S&P/ TSX Composite: Futures Point Lower After Monday Gain
Published on 11/03/2026 at 13:43 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSTSX Outlook Before Tuesday Trading
- The S&P/TSX Composite closed at 35,801.09 on November 2, up 0.51 percent.
- Reuters reported December TSX futures down 0.4 percent before Tuesday's session as oil rebounded and gold declined.
- US midterm elections, oil and gold prices, and comments from Bank of Canada Governor Tiff Macklem are key watchpoints.
The S&P/TSX Composite enters Tuesday, November 3, before the Toronto session begins, with commodity prices and geopolitical developments likely to shape the opening tone. The index closed at 35,801.09 on Monday, November 2, gaining 181.06 points, or 0.51 percent, according to TMX Money.
Commodity Signals Turn More Mixed
Monday's advance came as a sharp fall in oil prices eased inflation concerns and helped industrial and mining shares, according to Reuters. The backdrop changed overnight. Reuters reported that December futures tracking Canada's blue-chip index were down 0.4 percent at 5:41 a.m. Eastern time on Tuesday. Oil prices rose nearly 1 percent as hopes for a Middle East peace deal weakened, while spot gold declined 1.1 percent.
That combination could create a less supportive setup for Canada's resource-heavy market. Higher crude prices may revive inflation concerns, while a weaker gold price can weigh on precious-metals producers. The futures move is an indication before the cash market opens, not a confirmed direction for the completed session.
Rates and Elections in Focus
Investors are also preparing for political and monetary signals. US midterm voting begins Tuesday, and election developments may affect expectations for trade, fiscal policy and the broader North American risk environment. Reuters also reported that market participants will assess remarks from Bank of Canada Governor Tiff Macklem before a House of Commons finance committee. Markets were pricing in nearly one 25-basis-point Bank of Canada rate hike before year-end, according to data cited by Reuters.
Company-specific news is adding to the day's Canadian agenda. Reuters highlighted better-than-expected third-quarter adjusted profit at Topaz Energy and a quarterly revenue beat at Toromont Industries. The companies' results may influence their shares, but their direct effect on the broad index will depend on sector weighting and the reaction across energy and industrial stocks.
Opening Bias, Not a Session Result
The immediate signal is therefore cautious: Monday's broad recovery is being tested by softer index futures and a less favorable commodity mix. Whether that pressure persists will depend on the opening response of energy, materials and financial shares, as well as developments in oil markets and US elections. Earlier coverage and index-specific reports are available on ad-hoc-news.de's S&P/TSX Composite topic page.
