Futures tracking Canada's blue-chip stocks ticked higher on Monday as hopes of a diplomatic off-ramp in the U.S.-Iran war lifted sentiment and boosted risk appetite.
The TSX zoomed 176.44 points to end Friday at 35,369.10. On the week, the index spiked 105 points, or 0.3%.
September futures vaulted 0.7% early Monday.
The Canadian dollar faded 0.07 cents to 70.91 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.
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 dawdled 5.47 points Friday to 868.62. Still, the index was ahead of the previous Friday by nearly 14 points, or 1.6%.
ON WALLSTREET
Stock futures 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.
Futures for the Dow Jones Industrials galloped 570 points, or 1.1%, to 52,694
Futures for the S&P 500 hiked 66 points, or 0.9%, to 7,513.50
Futures for the NASDAQ Composite ballooned 394.75 points, or 1.4%, to 28,677.
Tensions elsewhere mounted after Ukraine struck an Iranian commercial vessel in the Caspian Sea, which prompted Tehran to accuse Kyiv of a “hostile and criminal act.”
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.
In Japan, the Nikkei 225 gained 0.5% Monday, while in Hong Kong, the Hang Seng jumped 1%.
Oil prices cratered $6.24 to $83.07 U.S. a barrel.
Gold prices hiked $27.30 to $4,098.10 U.S an ounce.
