S&P/TSX composite edges higher, oil down in early trading
BNN Bloomberg
Strength in the base metals sector helped Canada’s main stock index creep higher in late-morning trading, while the price of oil dropped below US$90 a barrel.
The moves on the market came as Iran continued its drone and missile attacks on Israel and the Gulf states even as U.S. President Donald Trump said he thinks “the war is very complete, pretty much.”
The April crude oil contract was down US$6.27 at US$88.50 per barrel.
The S&P/TSX composite index was up 12.98 points at 33,202.30.
In New York, the Dow Jones industrial average was down 140.30 points at 47,600.50. The S&P 500 index was down 11.66 points at 6,784.33, while the Nasdaq composite was down 22.92 points at 22,673.03.
The Canadian dollar traded for 73.66 cents US compared with 73.67 cents US on Monday, while the April gold contract was up US$115.20 at US$5,218.90 an ounce.
The impact of the Iran war on fuel prices in Canada may encourage more drivers to go electric, some experts say, but others warn the conflict will drive up prices of "pretty much everything."
The U.S. is temporarily easing some sanctions on Russian oil shipments, reflecting global concerns over sharply higher crude prices due to supply shortages stemming from the Iran war.
The Trump administration this week stepped up its ambitious effort to replace about US$1.6 trillion in lost tariff revenue that was eliminated by the U.S. Supreme Court’s decision to strike down a range of the president’s import taxes.
The Bank of Canada will be balancing a last-minute flood of economic data with uncertainty around trade and war in the Middle East as it prepares to make its second interest rate decision of 2026 this week.
The Trump administration has expanded its trade investigations to 60 countries, including Canada, in an effort to shore up the president’s tariff policies.
Canada has committed to supplying 23.6 million barrels of oil as part of a larger International Energy Agency plan to help stabilize energy markets as the war in the Middle East continues.
Canada’s energy-heavy index may cushion stocks from oil shocks, but rising crude prices could boost inflation and pressure consumers.
Venture Global will proceed with phase 2 of its CP2 liquefied natural gas project in Louisiana, the company said on Friday.
The U.S. is temporarily easing some sanctions on Russian oil shipments, reflecting global concerns over sharply higher crude prices due to supply shortages stemming from the Iran war.
Telus Corp.’s global IT and customer services arm says it’s investigating a breach of its systems.
When Jensen Huang strides onto the stage of a packed hockey arena to kick off Nvidia’s annual developer conference on Monday, he is likely to reveal products and partnerships geared toward keeping the AI chipmaker atop a growing array of competitors.
The current Canada Revenue Agency (CRA) crackdown on Canada’s growing army of gig workers has gone beyond Uber drivers, contractors, consultants, handy-people and freelancers.