Wednesday, September 9, 2026
Brent crude broke through $100 a barrel for the first time since July this morning, after Iran-aligned Houthi militants struck multiple Saudi energy facilities and the U.S. destroyed several Iranian oil tankers overnight. The renewed Middle East escalation dragged the TSX down 1.07% on Tuesday and pulled Wall Street lower for a second straight session. Here's everything you need to know before markets open today.
🇨🇦 TSX: Two-Session Losing Streak
The S&P/TSX Composite fell 390.75 points (-1.07%) on Tuesday to close at 36,123.05, its second straight decline. The index opened at 36,421.61, briefly touched a session high of 36,445.40, then reversed and finished near the day's low of 36,107.55 as rising bond yields and a renewed oil spike hit rate-sensitive and technology names hardest. Trading volume was heavy at roughly 294 million shares.
| Index | Close | Change |
|---|
| S&P/TSX Composite | 36,123.05 | -390.75 (-1.07%) |
| S&P/TSX 60 | 2,341.99 | -1.31% |
| TSX Venture | 959.64 | -0.60% |
Financials led the decline as higher yields squeezed bank valuations, with Royal Bank down 1.12% and Scotiabank off 1.27%. Technology weakness also weighed on the broader index. The TSX has now slipped below its 25-day moving average — a sign of deteriorating short-term momentum — though it remains above both its 50-day and 200-day moving averages, keeping the longer-term uptrend technically intact. Traders are watching 36,000 as the next key support level.
🇺🇸 Wall Street: Oil and Yields Weigh on Stocks
U.S. markets closed lower Tuesday as investors weighed the fresh Middle East escalation against next week's Fed meeting and this week's inflation data. The 10-year Treasury yield hovered near 4.8%, its highest since November 2023.
| Index | Close | Change |
|---|
| Dow Jones | 52,786.07 | -628.18 (-1.18%) |
| S&P 500 | 7,673.52 | -45.08 (-0.58%) |
| Nasdaq Composite | 26,421.41 | -85.58 (-0.32%) |
Healthcare names led the decliners after Novartis disclosed two failed drug trials, dragging pharma and biotech lower. Energy and select tech names bucked the trend — semiconductor and optical stocks (including AAOI, Lite, Coherent and Ciena) rallied on continued enthusiasm around AI infrastructure buildout. Investors are now bracing for U.S. producer price data on Thursday and consumer price data on Friday, both key inputs ahead of the Fed's September 15-16 rate decision.
🌍 Europe & Asia
Europe (Tuesday's close): The FTSE 100 dipped 0.10% to 10,811.66, the DAX eased slightly to 26,007.63, and the CAC 40 edged up 0.14% to 8,317.98 as investors positioned ahead of Thursday's European Central Bank decision, where a hike to 2.75% is widely expected. Early Wednesday trade in Europe is sharply lower on the fresh oil spike, with the DAX down roughly 1.3% to around 25,662 and the FTSE off about 65 points to near 10,746.
Asia (today): Japan's Nikkei 225, which had tumbled 1.7% on Tuesday, rebounded about 0.6% to roughly 65,600 as tech and AI-related names recovered. Hong Kong's Hang Seng slipped around 0.2% to near 25,280 on oil and China inflation worries, mainland China's Shanghai Composite was roughly flat near 3,951, and Australia's ASX 200 touched a fresh six-week low.
🛢️ Commodities & the Loonie
| Asset | Price (today) | Change |
|---|
| Brent Crude | ~US$100.44/bbl | +2.57% |
| WTI Crude | ~US$94.92/bbl | +2.03% |
| Gold | ~US$4,395-4,413/oz | roughly flat |
| Loonie (USD/CAD) | 72.55¢ US | up from 72.25¢ Fri. |
Brent's climb above $100 a barrel marks its highest level since July and comes after oil has already risen roughly 8% so far this month on the back of repeated U.S.-Iran strikes and now direct attacks on Saudi energy infrastructure. Goldman Sachs raised its Brent forecast by $5 and warned that a sustained escalation could push prices above $120 a barrel if Gulf exports fail to recover. Gold, meanwhile, is trading in a tight range as rising rate-hike odds offset some of its usual safe-haven appeal. The Canadian dollar actually firmed slightly to 72.55 US cents on Tuesday even as the TSX fell, reflecting the currency's own commodity-linked support from higher oil prices.
💡 What It Means for You
Oil above $100 a barrel flows through fast to pump prices — expect gas stations to reprice higher within days, especially with Canada's retaliation tariffs already adding cost pressure on several household categories since Monday. If you're carrying a variable-rate mortgage or line of credit, this is also the kind of inflation-fuelling headline that keeps the Bank of Canada's door open to a hike, so it's worth stress-testing your budget against a higher-rate scenario now rather than waiting for the next announcement. And if a trip south of the border or online shopping in U.S. dollars is on your radar, today's slightly firmer loonie is a small silver lining worth locking in while it lasts.
📅 Looking Ahead
- Thursday, Sept 10: European Central Bank rate decision — a hike to 2.75% is widely expected. U.S. producer price index (PPI) also due.
- Friday, Sept 11: U.S. consumer price index (CPI) — a key input ahead of the Fed's meeting.
- Sept 14-15: Canada Investment Summit in Toronto, targeting $1 trillion in investment over five years.
- Monday, Sept 14: Statistics Canada releases August CPI — the first inflation read since the Sept 8 retaliation tariffs took effect.
- Sept 15-16: U.S. Federal Reserve rate decision, with markets pricing meaningful odds of a hike after last week's blowout jobs report.
Market data cross-verified across Yahoo Finance, Google Finance, Investing.com, TMX/S&P Dow Jones Indices data providers and The Canadian Press as of Tuesday's close and Wednesday morning pre-market trade. Figures for the current trading session are subject to change. This article is for informational purposes only and does not constitute investment advice.
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