This morning’s market update highlights a quiet start in the U.S. futures market ahead of major earnings reports, including Tesla. Gold and Bitcoin are trading lower, with gold testing critical support near the $4,000 level. Gold and silver stocks were the weakest performers on Tuesday, dragging down the TSX and TSX 60 indexes. Key mining names such as Newmont, Barrick, and Kinross posted sharp declines, reflecting the broader weakness in the precious metals sector.
In U.S. markets, the major index ETFs — including the Dow, S&P 500, and Nasdaq 100 — remain range-bound, unable to break out to new highs. The VIX pulled back modestly, indicating low volatility. While the semiconductor and Magnificent Seven ETFs show resilience, they’ve yet to achieve new highs. The overall outlook points to continued weakness in gold and silver, and potential follow-through to the TSX, while U.S. markets remain stable but indecisive.
Stephen Whiteside
Wednesday, October 22, 2025
