Canada's main stock index rose on Monday, as signs of easing tensions in the Middle East lifted sentiment after Iran said its first wave of attacks on Israel had ended, raising hopes of a potential de-escalation in the wider U.S.-Iran war.
The TSX Composite Index recovered 59.57 points, off its highs of the day, to wind up Monday at 34,473.02.
The Canadian dollar dipped 0.04 cents to 71.66 cents U.S.
The materials group, which includes stocks of metal miners, gained with 5N Plus roaring ahead $1.87, or 4.6%, to $42.72, while K92 Mining added $1.03, or 4.7%, to $23.12, and Ivanhoe Mines up 34 cents, or 3.1%, to $11.49.
Industrials rose with Magellan Aerospace climbing $2.06, or 6.5%, to $34.02, and AirBoss of America up 39 cents, or 5.8%, to $7.09.
Iran's military announced on Monday that its first wave of attacks on Israel since a ceasefire announced in April was now over, although it threatened to resume the strikes if Israel continued attacks on Lebanon.
ON BAYSTREET
The TSX Venture Exchange ducked back 9.44 points, or 1%, to 947.17.
All but three of the 12 TSX subgroups were down, weighed most by health-care, sliding 3%, consumer staples, off 1.4%, and utilities, dipping 1%.
The three gainers proved to be energy, up 1.5%, information technology, ahead 1%, and financials, better by 0.4%.
ON WALLSTREET
The S&P 500 and NASDAQ Composite were higher on Monday as chip stocks rebounded from Friday’s rout and President Donald Trump tried to maintain a fragile ceasefire despite Iran and Israel trading strikes.
The Dow Jones Industrials moved below the breakeven level 80.77 points to 50,786.01.
The S&P 500 moved up 21.94 points to 7,405.68.
The tech-heavy NASDAQ reasserted itself 220.23 points, to 25,929.66, following Friday’s decline of 4.2%, its worst drop since April 2025 as investors took profits on chip stocks on concern the shares had gone too far given the uncertain economic backdrop.
Shares of Micron Technology, the memory chipmaker that’s led the latest leg of the bull market, were up 10% after falling 13% on Friday. Shares of Nvidia and Broadcom were also higher.
In the week ahead, investors will be focused on inflation data and the public debut of Elon Musk’s SpaceX on Friday. The offering is expected to be one of the largest in Wall Street history and could be the market’s biggest test yet of the AI valuation narrative.
Oil prices gained as Israel carried out a “large-scale strike on strategic defense systems” on Monday, according to the IDF X account, in response to Iran attacks.
But Trump said Israel and Iran “are looking to do an immediate ceasefire” and that negotiations were proceeding despite the attacks. Trump earlier ordered that Iran and Israel “must immediately stop” attacking.
Iran’s Ministry of Foreign Affairs later told reporters Monday the country’s military has ended military operations against Israel. However, Iran warned it would restart hostilities if Israel continues attacking Lebanon.
Prices for the 10-year Treasury sank, raising yields to 4.57% from Friday’s 4.54%. Treasury prices and yields move in opposite directions.
Oil prices gained 81 cents to $91.35 U.S. a barrel.
Gold prices lost $12.60 to $4,352.70 U.S. an ounce.
