TSX Futures Rise on Commodity Strength

The S&P/TSX Composite Index rose near 1% to trade above 35,500, reaching a record high as rising commodity prices supported related stocks. Gold prices gained on safe-haven demand amid escalating tensions between the US and Iran. Agnico Eagle, Barrick, WPM, and Franco-Nevada gained nearly 2%. The conflict also rose concerns over energy supply, lifting oil prices and improving the outlook for producers. Canadian Natural added 1.5%, Imperial Oil gained 1%, while Suncor and Cenovus advanced nearly 2%. Cenovus is scheduled to report earnings on Thursday. Elsewhere, Waste Connections edged higher ahead of its earnings release, due after today's closing bell. Investors are also focused on quarterly results from US tech giants Alphabet and Tesla, scheduled after the close. On the trade front, Prime Minister Carney said late Tuesday that he and US President Trump agreed to intensify trade negotiations after Trump unveiled plans to impose 50% tariffs on a broad range of Canadian imports.

Futures tracking the S&P/TSX Composite Index edged higher on Wednesday as rising commodity prices supported energy and mining stocks. Gold prices extended their gains on safe-haven demand amid escalating tensions between the US and Iran. The tensions also heightened concerns over global energy supply disruptions, lifting oil and fuel prices to support the outlook for sales by energy companies. Investors are also focused on quarterly earnings from US technology giants Alphabet and Tesla, due after the closing bell. On the trade front, Prime Minister Mark Carney said late Tuesday that he and US President Donald Trump agreed to intensify trade negotiations after Trump unveiled plans to impose 50% tariffs on a broad range of Canadian imports.

The S&P/TSX Composite Index rose 1.2% to close at 35,369 on Tuesday, buoyed by mining stocks that tracked higher metal prices. Gold prices climbed on hopes of a diplomatic breakthrough between the US and Iran, boosting the sector. Agnico Eagle added 4.3%, Barrick gained 4.6%, WPM jumped 6.7%, and Franco-Nevada advanced 4.1%. Iran is reportedly considering a proposal from mediators for a 10-day ceasefire aimed at paving the way for an agreement to end the war. Still, oil prices remained elevated, lifting energy stocks. Canadian Natural added 2.3%, Suncor gained 2.5%, Imperial Oil rose 1.8%, and Cenovus advanced 2%. Elsewhere, Celestica soared 11.1% amid a rally in US technology stocks. Meanwhile, Prime Minister Mark Carney said he and US President Donald Trump agreed to accelerate trade talks ahead of a potential US move to impose 50% tariffs on a range of Canadian goods next month.