Markets are under pressure to start the week as rising oil prices, renewed geopolitical tensions in the Middle East, and increasing expectations for further interest-rate action weigh on investor sentiment. The TSX is down 0.46%, while the TSX Venture Index is lower by 0.38%. In the U.S., the Dow has fallen 0.62%, while the Nasdaq is holding slightly positive, up 0.01%.
Currencies are dominating the market conversation today as traders focus on the euro holding near US$1.16, the Japanese yen slipping beyond ¥160 and renewed intervention concerns, and the upcoming U.S. jobs report. Meanwhile, oil has jumped 2.35% after reports that the U.S. struck Iranian sites near the Strait of Hormuz, adding to inflation concerns and supporting energy prices. Copper is also higher, while gold and Bitcoin have pulled back modestly.
Market numbers
TSX: Down (‑0.46%) 36,384.58
TSXV: Down (‑0.38%) 985.45
DOW: Down (‑0.62%) 53,227.0
NASDAQ: Up (+0.01%) 29,391.0
FTSE 100: Up (+0.09%) 10,810.56
In the headlines
- GameStop jumps on expected investment gains: GameStop Corp (NYSE:GME), the video game retailer and meme-stock favourite, moved higher after investors anticipated that its investment in eBay would provide a meaningful boost to second-quarter earnings. The development helped reignite interest in the company ahead of upcoming results.
- Warsh sparks fresh inflation concerns: Federal Reserve Chair Kevin Warsh raised new concerns about persistent inflation, creating a fresh challenge for equity markets. Investors are reassessing the outlook for interest rates as higher inflation expectations increase the possibility of tighter monetary policy for longer.
Currencies
USD: Up (+0.18%) $0.7201
GBP: Up (+0.15%) $0.5317
EUR: Up (+0.05%) $0.62127
JPY: Flat (+0.00%) ¥115.168
AUD: Up (+0.19%) $1.0057
Bitcoin (BTC/CAD): Down (‑0.01%) 108,017.3
(Conversion to C$1)
Commodities
Copper: Up (+0.95%) 6.70554
Gold: Down (‑0.75%) 4,421.93
WTI: Up (+2.35%) 85.46
Natural Gas: Up (+0.87%) 2.901
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