Canada's main stock index rose on Monday after oil prices tumbled on hopes that renewed U.S.-Iran talks would ease oil supply risks in the Middle East.
The TSX leaped 332.75 points, or 1.4%, to move into Monday afternoon at 35,952.78.
The Canadian dollar was unchanged at 71.61 cents U.S.
Industrials added to the index gains, with Air Canada surging $1.40, or 7%, to $21.60, and Boyd Group Services rising $8.20, or 7%, to $125.46.
Economically speaking, the S&P Global Canada Manufacturing PMI fell to 49.6 in October, down from 51.5 in September and marking the first contraction since the start of 2026.
ON BAYSTREET
The TSX Venture Exchange hiked 11.55 points, or 1.4%, to 815.33.
All but one of the 12 subgroups were higher, led by gold, shining 3.4%, materials, stronger by 3.1%, and industrial stocks, better by 2.5%.
Only energy stocks suffered, and only 3.2% at that.
ON WALLSTREET
Stocks moved higher on Monday as oil prices fell sharply and some tech names rebounded, while investors braced for a packed week of earnings results and the upcoming midterm elections.
The Dow Jones Industrial index gained 508.40 points, or 1%, to 52,278.71.
The S&P 500 recovered 45.33 points to 7,625.40.
The tech-heavy NASDAQ regained 180.83 points, to 25,617.82.
Sentiment also improved around tech a bit after the announcement that Marvell Technology is buying Lumentum in a $115-billion deal, as the latest corporate bet signified continued bullishness in artificial intelligence. Nvidia climbed nearly 2%, while Amazon gained more than 4%. Alphabet rose more than 2%.
Enthusiasm was kept in check, however, after Oracle said it plans to sell $10 billion in common stock as well as $10 billion in bonds to finance its AI buildout. Shares were down more than 5% during the session.
Investors moved into key cyclical sectors, while defensive areas such as healthcare and utilities came under some pressure. Consumer discretionary stocks led the way, with the group gaining nearly 4%, while financials and industrials popped almost 2%. Materials advanced more than 2%.
The U.S. midterm elections will be held on Tuesday, when Democrats are expected to take control of the House of Representatives, while Senate control remains uncertain.
In addition to the closely watched monthly jobs report, a fresh round of earnings releases is also due this week. “Magnificent Seven” member Apple is scheduled to report after the bell on Monday. McDonald’s and Qualcomm are slated to report later in the week.
The moves come after the major U.S. stock benchmarks suffered a losing week, bogged down by selling pressure in tech as investors continued to scrutinize names related to the artificial intelligence buildout.
Prices for the 10-year Treasury inched forward, lowering yields to 4.88% from Friday’s 4.92%. Treasury prices and yields move in opposite directions.
Oil prices plummeted $6.91 to $97.21 U.S. a barrel.
Gold prices improved $73.40 to $3,969.10 U.S. an ounce.
Related Stories
