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Canada’s S&P/TSX Composite Index staged a late-day comeback to close 0.6% higher at 34,441 on Monday, defying an early global sell-off. While Middle East warfare initially rattled nerves, the index was lifted by a powerful surge in energy and industrial sectors. Cameco was a standout performer, rocketing 6.5% following a 2.6 billion dollar uranium deal with India signed during Prime Minister Mark Carney’s visit to New Delhi. Energy heavyweights like Suncor and Cenovus gained over 2.5% as crude prices remained elevated despite coming off session highs. Further support came from a late rebound in the financial sector, with RBC and TD Bank erasing early losses to finish in positive territory. Additionally, the manufacturing sector showed resilience as the February PMI hit a 13-month high of 51. Although Shopify and some miners like Barrick Gold ended lower, the TSX benefited from a broader "buy the dip" move that mirrored a dramatic recovery on Wall Street.

TSX Outperforms on Commodity Producers

US equities staged a strong recovery to close near the flatline on Monday, as a powerful "buy the dip" move erased the bulk of the morning’s steep losses. The S&P 500 ended marginally lower, and the Dow lost 0.2%, while the Nasdaq Composite edged into positive territory after falling as much as 1.6% earlier in the session. Investors pivoted back toward cash-rich tech leaders like Nvidia and Microsoft, which gained 2.9% and 1.5% respectively, betting on their resilience despite the Middle East conflict. Defense and energy shares also provided a critical cushion, with Northrop Grumman jumping 6% and Exxon Mobil rising 1.1% as oil prices remained elevated following the closure of the Strait of Hormuz. While the ISM Manufacturing price index’s jump to 70.5 reignited inflation worries and pushed Treasury yields higher, the market largely shook off the geopolitical shock. Retail favorites like Palantir surged 5.8%.

US Recover to Close Mostly Flat

TSX increased to an all-time high of 34524.00 Index Points. Over the past 4 weeks, Canada Stock Market Index (TSX) gained 6.52%, and in the last 12 months, it increased 37.99%.

Stocks in Canada Hit All-time High

Silver prices collapsed over 6% toward $88 on Monday, paring a 3% morning rally as a massive "risk-off" rotation and a surging US dollar overran earlier safe-haven buying. While the initial strikes on Iran triggered a spike to 96.40 dollars, the market’s focus shifted to the economic fallout of the Strait of Hormuz closure, which threatens 20% of global energy flows and risks a deep industrial slowdown. This threat to energy-intensive manufacturing has dampened the demand outlook for silver in the solar and electronics sectors, causing it to underperform gold's relative stability. Pressure intensified as the ISM Manufacturing Prices Index leaped to 70.5, a 11.5 point jump that signaled reignited inflation and slashed the probability of Fed rate cuts. With the US dollar hitting a five-week high and 10-year Treasury yields climbing, the opportunity cost of holding silver has soared, while liquidations by leveraged futures traders to cover broader stock market losses added pressure.

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