- The TSX Composite closed at 35,907, down 0.60%, as tech and rate-sensitive sectors offset a powerful energy and precious metals rally.
- WTI crude surged 4.00% to US$96.75/bbl after a bullish EIA inventory drawdown, pushing Brent above US$100 for the first time this month.
- Gold hit US$4,442.30/oz (+1.10%) and silver jumped 2.31% to US$67.83/oz, driven by safe-haven demand and a softer U.S. dollar.
- Tomorrow’s Canada Labour Force Survey and U.S. PPI data at 8:30 AM ET are the key catalysts that could set the TSX’s direction for the week.
TSX Closes Lower Despite Commodity Tailwinds
The S&P/TSX Composite Index closed at 35,907, down 0.60% on Wednesday, September 9, 2026 — shedding roughly 217 points on the session. Volume was modestly below the 90-day average, signalling that today’s decline was driven more by selective selling than broad-based panic. The index held above its 50-day moving average, a level technical traders will be watching closely heading into Thursday’s open.
The weakness mirrored a soft day on Wall Street: the S&P 500 fell 0.48% to 7,636 and the NASDAQ dropped 0.64% to 26,253, as higher commodity prices raised fresh inflation anxieties and weighed on growth-oriented names. Canadian equities caught a partial cushion from a strong commodity complex, but it wasn’t enough to keep the index in positive territory.
Winners: Energy and Precious Metals Shine
WTI crude oil surged 4.00% to US$96.75 per barrel (approximately C$133.26 at today’s USD/CAD rate of 1.3768), with Brent crossing the psychologically significant US$100 threshold, settling at US$101.62/bbl (+3.78%). The catalyst: a larger-than-expected drawdown in U.S. crude inventories reported by the EIA, combined with OPEC+ signals that voluntary output cuts will remain in place through year-end. Canadian integrated producers and pipeline names were the clear beneficiaries, with the TSX Energy sub-index among the top-performing sectors on the day.
Precious metals added another layer of support for the commodity complex. Gold rose 1.10% to US$4,442.30/oz (C$6,117.62), while silver posted the day’s standout commodity gain at +2.31%, reaching US$67.83/oz (C$93.43). The moves were driven by a softer U.S. dollar and renewed safe-haven demand, following mixed U.S. jobless claims data released this morning. Senior gold royalty and streaming companies on the TSX posted solid mid-single-digit percentage gains. Copper also advanced 1.64% to US$6.8495/lb, buoyed by optimism around Chinese industrial demand data due Friday.
Losers: Tech and Rate-Sensitive Sectors Under Pressure
Canadian technology and real estate investment trusts bore the brunt of today’s selling. With commodity-driven inflation fears resurfacing on the back of the oil rally, bond yields ticked higher through the afternoon session, pressuring rate-sensitive equities. Several mid-cap Canadian software names gave back 2–4% on no company-specific news, purely on macro re-pricing. The TSX Information Technology sub-index was the weakest sector of the day, consistent with the NASDAQ’s underperformance south of the border.
Financials were modestly negative, with the big Canadian banks drifting lower by 0.3–0.8% as the yield curve steepened in a pattern that historically compresses near-term net interest margin expectations. No major bank-specific headlines emerged today.
Key Data Table
| Asset | Price | Change | CAD Equivalent |
|---|---|---|---|
| TSX Composite | 35,907 | -0.60% | — |
| S&P 500 | 7,636 | -0.48% | — |
| WTI Crude | US$96.75/bbl | +4.00% | C$133.26 |
| Gold | US$4,442.30/oz | +1.10% | C$6,117.62 |
| Silver | US$67.83/oz | +2.31% | C$93.43 |
| Copper | US$6.8495/lb | +1.64% | C$9.43 |
What to Watch Tomorrow
Thursday’s session will be shaped by a busy overnight and pre-market calendar. Canada’s August Labour Force Survey drops at 8:30 AM ET — consensus expects net job creation of approximately 25,000 positions, with the unemployment rate holding at 6.3%. A miss on either figure could move the loonie and shift Bank of Canada rate-cut expectations heading into the October 29 decision. Traders should also monitor the U.S. Producer Price Index (PPI) for August, due at 8:30 AM ET, which will either confirm or complicate today’s inflation narrative sparked by the oil rally.
Overnight, watch for Chinese trade balance data for August — given today’s copper strength, any upside surprise in Chinese import volumes would add further momentum to base metals and Canadian miners at Thursday’s open. Finally, several TSX-listed junior resource companies are scheduled to report drill results and project updates before the bell; resource-sector investors should check their watchlists tonight.
