TSX Market Wrap — Wednesday, November 4, 2026: TSX Jumps 809 Points as Gold Soars After US Midterms

Tape snapshot: S&P/TSX on November 4

The S&P/TSX Composite Index closed at 36,341.40, up 809.12 points (+2.28%). That was its biggest one-day gain since March 31 and its highest close since September 4. It more than wiped out Tuesday’s 269-point drop.

The index opened at 35,879.03, which turned out to be the low of the day, and climbed steadily to a high of 36,417.13. Volume was about 402 million shares, far heavier than Tuesday’s roughly 256 million. Breadth was strong: advancers beat decliners on the Toronto exchange by about 670 to 297.

The Canadian dollar rose to 71.63 US cents, from 71.46 on Tuesday, as the US dollar weakened.

Wall Street rallied hard too. The Dow jumped 1,569.40 points to 53,356.12, the S&P 500 rose 119.70 points to 7,688.62, and the Nasdaq gained 364.50 points to 25,736.51.

What drove the TSX on November 4

The US midterm result removed a big unknown. Democrats won control of both the House and the Senate on Tuesday. Before the vote, investors had worried about a messy or unclear outcome. Those worries faded after President Donald Trump said he would accept the results and work with Democrats. One Canadian strategist called it “a relief rally not limited to the US,” and said a divided Congress could mean tariff relief and less geopolitical uncertainty. He added that the end of the election also let investors refocus on what he called “pretty solid” fundamentals.

Gold jumped and miners jumped more. December gold rose US$132.60 to settle at US$4,073.00 an ounce, a gain of roughly 3.4%. A weaker US dollar and lower US Treasury yields helped. Because Canada’s index is packed with gold and metal miners, this was the single biggest lift for the TSX.

Oil fell hard, and energy stocks went with it. December crude dropped US$7.97, or about 8.3%, to US$88.12 a barrel. Trump acknowledged that the Iran war had played a role in his party’s defeat, and traders read that as a sign the conflict, and the risk premium in oil, could ease. Energy was the worst group on the index.

Ottawa’s trade stance stays the same, for now. Dominic LeBlanc, the minister in charge of Canada-US trade, said the election would not change Ottawa’s approach to trade talks and that he would speak with his US counterparts soon. At home, Statistics Canada said the merchandise trade surplus widened to $5.4 billion in September from $5.0 billion in August, as exports edged up 0.2% and imports dipped 0.3%.

Sectors on the move

• Gold: about +9%, the standout subgroup.
• Materials: about +7.3%, led by gold, silver and other metal miners.
• Consumer discretionary: about +4.9%, with BRP and Aritzia both up more than 7%.
• Financials: about +3.1%, a big help because it is the index’s heaviest group. Fairfax led.
• Health care: about -0.6%, one of only two groups to fall. Curaleaf gave back part of Tuesday’s jump.
• Energy: about -6.2%, the biggest drag, as oil sank.

All but two of the 12 main subgroups ended higher.

Big movers on the TSX

• G Mining Ventures (GMIN): about +14%, to $44.22, with the gold rally.
• Americas Gold and Silver (USA): about +13.5%, to $4.30.
• Equinox Gold (EQX): about +12.5%, to $15.79.
• Fairfax Financial (FFH): +10.7%, after third-quarter results came in ahead of estimates, helped by solid insurance underwriting.
• BRP (DOO): about +7.7%, to $93.81, and Aritzia (ATZ): about +7.6%, to $161.47.
• Vermilion Energy (VET): about -14%, to $14.90, the worst performer on the index.
• Enerflex (EFX): about -13%, to roughly $28.30–$28.45.
• Cenovus Energy (CVE): -7.8%, even after reporting higher third-quarter profit on record oil production and better refining margins.
• Suncor Energy (SU): -4.4%, to $100.84, despite beating third-quarter profit estimates on Tuesday.
• Superior Plus (SPB): about -10.6%, to $6.14, a 52-week low.

The pattern was clear: good earnings could not save energy stocks on a day oil fell 8%, while miners rose far more than the metal itself.

Rates, CAD & risk tone

Bond yields fell on both sides of the border. Canada’s 10-year yield slipped about 4 basis points to roughly 3.74%, from about 3.77% on Tuesday. The US 10-year Treasury yield fell to about 4.88% from 4.96%.

Fear eased. The S&P/TSX 60 VIX, a measure of expected volatility, fell about 7.6% to 15.03, after hitting a three-month high on Tuesday. Small caps joined in: the TSX Venture Exchange rose 19.68 points, or 2.5%, to 814.37.

What to watch next

• Thursday, November 5: Finance Minister François-Philippe Champagne tables Budget 2026 in Ottawa. Deficit size and investment measures are the focus. It is also a busy earnings day, with TC Energy, Canadian Natural Resources, BCE, Pembina Pipeline, Wheaton Precious Metals, Bombardier, Quebecor and Saputo among the scheduled reports.
• Friday, November 6: Canada’s October Labour Force Survey and the US monthly jobs report, both key reads for the Bank of Canada and the Fed.
• Oil: Whether crude keeps falling on hopes for a calmer Middle East. Energy is now a big swing factor for the index.

Bottom line

A clear US election result, a weaker US dollar and a 3% jump in gold sent the TSX to its best day in seven months, even as an 8% drop in oil hammered energy stocks.

Sources

• The Canadian Press via BNN Bloomberg and CP24 — S&P/TSX closing and opening reports, November 4, 2026 (index close, US indexes, Canadian dollar, crude and gold settlements)
• Reuters via MarketScreener, “TSX posts biggest gain in seven months after Democrats’ election win,” November 4, 2026 (highest close since September 4, biggest gain since March 31, sector moves, Fairfax, Cenovus, LeBlanc comments, strategist quotes)
• Baystreet.ca, “TSX Hikes Wednesday,” November 4, 2026 (subgroup moves, Suncor, Enerflex, Curaleaf, G Mining, Americas Gold and Silver, BRP, Aritzia, trade data, TSX Venture, US Treasury yield)
• Investing.com, “Canada stocks higher at close of trade,” November 4, 2026 (Equinox, Vermilion, Superior Plus, advancers/decliners, S&P/TSX 60 VIX)
• Stockhouse, ”@ the Bell: Markets rally after Democratic victory,” November 4, 2026
• Canadian 10-year government bond yield, November 3–4, 2026 (countryeconomy.com and afternoon Canadian bond market report)
• Fairfax Financial, third-quarter 2026 results release
• S&P/TSX Composite daily history, November 3–4, 2026 (open, high, low, volume)
• Government of Canada, “Government of Canada to release Budget 2026 on November 5, 2026”
• BNN Bloomberg, week-ahead earnings calendar, November 1, 2026

Media credits

A Wikimedia Commons photograph, cropped to 16:9 and resized for this page. No AI-generated images were used.

• Hero: “15 kg gold ingot in the Royal Canadian Mint” by Jiaqian AirplaneFan, CC BY 3.0, via Wikimedia Commons. A gold bar on display at the Royal Canadian Mint, August 2012. It illustrates the gold theme, not this trading session.

By Andrew · stocksummarizer.com