Canadian stocks moved lower on Thursday, mirroring losses in US markets as Brent crude oil prices surged to multi-month highs. The energy sector was the clear bright spot on the TSX, benefiting from the sharp rise in oil prices.
US equities also declined as investors reacted to escalating geopolitical tensions in the Middle East and reviewed earnings results from major corporations. Oil prices jumped after Yemen’s Iran-backed Houthi militants claimed attacks on two Saudi tankers in the Red Sea, raising fears of a broader regional conflict. Additional support came after President Donald Trump threatened strikes against Iranian infrastructure.
Tesla (NASDAQ:TSLA) was among the day’s biggest losers, with shares plunging 13.50 per cent after the company reported a significant second-quarter earnings shortfall. The report also revealed that operating costs grew faster than revenue, adding to investor concerns about profitability.
| TSX | 35,192.66 | -292.45 |  |
| TSXV | 874.09 | -7.26 | |
| CSE | 153.47 | -1.55 | |
| DJIA | 51,711.65 | -506.93 | |
| NASDAQ | 25,137.69 | -553.21 | |
| S&P 500 | 7,408.30 | -90.66 | |
The Canadian dollar traded for 71.01 cents US compared to 70.98 cents US on Wednesday.
US crude futures traded US$5.76 higher at US$92.59 a barrel, and the Brent contract rose US$7.02 to US$101.10 a barrel.
The price of gold was down US$100.73 to US$4,046.42.
In world markets, the Nikkei was up 307.00 points to ¥66,422.60, the Hang Seng was up 318.15 points to HK$25,210.81, the FTSE was down 77.80 points to ₤10,639.17, and the DAX was down 392.29 points to €24,763.12.