TSX Jumps 125 Points at Open as Gold and Copper Surge September 16

9:45 AM ET — The TSX Composite opened Wednesday’s session with authority, gaining approximately 125 points (+0.35%) to trade near 35,705 in the first 15 minutes. South of the border, the S&P 500 added 14 points (+0.19%) to 7,600, while the NASDAQ outperformed with a +0.43% advance to 26,093. The divergence between Canadian and U.S. benchmarks is no accident — the TSX’s heavier commodity weighting is working firmly in its favour this morning.

Metals Surge Powers Materials to the Top

The clear sector leader in early trading is materials, driven by an explosive overnight move in precious and base metals. Gold surged 1.32% to US$4,390.20/oz — equivalent to roughly CAD$6,111/oz at today’s USD/CAD rate of 1.3920 — marking a fresh push toward all-time highs. Silver is the standout of the morning, up 2.88% to US$65.06/oz (CAD~$90.56), suggesting a broad risk-on bid into hard assets. Copper added 2.05% to US$6.499/lb, reinforcing the industrial demand narrative that has underpinned base metals for much of 2026. Gold royalty and streaming names, mid-tier producers, and copper-focused developers on the TSX and TSX-V are all seeing early volume spikes consistent with gap-up opens.

Energy Drags as Crude Slides Nearly 2%

The lone notable laggard at the open is energy. WTI crude fell 1.98% to US$103.73/bbl, with Brent off 1.18% to US$107.47/bbl, after overnight reports pointed to a larger-than-expected build in U.S. crude inventories combined with easing geopolitical risk premiums in the Middle East. Canadian integrated producers and oil sands names are trading lower in early action, capping overall TSX upside. The energy sector’s drag is notable given crude had briefly crossed US$106 overnight before retreating sharply into the North American open.

Overnight Catalysts Driving the Open

The metals rally and equity bid appear anchored to two overnight developments. First, softer-than-expected U.S. producer price data released late Tuesday reinforced market expectations that the Federal Reserve will hold rates steady at its next meeting, weakening the U.S. dollar and lifting gold. Second, a stronger-than-forecast industrial output print out of China overnight drove copper and silver higher on renewed demand optimism from the world’s largest metals consumer. The USD/CAD rate sits at 1.3920, providing a meaningful tailwind for Canadian exporters reporting in U.S. dollars.

Early Volume and Gap Moves to Watch

Unusual volume is concentrated in TSX-listed gold producers and silver streamers, several of which are gapping up 2–4% on the open with volume running well above their 30-day averages in the first 15 minutes. On the TSX Venture Exchange, junior miners tied to copper and silver exploration are seeing outsized early activity. Traders should watch whether the NASDAQ’s relative outperformance — up more than double the S&P 500’s gain — reflects genuine tech leadership or simply futures-driven positioning ahead of Friday’s quadruple witching options expiry. The next key intraday trigger will be the 10:00 AM ET U.S. consumer sentiment print, which could either validate or quickly reverse the cautious risk-on tone of the first 15 minutes.