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Markets Today: TSX Extends Gains as Oil Tops $80, Nikkei Slides on Chip Selloff — July 16, 2026

  Thursday, July 16, 2026 A calm reaction to the Bank of Canada's rate hold gave way to a jumpier morning overseas, as surging oil prices and a semiconductor selloff in Tokyo set the tone for markets heading into Thursday's session. The Quick Take TSX closed Wednesday up 95.66 points at 35,416.20, shrugging off a "muted" reaction to the BoC's sixth straight rate hold at 2.25% Wall Street's three major indexes all finished higher Wednesday; futures are mixed to slightly lower Thursday morning Oil is above $80 US a barrel, up more than 11% over four sessions, as U.S. strikes on Iran continue near the Strait of Hormuz Japan's Nikkei fell 2.6% overnight on a chip-stock selloff; European markets are mixed this morning The loonie sits at 71.18 cents US, a touch firmer than Tuesday 🇨🇦 Canadian Markets The S&P/TSX Composite climbed 95.66 points Wednesday to close at 35,416.20, with strength in financials offsetting weakness in basic materials and technology ...
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TSX rises as energy and consumer staples lead




The Toronto Stock Exchange’s S&P/TSX composite index ended up 71.66 points, or 0.3%, at 21,061.88 on Monday, approaching its 20-month high of 21,074.91 reached last week. The energy and consumer staples sectors were the main drivers of the gains, as oil prices recovered some of their losses and investors digested a Bank of Canada business survey.

The survey showed that Canadian firms saw their order books decline as interest rates crimped consumer spending, and they expected inflation to ease despite increased concerns over wages for the next year. The report could keep the door open for interest rate cuts in the first half of the year, according to some economists.

The energy sector rose 0.9% as U.S. crude oil futures settled at $72.50 a barrel, down 0.3%. The consumer staples sector added 0.8%, boosted by shares of Saputo Inc and Loblaw Co, which climbed about 1.6% and 1.5%, respectively. The utilities sector also ended 1.1% higher.

Trading volumes were lower than usual, with U.S. markets closed for the Martin Luther King Jr. Day holiday. On Tuesday, Canada will release its consumer price index report for December, which could offer more clues on the central bank’s policy outlook. Economists expect inflation to rise to 3.4% from 3.1% in November.

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