TSX Reopens to Wall Street Records as Oil Swings on Fresh Hormuz Attack Reports

 

Tuesday, August 4, 2026

The TSX is back in session today after Monday's Civic Holiday closure, and it's rejoining a market that moved a lot without it. Wall Street ripped to fresh record highs Monday on a wave of Big Tech buying and a sharp drop in oil prices — only for oil to start climbing again overnight on fresh reports of an attack in the Strait of Hormuz. Here's where every major market stands as trading gets underway.

🇨🇦 TSX: Back in Session After the Holiday

The Toronto Stock Exchange and Montreal Exchange were closed Monday for the Civic Holiday and resume regular trading today. The TSX's last close, Friday, July 31, left the S&P/TSX Composite at 35,226.14, down 0.79% on the day but essentially flat over the prior week. With Wall Street posting a broad, tech-led rally in the interim, Canadian markets open today with some catching up to do — though a firmer oil price could complicate that story for energy-heavy TSX names.

🇺🇸 US Markets: Record Close, Then Futures Higher Again

All three major US benchmarks closed higher Monday, with the Dow notching a fresh record close. Big Tech led the way: Amazon jumped 4.6% to cross a $3-trillion market cap for the first time, while Microsoft, Alphabet, and Meta each gained roughly 5-6%, and Nvidia added almost 3%. The rally came after President Trump said he'd called off a planned strike on Iran to pursue fresh talks, and after the ISM Manufacturing Index came in at 55.6 for July — its strongest reading in more than four years.

Index	Monday Close	Change
Dow Jones	53,178.41	+693.38 (+1.32%) — record close
S&P 500	7,608.92	+119.20 (+1.59%)
Nasdaq Composite	25,957.58	+583.73 (+2.30%)

Ahead of today's open, US futures were higher again as investors looked past the overnight oil headlines toward earnings: Palantir surged nearly 17% in premarket trading on a blowout quarter and raised guidance, and both SpaceX and AMD are due to report after today's closing bell.

🌍 Europe: Near Record Highs

European equities also had a strong Monday. The Euro Stoxx 50 gained 1.42% to 6,448, moving within sight of a fresh record, while Germany's DAX hit a record high of its own. Falling bond yields lifted banks and insurers — UniCredit, Santander, BBVA, and BNP Paribas all rose more than 2% — and tech names tracked their US counterparts higher, with SAP up 4.4% and Deutsche Telekom up 5% ahead of earnings.

🌏 Asia: Mixed as Region Digests Oil Headlines

Asia-Pacific markets were mixed in Tuesday trading, a more muted reaction than the overnight oil move might suggest. Japan's Nikkei 225 slipped about 0.54% to roughly 63,410, and Hong Kong's Hang Seng eased 0.35%. South Korea's Kospi was also lower. Mainland China's SSE Composite bucked the trend, edging up 0.16%, while India's Sensex and Nifty opened higher.

🛢️ Oil, Gold, and the Loonie

Asset	Level	Move
Brent Crude (Monday close)	$83.77	-4.73%
WTI Crude (Monday close)	$80.34	-5.11%
Gold (Tuesday morning)	$4,108.20/oz	+0.43%
USD/CAD	~1.402	Steady

Oil tumbled Monday after Trump said he'd called off a planned strike on Iran in favour of fresh negotiations, but it's climbing again this morning on unconfirmed reports of a new attack in the Strait of Hormuz — the same waterway that's driven most of the summer's volatility at the pump. The loonie has held relatively steady through the swings, trading around 1.402 to the US dollar.

💡 What It Means for You

Gas prices should stay roughly where they've been for now, but keep an eye on this Hormuz headline over the next day or two — if it's confirmed and escalates, expect it to show up at the pump within a week. If you hold RRSP or TFSA positions in US tech or Amazon specifically, Monday's rally was a good day; just remember concentrated gains in a handful of mega-cap names can reverse quickly. And if you're watching the loonie for a US trip or cross-border shopping, 1.40-ish has been the holding pattern for the past week — there's no rush either way today.

📅 What's Ahead

It's a busy stretch. SpaceX reports its first quarterly results as a public company after today's close, alongside AMD, Caterpillar, Merck, and McDonald's. Watch for confirmation (or denial) of the overnight Hormuz attack report, which will likely dictate oil's direction for the rest of the week. Friday brings the closely watched US jobs report, and the Aug. 19 deadline for the new US tariffs on Canadian goods is now just over two weeks away with no deal yet in place.

Market data reflects prices as of Tuesday morning, August 4, 2026, and can change quickly. This article is for informational purposes only and is not financial advice.