Futures tied to Canada's stock index moved higher on Monday, as commodity prices climbed amid a widening U.S.-Israeli war with Iran that has entered its fifth week.
The TSX slipped 45.58 points to close Friday at 31,841.94. On the week, the index tacked on 524 points, or 1.7%. Even so, March could be its worst month since June 2022 if broader losses hold.
June futures rocketed 0.7% Monday.
The Canadian dollar unloaded 0.1 cents to 71.84 cents U.S.
ON BAYSTREET
The TSX Venture Exchange notched higher 2.13 points to 912.68. On the week, the index gained 1.15 points, or 0.12%
ON WALLSTREET
U.S. equity futures traded higher Monday as investors kick off a holiday-shortened week of trading, with traders monitoring moves in the oil and bond markets.
Futures for the Dow Jones Industrials leaped 295 points, or 0.7%, to 45,719.
Futures for the S&P 500 index acquired 42.25 points, or 0.7%, to 6,454.50.
Futures for the NASDAQ hiked 135.50 points, or 0.6%. to 23,464.
Traders have worried in recent weeks that higher energy prices could hurt the economy. Yet on Monday, stocks benefited from “near-term technical tailwinds (extremely oversold price action over the lasts several sessions and depressed positioning)” and new rhetoric from President Donald Trump on the war front.
Trump said Sunday that Tehran had accepted most of the U.S.' 15-point plan to end the U.S.-Iran war.
He also said Iran agreed to allow an additional 20 oil ships cross the Strait of Hormuz.
Wall Street is coming off a losing week, with the Dow and NASDAQ tipping into correction territory.
The Dow, NASDAQ and S&P 500 all posted their fifth straight weekly declines.
As the war in Iran stretches into a fifth week, investors who had been hopeful for a quick resolution are growing increasingly uneasy about the real-world fallout from the conflict.
The market will be closed on Friday in observance of Good Friday, although the March jobs report is still scheduled for release that morning. Investors will also be scrutinizing the Job Openings and Labor Turnover Survey (JOLTS) and the ADP Employment Survey due out earlier in the week.
In Japan, the Nikkei 225 paled 2.8% Monday, while in Hong Kong, the Hang Seng lost 0.8%
Oil prices climbed $1.24 to $100.88 U.S. a barrel.
Gold prices jumped $45.40 to $4,437.90 U.S an ounce.
