September Starts With a Warning: Key Stock Market Signals
August was a broadly positive month, with the TSX and S&P 500 reaching new all-time highs while the NASDAQ 100 gained 4.18% and semiconductors rose 2.98%. Gold stocks were the standout performer, gaining more than 32%, while crude oil rose 3.51%. Utilities were among the weaker sectors, reflecting pressure from the bond market. However, the transition into September is starting with stock index futures lower and commodities mixed.
The current signals point to increased caution entering September. The Vanguard Canada ETF moved back to a sell signal, Shopify also returned to a sell signal, and major U.S. indexes showed weakness, particularly small- and micro-cap stocks. Energy remained relatively strong, while semiconductors and U.S. bank stocks stayed on sell signals. Crude oil returned to a buy signal, while the VIX remains on a sell signal. Employment numbers later Tuesday could influence market direction.
Stephen Whiteside
Tuesday, September 1, 2026
