TSX Futures Rise as Oil Prices Tumble

The S&P/TSX Composite Index gained 0.5% to trade above 35,500 on Monday, reaching a record high as oil prices tumbled following a pause in hostilities between the US and Iran. Crude prices fell after both countries halted strikes over the weekend amid renewed diplomatic efforts, with President Donald Trump reportedly open to restarting peace talks. The decline in oil prices eased energy-driven inflation concerns, pushing Canadian bond yields lower and supporting financials. RBC, BMO, and CIBC gained about 1%, while TD Bank and Scotiabank added more than 0.5%. Gold prices advanced as lower US Treasury yields boosted demand for the metal, lifting mining stocks. Agnico Eagle, Barrick, and WPM each gained about 1%. Shopify climbed more than 5%, tracking gains in US software stocks. In contrast, energy shares declined on lower oil prices, with Suncor and Cenovus losing nearly 3%. Celestica (+0.3%) and Gibson Energy (-1.2%) are scheduled to report earnings after the market close.

Futures tracking the S&P/TSX Composite Index moved higher on Monday as oil prices tumbled following a pause in hostilities between the US and Iran. Crude prices fell after both countries halted strikes over the weekend amid renewed diplomatic efforts, with President Donald Trump reportedly open to restarting peace talks. The decline in oil prices eased energy-driven inflation concerns, pushing Canadian bond yields lower and supporting financials and the broader market. Gold prices advanced as lower US Treasury yields boosted demand for the metal, supporting mining stocks. Elsewhere, Celestica and Gibson Energy are scheduled to report earnings after the market close.

The S&P/TSX Composite Index rose 0.5% to close at 35,369 on Friday, supported by gains in financial, mining, and technology stocks. The pause in the oil rally eased energy-driven inflation concerns, pushing bond yields lower and supporting financials and the broader market. TD Bank gained 0.7%, while BMO and Scotiabank each added 0.7%, CIBC rose 0.9%, and Brookfield advanced 1.2%. Gold prices edged higher, lifting miners, with Agnico Eagle up 0.7% and WPM gaining 1.5%. In technology, Shopify climbed 1.6% and Constellation Software rose 4%, while Celestica tumbled 8.7%, tracking a selloff in US chipmakers. Energy stocks declined as oil prices pulled back from recent highs, with Canadian Natural down 1.1% and Suncor losing 0.7%. Cenovus fell 1.4% ahead of the release of its earnings report due July 29th.