Canada's main stock index opened higher on Monday after oil prices tumbled more than 6%, as renewed efforts to end the conflict between the United States and Iran raised expectations that risks to regional oil supplies could ease.
The TSX recovered 160.13 points to open Monday at 35,780.16.
The Canadian dollar dipped 0.03 cents at 71.55 cents U.S.
Economically speaking, the S&P Global Canada Manufacturing PMI fell to 49.6 in October, down from 51.5 in September and marking the first contraction since the start of 2026.
ON BAYSTREET
The TSX Venture Exchange hiked 10.39 points, or 1.3%, to 814.17.
All but three of the 12 subgroups were higher, led by gold, shining 3.6%, materials, stronger by 3%, and consumer discretionary stocks, better by 0.6%.
The three laggards were energy, down 3.5%, utilities, dropping 0.4%, and consumer staples, sagging 0.2%.
ON WALLSTREET
Stocks moved higher on Monday as oil prices fell sharply and tech names rebounded, while investors braced for a packed week of earnings results and the upcoming midterm elections.
The 30-stock index gained 424.25 points, or 0.8%, to 52,188.81.
The S&P 500 recovered 42.28 points to 7,622.35.
The tech-heavy NASDAQ regained 228.04 points, to 25,645.04.
Sentiment also improved around tech after the announcement that Marvell Technology is buying Lumentum in a $115-billion deal, as the latest corporate bet signified continued bullishness in AI. Nvidia rose more than 1%, while Amazon gained more than 2%. Fellow “Magnificent Seven” member Tesla also rose more than 2%.
The moves come after the major U.S. stock benchmarks suffered a losing week, bogged down by selling pressure in tech as investors continued to scrutinize names related to the artificial intelligence buildout.
In addition to the closely watched monthly jobs report, a fresh round of earnings releases is also due this week. “Magnificent Seven” member Apple is scheduled to report after the bell on Monday. McDonald’s and Qualcomm are slated to report later in the week.
Prices for the 10-year Treasury inched forward, lowering yields to 4.89% from Friday’s 4.92%. Treasury prices and yields move in opposite directions.
Oil prices plummeted $6.68 to $97.44 U.S. a barrel.
Gold prices improved $68.50 to $3,969.10 U.S. an ounce.
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