Wall Street follows global markets lower with missiles fired at Israel and confusion on peace talks
BNN Bloomberg
Wall Street followed global markets lower and oil prices jumped above US$100 per barrel on Thursday as a de-escalation of the Iran war appeared further out of reach.
Futures for the S&P 500 and Dow Jones Industrial Average each fell 0.7 per cent before the opening bell. Nasdaq futures lost 0.8 per cent.
Iran and the United States hardened their positions as a diplomatic push for a ceasefire in the Middle East war appeared to falter on Thursday, sending oil prices back up.
Brent crude, the international standard, rose 3.4 per cent to $100.61 per barrel. It was below $95 on Wednesday. Benchmark U.S. crude was 3.2 per cent higher at $93.25 a barrel.
The rise in oil prices lifted shares of energy producers such as ConocoPhillips and Valero Energy, though the gains were modest at about one per cent.
U.S. President Donald Trump has said a deal to end the Iran war is near, even after Tehran dismissed his 15-point ceasefire plan.
Two Canadian institutional giants are buying renewable power producer Boralex Inc. in a deal that they say will provide the scale and resources needed to accelerate growth.
Canada’s main stock index was up nearly 300 points in late-morning trading, helped by strength in the base metals and utilities sectors, while U.S. stock markets also climbed.
Muted reaction to U.S.-Iran talks reflects fragile sentiment as recession risks rise and bond yields climb amid ongoing geopolitical uncertainty.
Aecon Group Inc. says a joint venture has finalized a US$691-million contract with the U.S. Army Corps of Engineers for a project in Washington state.
U.S. corporate finance chiefs’ outlook for the economy improved over the first months of the year, at least until the outbreak of the U.S.-Israeli war on Iran, with executives expecting to increase employment amid solid revenue growth, though with continued pressure as well to raise prices, according to a Federal Reserve survey.
U.S. suppliers have shipped approximately 30,000 barrels of fuel to Cuba’s private sector this year to date, according to documents and shipping data viewed by Reuters, suggesting a Trump administration plan to give private business a leg up over state-run enterprise is well underway.
Mining analyst sees copper, gold and lithium stocks benefiting from supply constraints, electrification and long-term demand trends.
An oil refinery fire near the Texas coast was put out Tuesday and a shelter-in-place order was lifted following air-quality testing, hours after a large explosion at the complex shot plumes of smoke into the air, officials said.
A U.N. Security Council resolution calling for countries to use “all necessary means” to keep the Strait of Hormuz open is facing some opposition for raising the possibility of U.N.-backed military action against Iran, according to three council diplomats.
The Trump administration is working with Canada on permits required for a proposed revival of part of the Keystone XL oil pipeline, a White House official said on Tuesday.
Google is arguing it shouldn’t have to pay about $370,000 in legal fees and other costs the Competition Commissioner is seeking after the tech giant lost a constitutional challenge.
Canadian officials spoke to Trump administration representatives about a proposed revival of part of the canceled Keystone XL oil pipeline in a meeting in Houston this week, Canada’s Natural Resources Minister Tim Hodgson said Tuesday.
Oil above US$100 is adding pressure on equities as geopolitical risks and uncertainty over inflation and growth cloud the outlook.