TSX Steady at Records as Nvidia Beats and Gold Cools Off Its Highs

 

Thursday, August 27, 2026

Wall Street closed little changed Wednesday as sticky U.S. inflation data offset optimism ahead of Nvidia's earnings — and once the chipmaker delivered, its report beat expectations and sent Asian markets, along with U.S. futures, higher overnight. Closer to home, the TSX held just below record territory even as gold miners slipped and Ottawa's new retaliatory tariffs on the U.S. took effect. Here's what moved markets and what it means for your money.

🇨🇦 Canadian Markets

The S&P/TSX Composite closed roughly flat Wednesday at 36,814 points, holding near the record levels it set earlier in the week. Gold and mining names weighed on the index after bullion prices slipped on hotter-than-expected U.S. inflation data, with Agnico Eagle, Barrick, and Franco-Nevada all shedding more than 1% and Wheaton Precious Metals down over 2%. Auto-sector names BRP and Linamar also extended recent losses amid ongoing trade tensions, while convenience/retail names Alimentation Couche-Tard and Dollarama slipped as investors weighed the drag Canada's new tariffs could put on the domestic economy.

On the earnings side, National Bank reported third-quarter profit above analyst expectations but still fell about 4% on the day, while Scotiabank continued to bask in Tuesday's blowout quarter (adjusted profit up roughly 18% year-over-year, return on equity of 14.2%). RBC, TD, and CIBC round out the Big Six earnings slate this week.

Wednesday also marked the day Canada's own retaliatory tariffs took effect — roughly $20 billion worth of annual duties on U.S. autos, furniture, plastics, plywood, and electrical equipment, matching the rates Washington imposed on Canadian goods on August 22.

Index	Close	Change
S&P/TSX Composite	36,814.00	~flat
Canadian Dollar (USD/CAD)	1.386	~72.1 US¢

What It Means for You: If you hold gold or mining stocks in a TFSA or RRSP, don't read one soft session as a trend reversal — bullion is still up sharply for the year and remains well above where it started August. The bigger story for your wallet is the new round of Canadian tariffs now in effect: if you import goods from the U.S. for a small business, or buy autos, furniture, or building materials that cross the border, expect some price pass-through in the weeks ahead.

🇺🇸 U.S. Markets

U.S. stocks closed essentially flat Wednesday after the Fed's preferred inflation gauge, core PCE, came in at 3.3% year-over-year — in line with forecasts but firm enough to keep rate-cut hopes in check ahead of Friday's Jackson Hole speech from Fed Chair Kevin Warsh. The Dow slipped 0.21% to 53,463.88, the S&P 500 finished flat at 7,675.70, and the Nasdaq eased 0.08% to 26,130.20.

After the bell, Nvidia delivered the headline event of the week: revenue more than doubled from a year ago and the company's third-quarter outlook came in above Wall Street's estimates, sending shares up roughly 4.7% in after-hours trading. CEO Jensen Huang told analysts on the earnings call his "only regret" was not investing more, sooner, in AI infrastructure. Salesforce also jumped, up about 12% after-hours on a revenue beat. Elsewhere, Meta rose about 1% after agreeing to a roughly $16.7 billion settlement with 29 state attorneys general over allegations it built products that hooked young users.

Index	Close	Change
Dow Jones	53,463.88	-0.21%
S&P 500	7,675.70	~flat
Nasdaq Composite	26,130.20	-0.08%

🌍 Europe & Asia

European markets traded sideways near recent highs Wednesday as investors awaited the U.S. inflation data and Nvidia's report. Overnight into Thursday, Asian markets rose broadly on the back of Nvidia's beat: Taiwanese shares gained about 0.9%, South Korea's Kospi jumped roughly 1.5% (even after the Bank of Korea raised its policy rate a quarter-point to 3%), and Hong Kong's Hang Seng added to a third straight day of gains. Japan's Nikkei 225 was more mixed, slipping around 0.3-0.4% after an early pop on the Nvidia news faded. U.S. stock futures pointed higher into Thursday's session, up roughly 0.3-0.4%, following Nvidia's after-hours jump.

🛢️ Commodities & Currency

Oil extended its recent pullback, with Brent crude down around 0.7% near $87.20 a barrel and on track for a fourth straight losing session, as Qatar's prime minister prepared to travel to Tehran Thursday in a fresh push to revive U.S.-Iran talks. Gold eased back from its recent highs to around US$4,680/oz (roughly C$6,420/oz) after the firm PCE reading dented rate-cut expectations, though bullion remains near three-month highs and up sharply on the year. The Canadian dollar held steady near 1.386 to the U.S. dollar (about 72.1 US cents), caught between the drag of the new Canada-U.S. tariff fight and support from still-elevated oil prices.

What It Means for You: A softer oil price is good news at the pump heading into the long weekend — but remember the federal gas tax holiday is set to expire September 7, so any relief from crude could be partly offset once that tax returns. If you're planning a U.S. trip or online orders from American retailers, the loonie near 72 cents US hasn't moved much this week, so don't expect a meaningfully better or worse exchange rate than you've seen the past two weeks.

👀 What to Watch

• Friday: Fed Chair Kevin Warsh delivers his first Jackson Hole speech as chair — markets will parse it closely for rate-path signals.
• This week: RBC, TD, and CIBC round out Big Six bank earnings on Thursday.
• September 2: Bank of Canada rate decision — markets still lean toward an eighth straight hold at 2.25%.
• September 7: Federal gas tax holiday expires.
• September 8: Canada's confirmed retaliatory tariffs on roughly $20 billion of U.S. goods (steel, dairy, appliances, agricultural equipment, pulp and paper, electronics) take effect.

This article is for informational purposes only and does not constitute financial advice. Market data reflects the most recent available closing figures at time of publication and may have changed since.