Canadian Stock Market Today: TSX Futures Softer On Diverging Jobs Data And Fed Watch

The Morning Bull - Canadian Market Morning Update Monday, 9 Nov 2026

Canadian stocks are set for a softer open, with sentiment dominated by labour data on both sides of the border. A firmer US jobs backdrop and a weaker Canadian unemployment picture are pulling risk appetite in opposite directions.

At home, Canada’s unemployment rate rose to 6.7% in October 2026, while the Ivey PMI printed a still upbeat 58.3. South of the border, solid US non farm payrolls and firm wage numbers keep the US labour market looking resilient and keep rate expectations elevated.

This mix points to pressure on Canadian borrowing costs through imported US yield expectations, while domestic demand looks less secure. A softer currency can support export revenues, yet higher funding costs and cautious hiring plans complicate earnings visibility for more cyclical parts of the TSX.

The key question now is whether upcoming US inflation data and a heavy slate of Fed speeches reinforce this rate premium story. If US officials lean more aggressive on policy, investors must reassess how much growth risk Canadian equities can absorb.

Stocks to Watch Before the Opening Bell

First Majestic Silver (AG)

First Majestic Silver is back in focus after Metso won an order to supply Metso Loesche VRM dry grinding technology for the Jerritt Canyon gold mine restart in Nevada. The equipment is described as energy efficient with a compact footprint, which could influence operating costs and throughput assumptions once the project returns to production.

Strathcona Resources (SCR)

Strathcona Resources agreed to acquire Greenfire Resources, offering either 0.25 Strathcona shares or $11.00 in cash per Greenfire share, with closing targeted for late January 2027. Management also reported Q3 2026 production of 123,486 barrels of oil equivalent per day and free cash flow of $286 million, alongside a 7% dividend bump to $0.32 per share.

Top Movers

• Perpetua Resources (TSX:PPTA) surged 17.48% after exploration drilling at Stibnite returned broad, high grade gold and antimony intercepts.
• 5N Plus (TSX:VNP) jumped 9.40% after Scotiabank raised its price target while reiterating an Outperform rating on the stock.
• Leon's Furniture (TSX:LNF) advanced 8.86% following Q3 results and a dividend affirmation that kept earnings per share broadly steady year over year.

Top Losers

• Trisura Group (TSX:TSU) fell 29.92% after softer Q3 earnings and a National Bank downgrade to Sector Perform.
• Parex Resources (TSX:PXT) declined 16.55% following Q3 results that included higher production and updated capital spending plans.
• Lassonde Industries (TSX:LAS.A) slipped 8.09% after Q3 results highlighted softer volumes and ongoing production transition challenges in the United States.

On The Radar

For Canadian investors, the next few sessions are all about inflation prints on both sides of the border and a dense block of TSX earnings that speak directly to domestic demand and commodity exposure.

• US CPI and Core CPI, Tue 10 Nov. A headline forecast of 3.9% and core at 2.8% keeps US rate expectations elevated, so any upside surprise would tend to pressure Canadian borrowing costs and lean on interest rate sensitive TSX sectors.
• Hydro One, Tue 10 Nov. Q3 2026 numbers from this regulated utility will put the focus on how revenue and cost control interact with rate frameworks, which feeds into views on cash flow stability for defensive Canadian holdings.
• Canadian Tire Corporation, Thu 12 Nov. Q3 2026 results will highlight how store revenue and merchandising margins are absorbing wage and rent pressures, providing a direct read on discretionary spending for a wide slice of Canadian households.
• Brookfield, Thu 12 Nov. When Brookfield posts Q3 2026 figures at 7:00 AM US Eastern Time, investors will concentrate on fee related earnings and balance sheet flexibility, because those factors influence how higher global yields affect this heavyweight Canadian stock.
• Canada CPI and Core CPI, Mon 16 Nov. With headline inflation previously at 3.1% and core at 2.2%, a print above those marks would tend to reinforce higher rate expectations in Canada and weigh on interest rate sensitive sectors more than exporters.

Sector & Industry Watch

Energy and Oil and Gas: Strong year meets rough week

Energy and Oil and Gas have pulled back over the past 7 days, each down close to 10%, after a much stronger 12 month stretch. The sector is digesting softer Canadian labour data at the same time as US jobs support higher interest rate expectations, which can affect both crude prices and borrowing costs for producers.

If you hold oil sands or pipeline stocks, the clearest near term swing factor is this week’s US crude and gasoline inventory data, since changes in stockpiles can quickly shift sentiment toward Canadian export volumes and dividend plans.

Materials and Metals and Mining: Miners rally on project progress

Materials and Metals and Mining have been among the stronger groups over the past week, with both sectors posting solid gains after a weaker month. Activity at companies such as First Majestic Silver, Canada Nickel, Century Lithium and Nevada Organic Phosphate shows projects continuing to move forward across gold, battery metals and fertilizer inputs.

For anyone holding Canadian miners, the key driver to watch now is Canada’s upcoming CPI release, since any change in inflation views can influence appetite for gold and other resources as portfolio hedges and can feed into funding costs for long life projects.

Tech and Semiconductors: Prolonged slump tests growth appetite

Tech has eased again over the last week and month, while Semiconductors have fallen even more sharply, including a very large 12 month decline. Pressure on higher P/E stocks and sensitivity to US interest rate expectations continue to weigh on this group despite contract wins and corporate clean up moves.

If your portfolio includes Canadian software, hardware or chip exposure, the main macro trigger to watch is Tuesday’s US CPI report, because any surprise on inflation can quickly change how much investors are willing to pay today for earnings expected further out.

Telecom: Income sector rebuilds investor interest

Telecom has pushed higher over the past week and month after a softer 12 month period, helped by firms such as Quebecor that are growing subscribers while BCE and TELUS continue heavy spending on fibre and wireless networks. Investors are again paying attention to dividend streams and relatively steady cash generation.

If you rely on Telecom for income, focus on the next Bank of Canada communication around inflation, since the rate path shapes both debt servicing on big capital programs and how much flexibility carriers may feel they have on phone and internet pricing.

Real Estate: REIT rebound still linked to jobs

Real Estate has edged higher over the last 7 and 30 days, even though 12 month and year to date returns remain slightly negative. Higher borrowing costs still matter, yet investors are looking at yield and signs of stabilizing occupancy in apartments, seniors housing and some office pockets.

For REIT holders, today’s Canadian unemployment rate at 6.7% keeps labour data in focus, since tenant paycheques and new household formation tie directly into rent growth, renewal terms and the stability of monthly distribution cheques.

Find Tomorrow's Top Performers

With Telecom rebuilding investor interest and dividends back in focus, a practical next step is to compare those income streams against this list of 3 dividend fortresses

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