TSX Recovers Half of Friday Loss as Metals Lead Even as Oil Falls 6.7%

Equity, oil and gold prices moved in different directions on Monday, a pattern that shapes Canadian portfolio returns. Photo: iStock.

Market

TSX Recovers Half of Friday Loss as Metals Lead Even as Oil Falls 6.7%

Nov 2, 2026 4 min The Market Desk

The Brief

The TSX rose 0.90% to 35,940.48 by late morning, recovering 51% of the 629.00-point loss on Friday.
WTI fell US$6.96 to US$97.16, a 6.7% drop, while base metal and industrial stocks led the TSX higher.
Gold rose 1.8% to US$3,969.40, recovering part of a 3.6% decline on Friday but still below US$4,000.
The Canadian dollar slipped 0.06 cent to 71.57 U.S. cents, a small move against a large oil drop.
The index sits 1.1% below its October closing high, with the U.S. midterm elections on Tuesday.

The S&P/TSX Composite rose 320.45 points, or 0.90%, to 35,940.48 by late morning Monday, recovering 51% of the 629.00-point loss on Friday while West Texas crude fell US$6.96 to US$97.16 a barrel, The Canadian Press reported. Base metal and industrial stocks led the gains, the same groups that MT Newswires named as leaders of the decline on Friday.

Oil fell 6.7% and the index rose, so the Canadian market was not trading the oil headline. It was trading the reversal of a Friday selloff in metals and technology.

Metals Reversed While Oil Fell 6.7%

The TSX is still 1.1% below its October closing high of 36,324.99, set on October 21. The index has now moved 1.74% lower and 0.90% higher across two sessions.

The S&P 500 rose 47.66 points to 7,627.73, the Dow Jones Industrial Average gained 514.57 points to 52,284.88 and the Nasdaq Composite added 207.56 points to 25,644.56, according to The Canadian Press. Reuters reported that Wall Street rose as oil tumbled more than 7% on hopes of a U.S.-Iran peace deal, with the U.S. midterm elections due on Tuesday.

S&P/TSX COMPOSITE: CLOSING LEVEL 35,940.48 ▲ 0.90% INTRADAY DAILY | SEP 28 TO NOV 2, 2026

Source: Investing.com and Yahoo Finance daily closes, Sep 28 to Oct 30, 2026; The Canadian Press, Nov 2, 2026, 11:39 a.m. ET. | hdq.ca

Solid line shows daily closes through October 30. The dashed segment and hollow dot are the Monday intraday level at 11:39 a.m. ET, which will differ from the final close.

The TSX dropped 629.00 points on Friday and regained 320.45 by late Monday morning, which leaves the index within 1.1% of its October closing high. Monday level is intraday and the close can differ, so the dashed segment carries more uncertainty than the solid line.

Gold Recovers Part of a 3.6% Friday Drop

December gold rose US$70.50 to US$3,969.40 an ounce, a gain of 1.8%, after falling 3.6% on Friday, according to The Canadian Press and Fool.ca. The metal remains below US$4,000, which means Monday recovered roughly half of the Friday decline and not all of it.

Gold and base metals moved down together on Friday and up together on Monday. That pairing explains how the TSX could rise on a day when oil fell nearly 7%.

The Loonie Ignored a 6.7% Oil Drop

The Canadian dollar traded at 71.57 U.S. cents, against 71.63 cents on Friday, a decline of 0.06 cent or 0.08%. Lower oil usually pulls on the currency, and on Monday it pulled by less than one-tenth of one per cent.

That is the read-through for a Canadian portfolio. Currency markets treated the oil move as a one-day response to diplomatic headlines and not as a repricing of Canadian income, and the TSX followed the same logic. Both can reverse if the talks stall or if the U.S. takes a harder line after Tuesday.

Sources

The Canadian Press, S&P/TSX composite up more than 300 points, U.S. stock markets also higher, Nov 2, 2026, 11:39 a.m. ET. Investing.com, S&P/TSX Composite historical data, Sep 28 to Oct 26, 2026. Yahoo Finance, S&P/TSX Composite, Oct 27 to Oct 30, 2026. Fool.ca, TSX Today: What to Watch for in Stocks on Monday, November 2, 2026. Reuters, Wall St rises as oil falls heading into US midterm elections, Nov 2, 2026. MT Newswires, S&P/TSX Composite close, Oct 30, 2026.

Educational content only. This article is published for informational and professional development purposes. It does not constitute investment advice, financial planning advice, or a recommendation to buy or sell any security. Canadian advisors should apply their own professional judgment. Full disclaimer.

Advisor Toolkits — Nov 2, 2026

🛡️ Respond ▼

What They're Feeling

Clients who watched Friday feel relief at the rebound but remain unsure whether it will hold. Clients with energy holdings feel conflicted: oil fell nearly 7% and the index still rose. Many have seen two large moves in three days and are asking which one to believe.

What to Say

The market fell 1.7% on Friday and has recovered about half of that this morning. Oil fell almost 7% on hopes of a deal with Iran, but metals and industrial stocks led the market higher, so the index did not follow oil down. Gold also bounced after a 3.6% drop on Friday. The Canadian dollar barely moved. Two large moves in three days feel dramatic, but your plan was built to absorb swings like these, and the index is still within about 1% of its October high. I am not recommending changes today. Tomorrow is the U.S. election, and I would rather review your holdings with you than react to the headlines.

Who's Affected

High impact: Clients with concentrated holdings in gold, base metals or oil, whose positions moved sharply in both directions this week.

Mixed impact: Broad TSX investors, who gained back about half of Friday, and clients with U.S. dollar holdings exposed to the small move in the Canadian dollar.

Potential benefit: Clients holding cash who have been waiting for a lower entry point, and fuel-sensitive households and businesses.

Action Checklist

Note the intraday level and confirm the closing level before any client call.

List clients with concentrated gold, metals or energy positions and check each weight against its target.

Review any trade placed on Friday and confirm the reason for it was written down.

Mark the calendar: U.S. midterm elections on November 3, the federal budget on November 5 and the Bank of Canada decision on December 9.

Document each conversation and the decision to hold or rebalance.

Follow-Up Email Template

Subject: Friday selloff and Monday rebound

Hi [Client Name],

Thank you for speaking with me. The TSX fell 1.74% on Friday and recovered about half of that on Monday morning, even as oil fell nearly 7%. Metals and industrial stocks led the move, and gold rebounded after a 3.6% decline.

Your plan already allows for swings like these, so I am not recommending changes. I will review your holdings after the U.S. election and send you a short summary.

Please call me if you would like to talk sooner.

[Your Name]

This communication is for educational purposes only and does not constitute personalized investment advice.

🎯 Prospect ▼

Client Profiles to Target

DIY investors who sold on Friday: A 1.74% decline prompted some to sell, and a 0.90% rebound on Monday shows what that decision cost.

Investors holding gold or metals: Both fell on Friday and recovered on Monday, and many have no rule for when to add or trim.

Business owners with oil-linked income: Crude moved 6.7% in one session, and their income and portfolios may be exposed to the same price.

Opening Line

Hi [Name], this is [Your Name] at [Firm]. The TSX fell almost 2% on Friday and got about half of it back this morning, and I am calling a few people to ask how they handled the two moves. Did you make any changes on Friday?

Value Proposition

Two large moves in three days test every investor. A written plan decides in advance what to do when the market drops and when it rebounds, so the decision is not made on the day.

An advisor adds a second view. The conversation covers what changed in the portfolio this week, what did not, and what would justify an adjustment.

Discovery Questions

1. Did you buy or sell anything on Friday, and what was the reason?

2. How much of your portfolio is in gold, metals or energy?

3. What would make you change your plan?

4. How often do you check your accounts?

5. Who do you talk to when the market moves sharply?

Prospecting Email Template

Subject: The market fell on Friday and recovered on Monday

Hi [Prospect Name],

The TSX fell 1.74% on Friday and recovered about half of it on Monday morning while oil dropped nearly 7%. Moves like these are when it is hardest to decide whether to act.

I help investors set those rules in advance. Would a 15 minute call this week be useful?

[Your Name]

This communication is for educational purposes only and does not constitute personalized investment advice.