- The TSX Composite surged 311 points (+0.87%) to 35,815 in the first 15 minutes, driven by a broad risk-on tone after softer U.S. PPI data.
- Gold hit a fresh all-time high of US$4,440/oz (+1.73%), equivalent to roughly CAD$6,135/oz, pulling TSX materials stocks sharply higher at the open.
- WTI crude plunged 3.62% to US$98.77/bbl after OPEC+ confirmed a larger October supply hike, making energy the session’s worst-performing TSX sector.
- Early TSX materials volume is running at 2.3× its 30-day average, with several mid-cap gold names gapping up 4–7% on apparent overnight institutional accumulation.
9:45 AM ET — The TSX Composite opened Friday’s session with conviction, climbing 311 points, or +0.87%, to 35,815 within the first quarter-hour of trade. South of the border, the S&P 500 added 77 points (+1.01%) to 7,668 and the NASDAQ jumped 1.12% to 26,373, signalling broad-based risk appetite out of the gate. Traders wasted no time putting capital to work.
What’s Driving the Move
Overnight catalysts are doing the heavy lifting. A cooler-than-expected U.S. producer price index print — released before the bell — reinforced the view that the Federal Reserve’s rate path remains shallow, triggering a rally in rate-sensitive growth and materials names. The Bank of Canada’s latest business outlook survey, also released this morning, showed improving sentiment among Canadian firms, giving domestic bulls an additional tailwind heading into the weekend.
Gold is the undisputed star of the early session. Spot gold surged +1.73% to US$4,440.00 per ounce — roughly CAD$6,135/oz at the current 1.3816 USD/CAD rate — hitting a fresh all-time high and pulling senior and intermediate TSX-listed miners sharply higher. Silver is matching the momentum, up +2.09% to US$65.62/oz, lifting royalty names and junior explorers on the TSX Venture Exchange.
Copper’s +1.41% gain to US$6.5585/lb is adding fuel to the base-metals complex, benefiting Canadian producers with exposure to Chilean and domestic assets. The copper move aligns with an overnight report out of Beijing signalling fresh infrastructure stimulus, a development that caught commodity desks off-guard and prompted several desk upgrades before the North American open.
Sectors Leading and Lagging
Materials is the clear early leader on the TSX, with gold, silver, and copper all posting strong gains simultaneously — a rare trifecta that last occurred in Q1 2025. Technology and financials are also tracking higher in sympathy with the NASDAQ and improved credit conditions implied by the PPI data. Energy, however, is the session’s notable laggard: WTI crude is down 3.62% to US$98.77/bbl and Brent has slid 3.33% to US$104.05/bbl after OPEC+ sources confirmed a larger-than-expected supply increase for October, catching long-side energy traders offside.
Volume and Gap Moves to Watch
Early volume in the TSX materials sub-index is running at approximately 2.3× its 30-day average for this time of day — a signal that institutional desks, not just retail flow, are chasing the precious-metals breakout. Several mid-cap gold names gapped up between 4% and 7% at the open with no pre-market news, suggesting block accumulation occurred overnight in the U.S. grey market. On the downside, a handful of large-cap Canadian energy producers opened with gaps of 2% to 4% to the downside on the crude shock, with bid-ask spreads wider than usual, indicating thin early liquidity in those names.
| Asset | Price | Change |
|---|---|---|
| TSX Composite | 35,815 | +0.87% |
| S&P 500 | 7,668 | +1.01% |
| NASDAQ | 26,373 | +1.12% |
| Gold (USD/oz) | $4,440.00 | +1.73% |
| Silver (USD/oz) | $65.62 | +2.09% |
| WTI Crude (USD/bbl) | $98.77 | -3.62% |
| Copper (USD/lb) | $6.5585 | +1.41% |
| USD/CAD | 1.3816 | — |
With the session still young, traders will be watching whether energy’s early weakness bleeds into broader sentiment or whether the metals rally is powerful enough to keep the TSX firmly in the green through the morning. The next key intraday level on the TSX Composite is 36,000 — a round-number threshold the index has not closed above since July.
