Futures tracking Canada's stocks traveled higher on Friday amid renewed optimism over an imminent peace deal between Iran and the United States after President Donald Trump said an agreement could be signed as early as this weekend.
The TSX Composite Index hiked 520.14 points, or 1.5%, to close Thursday at 34,671.46.
June futures soared 0.7% Friday.
The Canadian dollar docked 0.09 cents to 71.48 cents U.S.
The deal, if it goes through, could end the over three-month-old war that has pushed energy prices sharply higher and stoked inflation fears after Iran all but closed the Strait of Hormuz for shipping.
Still, investors remain cautious, as Trump has repeatedly suggested in the past that the two sides were nearing a peace agreement, only for no deal to materialize.
Meanwhile, Canada will invest more than $1 billion to promote competition among grocers and food processors, Prime Minister Mark Carney said on Thursday, adding that efforts to combat high food inflation would also enhance national security. Canada has one of the highest food inflation rates among Group of Seven countries.
On the economic slate, Statistics Canada reports 183,921 new motor vehicles sold in Canada in April, decreasing 6.0% from April 2025.
In dollar terms, sales decreased 1.7% in April 2026 compared with one year earlier. Over the same period, the number of new trucks sold decreased (-6.4%), while the number of new passenger cars sold experienced a smaller decline (-2.7%).
ON BAYSTREET
The TSX Venture Exchange recovered 34.4 points, or 3.8%, Thursday to 946.57.
ON WALLSTREET
Stock futures rose on Friday as Iranian state media reported that a proposed peace deal would see the Strait of Hormuz reopen.
Futures for the Dow Jones Industrials hiked 295 points, or 0.6%, to 51,170.
Futures for the S&P 500 index captured 34.5 points, or 0.5%, to 7,430.50.
Futures for the NASDAQ Composite grabbed 130 points, or 0.4%, to 29,594.75.
Iranian state media reported that the draft version of the Iran-U.S. memorandum of understanding includes a commitment from the U.S. to lift oil sanctions, as well as a commitment from Iran to reopen the Strait of Hormuz.
A peace deal could be signed in Switzerland as soon as Sunday, Bloomberg reported Friday.
Traders are also watching SpaceX, Elon Musk’s rocket maker, as it debuts on the NASDAQ. SpaceX, set to go public under the ticker symbol SPCX, has set a fixed price of $135 per share, which would put its valuation at $1.77 trillion.
The company plans to sell 555.6 million shares, amounting to a $75-billion fundraise that would be the largest initial public offering in history.
It’s more than triple the size of Alibaba’s $22 billion offering in 2014, currently the biggest U.S. IPO to date.
If the IPO goes according to plan, it could offer a major catalyst for stocks on Friday. But some investors are concerned that due to the offering’s sheer size, it could pressure the market.
Even if the market can digest these new shares of SpaceX, IPOs are known to be volatile, and Friday’s offering could trigger another rotation in tech leadership as investors find capital to fund their new issues.
In Japan, the Nikkei 225 ballooned 2.8% Friday, while in Hong Kong, the Hang Seng surged 1.9%.
Oil prices faded $3.38 to $84.33 U.S. a barrel.
Gold prices jumped $113.00 to $4,227 U.S an ounce.
