S&P/TSX composite hits new high amid calmer market, U.S. stock markets mixed

TORONTO – Canada’s main stock index rose to a new high on Friday, while U.S. markets were mixed as geopolitical concerns fell out of focus.

Lesley Marks, chief investment officer of equity at Mackenzie Investments, said that markets were calmer on Friday compared with earlier in the week.

“I think that’s a reflection of almost the relief of not seeing any major geopolitical risk, which has been a big driver in market price action throughout this week. I think investors are happy to see that that’s not a focus of trading today,” she said.

The Canadian stock market benefited from gains in the basic materials sector alongside an increase in the price of precious metals.

Marks said that gold and silver both had “very strong weeks.”

The March silver contract was up US$4.96 at US$101.33 an ounce, breaching the hundred-dollar threshold. The February gold contract was up US$66.30 at US$4,979.70 an ounce.

Gold’s price got closer to US$5,000 per ounce in a signal that investors are still looking for something safer to own amid all the uncertainty. It’s already up nearly 15 per cent for the year so far.

Marks said gold prices reaching US$5,000 per ounce would have psychological meaning among investors.

“I think for investors that feel like they may have missed the run in gold last year, as they see the continuation of the trend, there will continue to be increasing interest in gold as an asset class for investors’ portfolios,” she said.

“A number like US$5,000 will continue to draw more attention into the gold sector.”

The S&P/TSX composite index was up 142.28 points at 33,144.98. In New York, the Dow Jones industrial average was down 285.30 points at 49,098.71. The S&P 500 index was up 2.26 points at 6,915.61, while the Nasdaq composite was up 65.22 points at 23,501.24.

Meanwhile, the U.S. stock market drifted through mixed trading Friday, as a zigzag week punctuated by loud threats and pullbacks finished with a quiet and tentative close.

The majority of stocks on Wall Street fell, and Intel weighed on the market after tumbling 17 per cent. The chip company reported better results for the end of 2025 than analysts expected. But investors focused instead on its forecast for the first three months of this year, which fell short of Wall Street’s expectations.

Chief financial officer David Zinsner said shortages of supplies are affecting the entire industry, and Intel expects available supply to hit a bottom early this year before improving in the spring and beyond. CEO Lip-Bu Tan highlighted the opportunities created by the artificial-intelligence era.

“Intel is viewed as a bit of a turnaround story, and so the path for those types of stories is typically not in a straight line. And I think investors are recognizing that they’re going to need to be more patient with Intel with respect to the fundamental change or turn in earnings growth for the company,” Marks said.

The Canadian dollar traded for 72.82 cents US compared with 72.47 cents US on Thursday.

The March crude oil contract was up US$1.71 at US$61.07 per barrel.

This report by The Canadian Press was first published Jan. 23, 2026.

— With files from The Associated Press.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)