TSX Slips 99 Points at Open as Tech Selloff Drives S&P 500 Down 0.46%

Toronto, August 24, 2026, 9:45 AM ET — Canadian and U.S. equities opened lower Monday morning, with the TSX Composite dropping 99 points, or 0.27%, to 36,521 in the opening minutes of trade. South of the border, the S&P 500 fell 35 points, or 0.46%, to 7,639, while the tech-heavy NASDAQ shed 1.01% to 25,917 — the sharpest early decliner among major North American benchmarks.

Tech and Energy Drag; Gold Miners the Clear Early Winner

Technology is the standout laggard in the first 15 minutes, consistent with the NASDAQ’s outsized drop. Overnight weakness in U.S. mega-cap tech futures carried directly into the open, hammering TSX-listed tech names and Canadian cross-listed plays. Energy is also under pressure: WTI crude fell US$1.34, or 1.54%, to US$85.72 per barrel (approximately C$117.76/bbl at today’s USD/CAD rate of 1.3740), while Brent crude dropped 0.96% to US$93.48 — erasing last week’s modest gains and hitting Canadian oil sands producers early.

The lone bright spot is the materials sector, where gold miners are surging. Spot gold rocketed US$112.80, or 2.44%, to US$4,737.00 per ounce — equivalent to approximately C$6,509/oz — its strongest single-session opening move in weeks. Silver added a more modest 0.18% to US$69.59/oz. Copper also caught a bid, rising 0.81% to US$6.63/lb, lending support to base-metal producers on the TSX and TSX-V.

Overnight Catalysts Behind the Move

The dual pressure on equities and crude reflects overnight risk-off positioning, with traders citing renewed uncertainty around global growth and a fresh wave of tech sector concern after disappointing forward guidance from several U.S. semiconductor names in after-hours trading Friday. The flight to gold — a 2.44% single-session jump is exceptional even in the current elevated-price environment — suggests institutional money is actively rotating out of growth and into hard assets at the open.

The USD/CAD holding at 1.3740 is providing a partial buffer for Canadian exporters, as a firmer U.S. dollar inflates the loonie-denominated value of commodities. That tailwind is most visible in gold and copper names on the TSX this morning.

Early Volume and Gap Moves to Watch

Traders should watch for unusual volume in TSX-listed senior gold producers, where price gaps at the open are tracking gold’s spike. Any name opening up 3% or more on above-average volume warrants close attention as a potential momentum trade for the session. On the downside, Canadian energy producers and tech-adjacent names are gapping lower on elevated volume — particularly those with significant WTI price sensitivity — and early selling pressure has not yet shown signs of absorption. The next key signal will be whether the S&P 500 finds support at the 7,600 level as the 10:00 AM ET data window approaches.