TSX Closes Higher on Commodity Stocks Rally

The S&P/TSX Composite Index rose 0.3% to close at 35,485 after reaching a record high earlier in the session, as rising commodity prices supported mining and energy stocks. Miners advanced as gold edged higher on a softer US dollar and safe-haven demand amid escalating tensions between the US and Iran. Agnico Eagle gained 3.5%, Barrick added 2.8%, WPM rose 1.1%, and Franco-Nevada advanced 3.1%. Energy stocks also gained, tracking a jump in oil prices on mounting concerns over disruptions to Middle Eastern supply routes linked to escalating US-Iran hostilities. Canadian Natural added 1.8%, Imperial Oil gained 0.8%, while Suncor rose 1.5% and Cenovus advanced 0.6% ahead of its earnings report on Thursday. On the downside, technology stocks weakened ahead of earnings from US technology giants Alphabet and Tesla. Shopify shed 3.9%, Constellation Software fell 2.1%, and Celestica retreated 1.4%.

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.