S&P/TSX composite rises on basic materials stocks, U.S. markets move lower
BNN Bloomberg
Canadian and U.S. stock markets moved in opposite directions on Tuesday amid gains in the price of precious metals and declines in technology stocks.
“Big picture, one of the really important things is what happened last week with Kevin Warsh being appointed as the new Fed governor,” said Ryan Goulding, head of interest rates at Leith Wheeler Investment Counsel Ltd.
He said that Warsh has been openly opposed to interventionism by the U.S. Federal Reserve and advocates that the U.S. central bank focus on the “real economy.”
“With the refocus on the real economy, I think the market’s taking that as a Fed that’s going to be less supportive of asset prices in general,” Goulding said.
The S&P/TSX composite index was up 204.72 points at 32,388.60.
In New York, the Dow Jones industrial average was down 166.67 points at 49,240.99. The S&P 500 index was down 58.63 points at 6,917.81, while the Nasdaq composite was down 336.92 points at 23,255.19.
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.