S&P/TSX Composite Index Jumps Mid-Morning as Base Metals Sector Advances

10:41 AM EST, 11/02/2026 (MT Newswires) -- The S&P/TSX rallied more than 350 points mid-morning Monday as the base metals sector led most sectors higher. The index was up 364.53 points, or 1%, to 35,984.56 at last look. Shares in base metals companies surged 3.4% as copper December futures advanced 1.2%. In precious metals, gold and silver prices were also higher. The industrials sector was the second-strongest performer, up 2.2%. The energy sector, down 2.9% on last look, was the weakest performer as oil prices tumbled 6% on reports that US President Donald Trump still preferred a diplomatic solution to the Iran conflict, but had not yet made a decision, according to a CNBC report. Trump previously said that would not attack Iran before the US midterm election, which will take place on Tuesday. In other news, the Canadian manufacturing sector in October fell to 49.6 from 51.5 in September, marking the first contraction in 2026, S&P Global reported. Output declined and new orders fell as tariffs and geopolitical uncertainty impacted domestic and international demand, the agency added. Canadian Prime Minister Mark Carney posted on X on Sunday that he had had a "good conversation" with Trump on the future of Canada-US trade. The conversation built on recent constructive discussions between the two governments, Carney wrote. "Our teams will now be working in the coming weeks to deliver that outcome," Carney added.