- The TSX Composite opened up 258 points (+0.73%) at 35,412 while the S&P 500 gained +1.03% to 7,746 in early Friday trading.
- Materials and base metals are leading gains: copper surged +1.60% to US$6.5860/lb and silver jumped +1.73% to US$61.77/oz at the open.
- WTI crude oil plunged -4.23% to US$88.94/bbl on OPEC+ supply data and a large inventory build, creating heavy drag on TSX energy stocks.
- The NASDAQ outperformed all major benchmarks at +1.46%, reflecting overnight risk-on flows into tech and growth equities ahead of the weekend.
9:45 AM ET — The opening bell delivered a broad risk-on surge across North American markets. The TSX Composite opened at 35,412, up 257 points or +0.73%, while the S&P 500 cleared 7,746 for a gain of +1.03% and the NASDAQ led all major benchmarks at 27,265, up +1.46%. Within the first 15 minutes of trading, buyers were firmly in control — but the session is not without its fault lines.
What’s Driving the Move
Overnight catalysts are doing the heavy lifting this morning. A stronger-than-expected U.S. manufacturing data print released pre-market reinforced the soft-landing narrative, pushing institutional money into equities and out of defensive positions. Canadian markets are also benefiting from a weaker U.S. dollar, with the USD/CAD rate holding at 1.4246 — a level that provides modest tailwinds for exporters reporting in Canadian dollars. The NASDAQ’s outperformance suggests overnight flows favoured tech and growth names heading into the weekend.
Sector Leaders: Metals, Materials, and Tech
The clearest winners in the first 15 minutes are materials and base metals. Copper surged +1.60% to US$6.5860/lb — roughly CAD$9.38/lb at current exchange — signalling renewed optimism around global industrial demand, particularly from Chinese stimulus expectations that circulated in Asian trading hours overnight. Gold added +0.53% to US$4,224.50/oz (approx. CAD$6,015/oz), a more measured gain that reflects the risk-on tilt dampening safe-haven urgency. Silver was the standout precious metal, jumping +1.73% to US$61.77/oz, a move consistent with its dual role as both an industrial and monetary metal. TSX-listed miners and materials names are seeing elevated early volume as a result.
Sector Laggard: Energy Getting Crushed
WTI crude collapsed -4.23% to US$88.94/bbl, and Brent fell -2.97% to US$99.27/bbl — the most significant divergence from the broader market rally this morning. The selloff follows reports of higher-than-expected OPEC+ production compliance coupled with a larger-than-anticipated U.S. crude inventory build released late Thursday. For the TSX, this is a meaningful drag: energy is one of the index’s largest sector weightings, and Canadian oil sands producers with USD-denominated revenues are facing a compounding headwind from crude prices even as the broader index climbs. Watch TSX energy names for unusual gap-down opens and elevated selling volume — early tape suggests several large-cap producers opened below Wednesday’s close.
Early Tape Snapshot
| Index / Asset | Level | Change |
|---|---|---|
| TSX Composite | 35,412 | +0.73% |
| S&P 500 | 7,746 | +1.03% |
| NASDAQ | 27,265 | +1.46% |
| WTI Crude | US$88.94/bbl | -4.23% |
| Gold | US$4,224.50/oz | +0.53% |
| Copper | US$6.5860/lb | +1.60% |
| Silver | US$61.77/oz | +1.73% |
What to Watch the Rest of the Session
The key tension for today’s session is whether the materials and tech rally can offset mounting energy-sector pressure on the TSX. With crude oil breaching below the US$89 handle, any further deterioration in WTI could cap TSX upside despite the broad risk-on environment. Traders should also monitor USD/CAD closely — a continued softening of the U.S. dollar toward 1.42 would amplify gains for Canadian commodity exporters priced in USD. Friday volume patterns will be critical: thin end-of-week liquidity can exaggerate both the energy selloff and the metals rally through the afternoon.
