Canadian stocks closed lower on Tuesday as a rise in oil prices cooled hopes that tensions in the Middle East may soon ease. Concerns grew after a US strike on Iran’s Qeshm Island fuelled worries about a broader conflict and possible disruptions to global oil supplies.
South of the border, Wall Street faced renewed pressure as Apple (NASDAQ:AAPL) shares slipped and crude prices climbed ahead of the US midterm elections. Investors are weighing several potential outcomes, with a Democratic sweep of Congress viewed as a risk for the broader market and particularly for artificial intelligence stocks. On the other hand, a Republican hold on the Senate or both chambers could provide a near-term boost to investor sentiment, unless a major war breaks out soon.
| TSX | 35,542.25 | -258.84 |  |
| TSXV | 794.57 | -7.69 | |
| CSE | 131.67 | -0.12 | |
| DJIA | 51,786.72 | -197.26 | |
| NASDAQ | 25,372.01 | +207.65 |  |
| S&P 500 | 7,568.92 | +27.52 | |
The Canadian dollar traded for 71.41 cents US compared to 71.54 cents US on Monday.
US crude futures traded $0.39 lower at US$96.07 a barrel, and the Brent contract lost US$1.14 to US$103.60 a barrel.
The price of gold was down US$26.60 to US$3,933.28.
In world markets, the Nikkei remained at ¥63,081.86, the Hang Seng was up 132.65 points to HK$23,525.97, the FTSE was down 122.90 points to ₤10,638.43, and the DAX was down 80.18 points to €25,900.91.