- The TSX Composite jumped 258 points (+0.72%) to 35,747 in the first 15 minutes, led by a powerful rally in materials stocks.
- Copper surged 3.20% to $6.6375/lb — reportedly on a Chilean port disruption — sparking outsized volume in TSX-V junior miners at the open.
- Energy is the session’s clear laggard as WTI crude fell 1.85% to $100.54/bbl on a U.S. inventory build and OPEC+ output rollback signals.
- A dovish Fed speaker Wednesday evening and AI infrastructure spending news drove NASDAQ up 1.28%, lifting Canadian tech names with U.S. revenue exposure.
9:45 AM ET — The TSX Composite opened the September 17 session with conviction, jumping 258 points, or +0.72%, to 35,747 in the first 15 minutes of trade. South of the border, the S&P 500 climbed 70 points, or +0.93%, to 7,622, while the NASDAQ led all major indices with a +1.28% gain to 26,312 — signalling a broad risk-on tone across North American markets.
Materials and Tech Lead; Energy Drags Hard
Materials is the clear sector leader in early TSX trading, powered by an explosive move in copper — the red metal surged 3.20% to $6.6375/lb, its sharpest single-session opening gain in months. Copper-exposed names on the TSX and TSX-V are seeing heavy buying interest, with several junior miners gapping up on unusual volume in the first few minutes. Gold is also contributing, holding firm at $4,412.20/oz (+0.56%), keeping senior producers and royalty names firmly in the green. Silver is the standout precious metal of the morning, ripping 2.74% to $66.05/oz and lifting silver streamers alongside base metal plays.
Technology is the second-strongest pocket of strength, consistent with NASDAQ’s outperformance. The overnight catalyst: a stronger-than-expected U.S. industrial output print combined with fresh AI infrastructure spending commitments from two major hyperscalers, both of which boosted semiconductor and software names in pre-market trading. Canadian tech names with U.S. revenue exposure are benefitting from both the sector tailwind and a weaker Canadian dollar — USD/CAD sits at 1.3939, meaning every U.S. dollar earned translates to nearly $1.40 in Canadian terms.
Energy is the session’s notable laggard, and it is weighing on the TSX’s upside. WTI Crude collapsed 1.85% to $100.54/bbl while Brent shed a steeper 2.83% to $102.83/bbl — the sharpest crude drawdown in several weeks. Overnight reports pointed to a larger-than-anticipated build in U.S. crude inventories, combined with OPEC+ signals that a scheduled output cut rollback may proceed as planned in October. Canadian oil sands producers and Calgary-based integrated names opened sharply lower, partially offsetting gains from the materials complex.
Overnight Catalysts Driving the Move
The broad overnight setup was constructive. U.S. futures were already bid heading into the 9:30 AM ET bell following a Federal Reserve speaker who struck a notably dovish tone in a Wednesday evening address, reinforcing market expectations that the overnight rate will remain on hold through Q4 2026. That liquidity-friendly backdrop is amplifying copper’s supply-shock narrative — a reported port disruption at a major Chilean export terminal is being cited as the trigger for today’s 3.20% gap in the metal. For Canadian miners with copper exposure, this is a direct earnings tailwind.
| Asset | Level | Change |
|---|---|---|
| TSX Composite | 35,747 | +0.72% |
| S&P 500 | 7,622 | +0.93% |
| NASDAQ | 26,312 | +1.28% |
| Gold (USD/oz) | $4,412.20 | +0.56% |
| Silver (USD/oz) | $66.05 | +2.74% |
| Copper (USD/lb) | $6.6375 | +3.20% |
| WTI Crude (USD/bbl) | $100.54 | -1.85% |
| Brent (USD/bbl) | $102.83 | -2.83% |
| USD/CAD | 1.3939 | — |
Watch volume closely in copper juniors on the TSX-V through the first hour — several names are printing two to three times their 30-day average volume on the open, a signal that institutional desks are not waiting to build positions. For energy investors, the key level to monitor is whether WTI can reclaim the $102 handle by mid-session; failure to do so could pressure the TSX’s energy sub-index into the afternoon. The next major data point arrives at 10:00 AM ET with the U.S. housing starts release.
