TSX Futures Rise After Holiday

The S&P/TSX Composite Index rose 1.6% to a record close of 35,802 on Tuesday, lifted by optimism for an US-Iran peace deal. Oil prices fell after Qatar said mediators were making progress toward an agreement to normalize shipping through the Strait of Hormuz. The decline eased inflation concerns and reduced pressure for higher interest rates, sending bond yields lower. Financial stocks advanced, with Brookfield jumping 7.9% after completing its acquisition of Oaktree. Higher gold, silver, and copper prices fueled a rally in mining shares. Tech stocks gained on the back of strength in AI-related names on Wall Street. Agnico Eagle added 4.1%, Barrick gained 4.4%, and WPM jumped 6.5%. Teck Resources, First Quantum, Lundin Mining and other peers climbed up to 16%. Shopify rose 5.6% ahead of its earnings release, while Constellation Software gained 7.4% and Celestica surged 12.9%. In contrast, energy stocks declined as oil prices fell, with Suncor down 3.6% ahead of its earnings.

The S&P/TSX Composite Index rose nearly 1% to trade above the 35,500 mark on Tuesday after Monday's Civic Holiday, supported by lower oil prices and broad-based gains. Crude prices fell after US President Donald Trump canceled planned strikes on Iran to revive negotiations, easing concerns about inflation and the higher interest rate outlook. Financial stocks advanced, with RBC, TD Bank, BMO, CIBC, and Scotiabank all gaining about 1%. Brookfield Asset Management jumped more than 6% after completing its acquisition of Oaktree. Meanwhile, firmer gold and copper prices fueled a rally in mining shares, with Agnico Eagle up over 5%, Barrick adding nearly 5%, WPM rising more than 6%, and Franco-Nevada, Teck Resources, First Quantum, Lundin Mining and other peers climbing between 3% and 10%. Shopify gained nearly 1.5% ahead of earnings on Wednesday. In contrast, energy stocks declined on weaker oil prices, with Suncor and Canadian Natural down 4%.

Futures tracking the S&P/TSX Composite Index rose on Tuesday after Monday's Civic Holiday, supported by lower oil prices. Crude prices declined after US President Donald Trump canceled planned strikes on Iran to revive negotiations, easing concerns about inflation and the higher interest rate outlook. Investors also looked ahead to earnings from major energy producers, with Suncor reporting later today and Canadian Natural due on Thursday. Meanwhile, firm gold prices supported mining stocks. Elsewhere, Industrial Alliance is scheduled to release quarterly results today, while Manulife Financial, Nutrien, and Shopify are set to report on Wednesday. On the data front, Canada's merchandise trade surplus widened to C$3.9 billion in June from C$3.7 billion in May.