Equity markets throughout North America took cheer from sinking oil prices Monday, and moved sharply higher.
The TSX finished the day with a flourish, gaining 199.04 points to 35,568.14.
The Canadian dollar dipped 0.18 cents to 70.81 cents U.S.
Shopify jumped $18.05, or 11.3%, to $178.51, while Open Text captured $1.86, or 6%, to $33.42, and Descartes Systems added $3.96, or 4.1%, to $100.13.
Real estate firm Altus Group took $1.97, or 4.4%, to $46.70, after the company appointed Katie Royce as the new CFO, effective August 3.
Consumer staples jumped, as Jamieson Wellness spiked $1.57, or 3.8%, to $42.44, while Maple Leaf Foods captured 98 cents, or 3.5%, to $28.94.
In consumer discretionary stocks, Restaurant Brands grabbed $3.25, or 3.2%, to $105.56, while Aritzia improved $3.22, or 2.4%, to $137.22.
In energy stocks, Spartan Delta dipped 62 cents, or 5.1%, to $11.50, while Vermilion Energy sank 95 cents, or 6%, to $14.94.
In utilities, Brookfield Renewable Partners dropped $1.39, or 3%, to $45.32, while Capital Power erased $1.15, or 1.6%, to $70.57.
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 and energy infrastructure company Gibson Energy, due after the ?closing bell.
Celestica shares recovered $19.42, or 4.5%, to $449.49, while those for Gibson shed 71 cents, or 2.3%, to $30.40.
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 zoomed 19.11 points, or 2.2%, Monday to 887.73.
Eight of the 12 TSX subgroups were positive, with information technology surging 6.4%, while consumer discretionary stocks took on 2.2%, and consumer staples hiked 1.3%.
The two laggards were energy, wilting 2.9%, and utilities, off 1.2%.
ON WALLSTREET
The S&P 500 punched back into the green on Monday, as chip stocks began to recover from their selloff earlier in the session and oil prices edged lower.
The Dow Jones Industrials vaulted 262.83 points to 52,210.08.
The much-broader index moved back into the green 1.2 points to 7,413.18
The NASDAQ Composite subsided 43.74 points to 24,932.08.
AMD sank 4% and Teradyne dropped 5%, to lead the declines. Micron Technology shed about 3%.
U.S.-listed shares of ASML, the dominant player in the space, fell more than 8% on the back of the report.
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 4.65%. Treasury prices and yields move in opposite directions.
Oil prices slid $7.33 to $81.98 U.S. a barrel.
Gold prices tacked on $17.80 to $4,088.60 U.S. an ounce.
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