Canada’s main stock index rose 1.9% on Monday afternoon as Brent crude slid more than 5%, easing inflation worries ahead of US price data later this week.
MoneyTurkey Derivatives Desk | 9 November 2026
Key points
- The S&P/TSX Composite was at 36,467.21 at 2:34 p.m. ET (19:34 London), up 1.9% from Friday’s 35,789.09 close (Yahoo Finance).
- Brent futures were at $93.19 a barrel, down 5.2%, and WTI at $87.37, down 3.8%; gold futures rose 1.0% to $4,114.50 an ounce.
- Traders price an 80% chance of another Fed hike in December, according to the CME FedWatch Tool as cited by Reuters.
Toronto stocks held a strong gain into Monday afternoon after oil fell sharply. Futures on the S&P/TSX 60 had already signalled the move before the open, rising 0.7% early in the day as Brent dropped, Reuters reported. Cheaper energy trims near-term inflation pressure, and Canadian miners rode a firmer gold price.
What happened
Oil fell after President Donald Trump said further US strikes on Iran were highly unlikely if talks on Tehran’s nuclear programme and the Strait of Hormuz progressed, and after an unconfirmed report said Iran had made concessions on the strait, according to Reuters. Brent was down 5.2% at $93.19 and WTI down 3.8% at $87.37 by mid-afternoon in New York, per Yahoo Finance.
Gold futures were 1.0% higher at $4,114.50 an ounce. Canada’s main index had ended higher on Friday, led by technology and metal mining shares, after weak jobs data tempered expectations of further tightening by the Bank of Canada, Reuters said.
In company news, Strathcona Resources said on Sunday it would buy Greenfire Resources in a deal valued at about C$2.7 billion to C$2.9 billion (about $1.9 billion to $2.05 billion), including debt, expanding in Alberta’s oil sands. Barrick Mining reported higher third-quarter profit as gold prices outweighed lower output.
What the futures market is pricing
Fed funds futures imply an 80% chance the Federal Reserve hikes again at its December meeting, according to the CME FedWatch Tool as cited by Reuters. Lower oil eases one source of inflation pressure, but that pricing shows traders still expect tighter policy.
Nvidia was a drag on US tech, down 5.8% at $175.91 by mid-afternoon (Yahoo Finance) after its board opened an inquiry into reports that chief executive Jensen Huang had been targeted in a foreign espionage operation.
Why it matters
Canada’s index is heavy in energy and mining. A day when oil drops sharply yet the TSX still gains nearly 2% suggests investors are focusing on lower inflation and firmer metals rather than on lost energy revenue.
What to watch
- US inflation data due later this week
- Comments from Federal Reserve and Bank of Canada officials
- Whether Brent holds below $95
- Nvidia board inquiry updates
Related on MoneyTurkey
- Nvidia perps slide and Polymarket odds of Huang exit jump to 35% as board opens inquiry
- Gold holds near $4,070 as jobs data fan Fed hike bets
For information only. Not investment advice.
Sources
- Kitco: https://www.kitco.com/news/off-the-wire/2026-11-09/tsx-futures-climb-softer-oil-eases-inflation-worries-us-inflation-data
- Yahoo Finance: https://finance.yahoo.com/markets/stocks/articles/u-stock-futures-gain-oil-113439378.html
- Yahoo Finance quotes (S&P/TSX Composite, Brent, WTI, gold, Nvidia), 9 November 2026, 19:24–19:34 London
- Reuters: https://www.reuters.com/business/tsx-futures-climb-softer-oil-eases-inflation-worries-us-inflation-data-awaited-2026-11-09/
