to $99.13/bbl, suggesting the WTI strength may be tied to North American supply dynamics or a spread trade rather than a clean demand narrative.
Copper Weakness Adds to Industrial Anxiety
Copper slipped 1.20% to $6.6150 USD/lb, adding a cautionary signal for base metals producers and the broader industrial sector. The red metal is often read as a leading indicator of global growth expectations, and this morning’s decline compounds the risk-off tone. TSX-listed copper and diversified miners are tracking lower in sympathy, with below-average buying interest in the early tape.
Overnight Catalysts and Gap Moves to Watch
The catalyst stack driving this open appears rooted in overnight macro pressure — a combination of month-end portfolio rebalancing heading into September 30, profit-taking in precious metals after gold’s historic run above $4,300, and residual anxiety around global central bank commentary. Several TSX-listed gold royalty and streaming companies are gapping down meaningfully at the open, with price action consistent with stop-loss triggering rather than orderly selling. Traders should watch the $4,150 USD level in spot gold as a near-term technical support; a breach could accelerate TSX Materials losses through the morning session.
| Asset | Price | Change |
|---|---|---|
| TSX Composite | 35,509 | -0.81% |
| S&P 500 | 7,704 | -0.51% |
| NASDAQ | 26,901 | -0.62% |
| Gold (USD/oz) | $4,169.20 | -3.52% |
| Silver (USD/oz) | $61.66 | -4.02% |
| WTI Crude (USD/bbl) | $94.29 | +2.03% |
| Copper (USD/lb) | $6.6150 | -1.20% |
| USD/CAD | 1.4143 | — |
