TSX Futures Steady After Record High

The S&P/TSX Composite Index edged lower on Tuesday after closing at a record high in the previous session, pressured by losses in the mining, financial, and energy sectors. Gold prices fell as a stronger US dollar and mounting uncertainty ahead of Wednesday's Federal Reserve policy decision weighed on the metal. Agnico Eagle, Barrick, and WPM each lost nearly 3%. Financials also retreated, with RBC, TD Bank, BMO, CIBC, and Brookfield down about 1%. Energy shares weakened as oil prices declined on growing hopes for a resolution to the US-Iran conflict. Imperial Oil and Cenovus fell nearly 1%, while Canadian Natural lost more than 0.5%. In contrast, technology stocks outperformed after Celestica (+1%). Shopify gained 2% and Constellation Software rose 2.5%. TFI International (+7%) also beat forecasts. Great-West Lifeco (+0.1%), First Quantum (-4%), Cardinal Energy (-1%), and Intact Financial (+1%) are due to report earnings after the closing bell.

Futures tracking the S&P/TSX Composite Index were muted on Tuesday after closing at a record high in the prior session, as investors assessed corporate earnings and monitored developments in the Middle East. Celestica and TFI International beat second-quarter adjusted earnings estimates. Gibson Energy also topped forecasts, while First Capital Realty reported revenue in line with expectations. Tamarack Valley posted higher second-quarter revenue, supported by stronger oil prices. Great-West Lifeco, First Quantum, Cardinal Energy, and Intact Financial are due to report after the closing bell. Meanwhile, oil prices fell as hopes for a resolution to the US-Iran conflict grew, easing energy-driven inflation concerns and pushing Canadian bond yields lower. Brookfield announced it had raised about $2 billion for a private equity fund focused on investments in Saudi Arabia and the broader Middle East. Gold prices retreated on a stronger US dollar, pressuring miners.

The S&P/TSX Composite Index rose 0.6% to a record close of 35,568 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 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. CIBC gained 0.8% and Brookfield advanced 1.1%. Gold prices rose as lower US Treasury yields boosted demand for the metal, lifting miners. Agnico Eagle and WPM gained 0.6%, while Barrick added 0.8%. Cameco climbed 1.8% after UBS upgraded the stock to Buy. Technology stocks rallied, with Shopify soaring 11.6%, Constellation Software rising 6.4%, and Celestica gaining 4.5%. Shopify jumped after RBC said the company's software has "great defensibility" against AI-driven disruption. Celestica is scheduled to report earnings after the closing bell.