S&P/ TSX Composite enters Monday after 1.74 percent Friday drop
Published on 11/02/2026 at 13:50 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSTSX starts November under pressure
- The S&P/TSX Composite closed at 35,620.03 on October 30, down 1.74 percent.
- December TSX futures were up 0.22 percent at 6:22 a.m. ET on November 2, according to Reuters.
- Investors are watching oil, gold, the US midterm elections and US manufacturing data.
The S&P/TSX Composite enters Monday, November 2, after closing at 35,620.03 on Friday, October 30. The index lost 629.00 points, or 1.74 percent, in its steepest one-day decline since June, according to ad-hoc-news.de.
Futures indicate a cautious rebound
Before the Toronto market opened, December futures on the S&P/TSX index were up 0.22 percent at 6:22 a.m. Eastern Time on Monday, Reuters reported. The indication suggested a limited recovery from Friday's sell-off, but it was not an official index level or a completed trading-session result.
Friday's decline was led by technology and metal-mining shares as investors reassessed the returns from heavy artificial-intelligence investment and absorbed a sharp fall in gold prices. The broad retreat followed weakness in US technology stocks and added to pressure on Canada's materials-heavy benchmark.
Oil and gold remain key market drivers
Weaker oil prices were cited by Reuters as a factor easing inflation concerns on Monday. The report also noted a rebound in spot gold as investors weighed signals from Federal Reserve officials that interest rates could remain higher to contain inflation. For the TSX, the combination is significant because energy and materials companies have substantial influence on the index, although commodity moves do not determine the index's direction on their own.
US data and elections in focus
Markets are also looking ahead to Tuesday's US midterm elections and to US manufacturing data due Monday. The US ISM manufacturing report and construction-spending data are scheduled for later in the session, while Friday's US employment report is the week's major labour-market release. These events could affect interest-rate expectations, bond yields and risk appetite across North American equities.
Friday's close leaves the benchmark starting the new month below its recent October finish, while the early futures signal points to a measured rather than decisive improvement in sentiment. Investors will therefore be watching whether technology and materials shares stabilize once regular Canadian trading begins.
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