The TSX Composite closed nearly unchanged Thursday even as banks fell and gold miners rallied sharply, with today's session set to turn on whether the US and Canada finalize a trade deal before tonight's tariff deadline.

The TSX Composite closed nearly flat after gold miners and Canadian banks moved double digits in opposite directions, while US indices fell broadly on a semiconductor selloff ahead of the FOMC minutes.

Banks and miners fell, energy rose, and a semiconductor selloff that started in the US spread to South Korea overnight.

Energy and gold names had a strong Monday. Technology and rate-sensitive names didn't. The 30-year Treasury yield hitting its highest close since 2007 is what decides which story wins Tuesday.

Toronto retreated from a record close on tech weakness and soft US data. The overnight tape shows a risk-off tilt across commodities and volatility as the Hormuz ceasefire formally expires today.

Financials and technology carried the index to 36,759.29 while energy lagged and breadth stayed tight, even as bond yields hit a two year high.

Wednesday's record TSX session came with a 12 percent single stock surge and a near 5 percent single stock decline on the same day. The sector rotation underneath the headline number is the more durable signal.

Canadian energy and industrial strength pushed the TSX composite to 36,475.92 on Tuesday, even as the Dow, S&P 500, and Nasdaq all closed lower on fading Hormuz optimism.

Strathcona Resources led an 8.74 percent gain on rising Hormuz-driven crude, while Monday's worst performers fell on unrelated company-specific news.

Gold miners carried the index to 36,381.23 while banks lagged on BoC risk. Monday's early tape already shows oil reclaiming the leadership gold held Friday.

A quiet 0.03% index decline masked a 27% single-stock collapse and a 13% share-offering hit, while a blowout Canadian jobs report set up a stronger Friday open.

Shopify's 16.5% surge and a broad gold miner rally carried the index to 36,146.42. Thomson Reuters and Suncor Energy both beat estimates and both closed lower, a split the headline number does not show.

The composite gained 1.63% Tuesday on Hormuz optimism, but the sector-level data shows two different markets trading inside the same session: materials up 4.7% on a safe-haven gold rally, energy down as WTI fell 6.36% on the identical headline.

The S&P/TSX Composite finished the long weekend at 35,226.14, down 0.79 percent on a gold-driven materials selloff and a 11.27 percent TELUS dividend cut. Both the gold price and the oil price that shaped Friday's session have moved since, and not in the same direction.

The index recovered less than half of Wednesday's drop. Energy split on earnings instead of oil, and technology produced the widest spread on the board, a 6.9% winner and a 12.8% loser on the same day.

The S&P/TSX Composite closed at 35,333.78, down 415.92 points a day after its record high. Canadian Natural and Cenovus both rose more than 4.5 percent on the same session TD and RBC fell more than 3, and that split is the story going into Thursday.