Futures tracking Canada's resource-heavy stock index edged higher on Wednesday, as global markets rallied after U.S. President Donald Trump indicated there may be a swift resolution to the Middle East conflict, though gains were limited by falling oil prices.
The TSX ballooned 833.1 points or 2.6%, to close Tuesday at 32,768.04.
June futures climbed 0.4% Wednesday.
The Canadian dollar sprang up 0.4 cents to 71.97 cents U.S.
On the economic landscape, the Markit Canada PMI for March comes out (around 9:30 a.m. EDT).
ON BAYSTREET
The TSX Venture Exchange thundered higher 48.71 points, or 5.4%, Tuesday to 957.84.
ON WALLSTREET
Stock futures rose Wednesday, while oil prices declined to start the month, as hope grew that an end to the U.S.-Iran war was on the horizon.
Futures for the Dow Jones Industrials spiked 329 points, or 0.7%, to 46,911.
Futures for the S&P 500 index tallied 47.5 points, or 0.7%, to 6,618.25.
Futures for the NASDAQ soared 235.75 points, or 1%. to 24,150.75.
Late Tuesday, President Donald Trump told reporters at the White House that he expects the U.S. military forces will leave Iran in “two or three weeks.”
Oil prices eased following that comment. West Texas Intermediate futures shed 1.3% to $100.02 per barrel. Brent crude slipped 0.2% to $103.76.
Optimism around a potential end to the war sent stocks soaring on Tuesday, the final trading day of March.
The moves came after an unconfirmed report said that Iranian President Masoud Pezeshkian was open to ending the war with guarantees. He made similar remarks earlier this month, saying in an X post that the “only way to end this war ... is recognizing Iran’s legitimate rights, payment of reparations, and firm int’l guarantees against future aggression.”
Investors will get more clues on the path forward for the U.S.-Iran war Wednesday at 9 p.m. ET, with Trump set to deliver an address “to the nation to provide an important update.”
Shares in Nike tumbled almost 9% Tuesday after its North America revenue came in at $5.03 billion, while analysts surveyed by LSEG had expected $5.04 billion. The “Just-Do-It” company also offered a weak sales outlook for its current quarter.
In Japan, the Nikkei 225 popped 5.2% Wednesday, while in Hong Kong, the Hang Seng jumped 2%
Oil prices declined $1.42 to $99.96 U.S. a barrel.
Gold prices shone $80.00 to $4,727.60 U.S an ounce.
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