- The TSX Composite fell 352 points to 35,973, dragged lower by gold’s 2.58% plunge and a broad materials sector selloff on heavy volume.
- WTI crude surged 2.33% to US$99.41 and Brent jumped 3.95% to US$113.12, making TSX energy the lone winning sector on the day.
- Silver dropped 4.74% to US$54.70/oz and copper fell 2.09%, compounding losses across TSX-listed miners and base-metal producers.
- Friday’s catalysts include Canadian retail sales at 8:30 AM ET, U.S. flash PMIs, potential OPEC+ commentary, and TSX gold royalty earnings.
TSX Closes Lower, Caught Between Energy Gains and Materials Pain
The TSX Composite Index closed at 35,973, down 352 points or 0.97% on Thursday, October 22, 2026. It was a tale of two sectors: energy bulls celebrated a powerful oil rally while gold and silver bugs nursed painful losses. Volume across the exchange ran above the 30-day average, suggesting the moves were conviction-driven rather than noise. The index touched session lows in mid-afternoon before a modest recovery trimmed the damage heading into the close.
Winners: Energy Names Ride the Oil Wave
WTI crude jumped 2.33% to US$99.41 per barrel (approximately CAD$139.54 at the prevailing 1.4034 rate), while Brent surged 3.95% to US$113.12 (roughly CAD$158.74), the strongest single-session gain for the international benchmark in months. Canadian integrated producers and pipeline names were the clearest beneficiaries. TSX energy stocks broadly gained 2–4% on the session, making the sector the day’s standout winner by a wide margin. Tight global supply signals and renewed Middle East supply risk headlines were cited by traders as the primary catalysts.
Losers: Gold’s Worst Day in Months Hammers Materials
Gold plunged US$107.20 to US$4,043.10 per ounce — a 2.58% single-day decline that represents one of the metal’s sharpest drops of 2026. In Canadian dollar terms, gold settled near CAD$5,675/oz, a steep retreat for producers whose cost structures are largely CAD-denominated. Silver was hit even harder, falling 4.74% to US$54.70/oz (CAD$76.78), dragging silver-focused royalty and streaming names lower alongside primary miners. Copper also retreated 2.09% to US$6.4065/lb, adding to the pressure on base-metal miners listed on the TSX and TSX-V. The materials sector was the day’s worst performer, with several senior gold producers down 3–6% on heavy volume.
The News That Moved Markets
A stronger-than-expected U.S. jobless claims print and hawkish commentary from two Federal Reserve officials rekindled fears that rates will stay higher for longer, sending the S&P 500 down 1.21% to 7,663 and the NASDAQ skidding 2.60% to 26,009 — the tech-heavy index’s worst session in weeks. Higher real yields dulled the appeal of non-yielding precious metals, explaining gold and silver’s synchronized selloff. Oil told the opposite story: geopolitical supply concerns outweighed demand-destruction fears, pushing crude sharply higher and offering Canadian energy investors a rare pocket of green on an otherwise red screen.
| Asset | Price | Change | CAD Equiv. |
|---|---|---|---|
| TSX Composite | 35,973 | -0.97% | — |
| S&P 500 | 7,663 | -1.21% | — |
| NASDAQ | 26,009 | -2.60% | — |
| Gold | US$4,043.10/oz | -2.58% | ~CAD$5,675/oz |
| Silver | US$54.70/oz | -4.74% | ~CAD$76.78/oz |
| WTI Crude | US$99.41/bbl | +2.33% | ~CAD$139.54/bbl |
| Brent Crude | US$113.12/bbl | +3.95% | ~CAD$158.74/bbl |
| Copper | US$6.4065/lb | -2.09% | ~CAD$8.99/lb |
What to Watch Tomorrow, October 23
Friday brings Canadian retail sales data for August at 8:30 AM ET — a number that could shift Bank of Canada rate-cut expectations and move the loonie. Stateside, the U.S. S&P Global flash PMIs for October are due pre-market and will be closely scrutinized after today’s rate-scare selloff. Overnight, watch for any OPEC+ commentary following today’s oil spike; a coordinated production signal could either extend the energy rally or cut it short. Finally, several TSX-listed gold royalty companies are expected to report quarterly results before the Friday open — after today’s spot price carnage, guidance commentary will be under a microscope.
