Futures for Canada’s main stock index edged lower on Monday as U.S. President Donald Trump’s rejection of Iran’s response to a peace proposal left global markets worrying that the 10-week-old conflict will drag on.
The TSX Composite Index ballooned 221.14 points to end Friday at 34,077.76. On the week, the index was in the plus column 207 points, or 0.6%.
June futures backed off 0.2% Monday.
The Canadian dollar poked ahead 0.11 cents to 73.19 cents U.S.
Oil prices rallied on supply fears after the news, with the Strait of Hormuz remaining largely closed and global markets staying tight.
On the earnings front, Doman's first-quarter revenue missed analyst expectations on Friday because of weak plywood demand.
Barrick Mining on Monday beat Wall Street estimates for first-quarter profit as higher gold prices offset lower production.
ON BAYSTREET
The TSX Venture Exchange acquired 3.01 points Friday to 997.29, for a gain on the week of 0.29%.
ON WALLSTREET
Stock futures were relatively unchanged on Monday, following a winning week on Wall Street, as oil prices jumped after President Donald Trump rejected Iran’s latest proposal to end the war.
Futures for the Dow Jones Industrials sank 62 points, or 0.1%, to 49,629.
Futures for the S&P 500 slid 2.75 points to 7,416.25
Futures for the NASDAQ gathered 28.25 points, or 0.1%. to 29.360.75
The moves come after the S&P 500 gained 2% and NASDAQ Composite rallied more than 4% last week. Both indexes recorded their sixth-straight winning weeks — a first for each since 2024.
The Dow rose 0.2% for the week, notching its fifth week of gains out of the last six.
Iran sent a new proposal to U.S. negotiators, centered on ending the monthslong conflict. The counteroffer stressed the need to end the war on all fronts and to lift sanctions on Tehran, Iran’s semi-official Tasnim news agency said, citing an informed source.
In response, Trump said in a Truth Social post that he did not like Iran’s response, adding that it was “TOTALLY UNACCEPTABLE!” Oil futures climbed in overnight trading following Trump’s rejection.
Investors this week will focus on the April consumer and producer price indexes, which may offer fresh insight into how the war is impacting inflation. Traders will also monitor earnings reports this week from companies such as Under Armour and Cisco
In Japan, the Nikkei 225 fell 0.5%, while the Hang Seng index in Hong Kong inched up 0.1%
Oil prices were higher by $2.58 to $98.00 U.S. a barrel.
Gold prices fell $53.20 to $4,677.50 U.S an ounce.
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