Canada’s main stock index traded gains with losses on Tuesday, in the face of rising oil prices. Crude gained after reports of attacks on vessels near the Strait of Hormuz renewed concerns about potential disruptions to shipping along one of the world’s most important energy transit corridors. Meanwhile, the Bank of Canada is widely expected to leave interest rates unchanged this year, with its next policy announcement scheduled for July 15.
In the US, a weaker-than-anticipated employment report and indications of easing geopolitical tensions in the Middle East have reduced expectations for multiple interest rate hikes this year. Investors are now looking ahead to the release of the Federal Reserve’s meeting minutes for further insight into the central bank’s policy direction. According to LSEG data, markets are currently pricing in a single 25-basis-point rate increase by year-end. The NASDAQ came under pressure as chipmakers declined, reflecting another round of profit-taking in artificial intelligence-related stocks.
| TSX | 35,272.59 | +60.27 |  |
| TSXV | 893.12 | -31.09 |  |
| CSE | 159.34 | +0.58 | |
| DJIA | 52,925.15 | -130.76 | |
| NASDAQ | 25,818.69 | -302.47 | |
| S&P 500 | 7,503.85 | -33.58 | |
The Canadian dollar traded for 70.45 cents US compared to 70.38 cents US on Monday.
US crude futures traded US$2.65 higher at US$71.20 a barrel, and the Brent contract rose US$2.81 to US$74.80 a barrel.
The price of gold was down US$34.31 to US$4,121.38.
In world markets, the Nikkei was down 1,480.73 points to ¥68,256.96, the Hang Seng was down 119.43 points to HK$23,496.89, the FTSE was up 14.11 points to ₤10,665.88, and the DAX was down 352.64 points to €25,465.25.