Canada's main stock index opened higher on Monday, buoyed by gains ?in technology ?and consumer discretionary shares, as ?hopes of ?a de-escalation in the Middle ?East ?conflict lifted ?sentiment ?and boosted ?risk appetite.
The TSX zoomed 186.56 points to kick off the week at 35,555.66.
The Canadian dollar was flat to 70.92 cents U.S.
Oil prices tumbled after Washington and Tehran paused fighting ?over the weekend, raising hopes of a resumption of shipping through ?the Strait of Hormuz.
Brent Crude futures slipped over 7%, while West Texas Intermediate Crude shed 6.9%.
Investors are awaiting ?a fresh round ?of corporate earnings, including second-quarter results from technology firm Celestica ?Inc and energy infrastructure company Gibson Energy, due after the ?closing bell.
Celestica shares lost $9.79, or 2.3%, to $420.28, while those for Gibson shed 53 cents, or 1.7%, to $30.58.
On the trade front, Canada and the United ?Arab Emirates concluded negotiations on Friday, paving the way ?for an agreement ?that would help Ottawa diversify trade beyond the U.S. and help the Gulf nation increase non-oil exports.
ON BAYSTREET
The TSX Venture Exchange regained 17.63 points Monday to 886.25.
All but two of the 12 TSX subgroups were positive, with information technology surging 3.6%, while consumer discretionary stocks took on 1%, and gold shone brighter 0.9%.
The two laggards were energy, dipping 1.7%, and utilities, off 0.6%.
ON WALLSTREET
Stocks rallied early Monday as oil prices declined, amid a pause in fighting between the U.S. and Iran over the weekend. Traders were also looking ahead to a demanding week of megacap earnings and a potentially surprising Federal Reserve meeting.
The Dow Jones Industrials popped 357.72 points to 52,304.97.
The S&P 500 index added 9.07 points to 7,421.05
The NASDAQ Composite gave back 16.56 points to 24,959.26.
The week ahead will have no shortage of challenges for the major averages. A succession of quarterly reports from Amazon, Apple, Meta Platforms and Microsoft will either soothe investor fears of rampant artificial intelligence spending, or add to them, after Alphabet’s disappointing results in the last week.
The results could directly affect semiconductor companies that are the chief beneficiaries of the AI spending spree.
The Fed will make its latest decision on interest rates on Wednesday. The consensus view is that the central bank will hike rates in September, but markets are pricing in the meaningful possibility that the Fed will lift its benchmark borrowing rate a quarter percentage point as soon as this week.
Prices for the 10-year Treasury hiked, lowering yields to 4.66%. Treasury prices and yields move in opposite directions.
Oil prices dipped $5.76 to $83.55 U.S. a barrel.
Gold prices tacked on $7.60 to $4,078.40 U.S. an ounce.
