On January 23, 2026, Canada's primary stock index, the S&P/TSX composite index, experienced a notable increase, gaining more than 100 points in late-morning trading. This boost was predominantly attributed to the strength of commodity stocks, coinciding with rising prices of key commodities such as oil and gold. By midday, the S&P/TSX composite index was reported to be up by 124.72 points, reaching a total of 33,127.42 points.

In contrast, U.S. stock markets presented a mixed picture during the same trading session. The Dow Jones Industrial Average recorded a decline, dropping 249.76 points to settle at 49,134.25 points. However, other indices showed a different trend: the S&P 500 index rose by 13.30 points, reaching 6,926.65 points, while the Nasdaq composite index increased by 137.87 points, climbing to 23,573.89 points.

The currency exchange rates also saw fluctuations, with the Canadian dollar trading at 72.77 cents against the U.S. dollar, compared to 72.47 cents recorded on Thursday prior. This slight appreciation of the Canadian dollar is indicative of a broader trend in commodity markets.

In terms of commodity prices, significant movements were observed. The March crude oil contract rose by US$1.52, achieving a new price of US$60.88 per barrel. Similarly, the February gold contract experienced a considerable surge, increasing by US$61.60 and reaching a price of US$4,975.00 an ounce. These increases in commodity prices are likely contributing factors to the positive performance of the Canadian stock index.

As the day progressed, it was clear that the Canadian market was benefiting from favorable movements in the commodities sector, while U.S. indices displayed varied performance levels. Investors were likely closely monitoring these trends, given the implications they may have for future trading sessions and overall market sentiment.