- TSX Composite opened up 97 points (+0.27%) at 36,025, outperforming a broadly negative Wall Street open Tuesday morning.
- The NASDAQ fell 0.94% in early trade, driven by overnight U.S. tech earnings disappointments and rotation out of growth names.
- WTI crude crashed 4.18% to $99.33/bbl on a surprise inventory build and Middle East ceasefire reports, pressuring Canadian energy stocks.
- Copper (+0.57%) and silver (+0.72%) are leading commodity gains, providing support for TSX base metals and precious metals producers.
9:45 AM ET — The TSX Composite opened Tuesday at 36,025, up 97 points (+0.27%), while U.S. markets leaned decisively negative out of the gate. The S&P 500 dropped to 7,669 (-0.29%) and the NASDAQ led declines, falling 246 points (-0.94%) in early trade. The divergence between Toronto and New York is the headline story of the morning open.
Tech Pressure Drags Wall Street; Canada Escapes the Worst
The NASDAQ’s sharp early slide points to renewed selling pressure in mega-cap technology names. Overnight earnings disappointments from several high-profile U.S. tech issuers are fuelling the move, with growth and AI-adjacent stocks bearing the brunt of the rotation. Canadian markets, with comparatively lighter tech weighting on the TSX, are benefiting from that structural insulation early on.
Energy and materials — two of the TSX’s heaviest sectors — are providing a mixed cushion this morning. Copper at $6.5750/lb (+0.57%) is supporting base metals names, while silver’s +0.72% move to $57.38/oz is lifting precious metals producers. That is partially offsetting softness in gold, which has slipped 0.54% to $4,137.50/oz (USD) — roughly $5,824/oz in CAD at today’s 1.4074 rate — as the U.S. dollar firmed overnight.
WTI Crude Craters 4.18% — Energy Sector Under Pressure
The most jarring move of the morning is in crude oil. WTI is down $4.33 to $99.33/bbl (-4.18%), threatening to break the psychologically key $100 level for the first time in weeks. The catalyst: an unexpected overnight build in U.S. crude inventories combined with reports of progress in a potential Middle East ceasefire framework, which traders are pricing as a supply-risk reduction. Canadian oil sands and intermediate producers on the TSX are under early pressure as a result, even as Brent holds comparatively firm at $110.04/bbl (+0.45%) — the WTI-Brent spread widening sharply to over $10 is drawing attention from energy traders.
Watch for unusual volume in names like Canadian Natural Resources (CNQ) and Cenovus Energy (CVE) in early trade given the outsized WTI move. Any gap-downs in these names beyond 2% on above-average volume would signal institutional repositioning, not just retail reaction.
Early Sector Snapshot
| Sector / Asset | Direction | Key Move |
|---|---|---|
| TSX Composite | ▲ Leading | +0.27% / +97 pts |
| S&P 500 | ▼ Lagging | -0.29% / -22 pts |
| NASDAQ | ▼ Lagging | -0.94% / -246 pts |
| WTI Crude | ▼ Lagging | -4.18% to $99.33 |
| Copper | ▲ Leading | +0.57% to $6.5750/lb |
| Silver | ▲ Leading | +0.72% to $57.38/oz |
| Gold | ▼ Soft | -0.54% to $4,137.50/oz |
What to Watch in the Next Hour
The TSX’s green open is encouraging for Canadian bulls, but it remains fragile. If WTI continues its slide toward $97–$98, energy sector losses could drag the index into negative territory by mid-morning. Conversely, copper’s strength could accelerate gains in base metals and diversified miners. The USD/CAD rate at 1.4074 is a key variable — any further USD strength would weigh on commodity prices and squeeze TSX resource plays simultaneously. Keep a close eye on volume across TSX energy names for signs of institutional distribution in the first hour.
