Canadian stocks saw a lot of activity on Wednesday, as a hot start turned into an otherwise broad decline, save financial gains.
The TSX hit a high of 35,629.89 during the day but lost more than 220 points after the US released a 14-point memorandum of understanding outlining plans to reopen Iran’s Strait of Hormuz, ease some financial restrictions, and begin negotiations on Iran’s nuclear program. US markets also skidded off the rails and lost their rally momentum once this news came out.
Investors are also watching for signs from the Federal Reserve regarding its monetary policy path. Meanwhile, Canadian Trade Minister Dominic LeBlanc described his recent discussions with US Trade Representative Jamieson Greer as constructive, noting that talks will continue as the USMCA review timeline extends beyond July 1st without any immediate plans to renegotiate.
Meanwhile, SpaceX (NASDAQ:SPCX) shares took off higher in early trading, only to come back down from orbit and close nearly 5 per cent lower. This comes after strong momentum from last week’s IPO, which was priced at US$135 per share. Since then, the stock has risen roughly 15 per cent.
| TSX | 35,125.11 | -264.47 |  |
| TSXV | 967.12 | -18.82 | |
| CSE | 174.45 | +1.14 |  |
| DJIA | 51,492.55 | -507.12 | |
| NASDAQ | 26,021.66 | -354.69 | |
| S&P 500 | 7,420.10 | -91.25 | |
The Canadian dollar traded for 70.86 cents US compared to 71.44 cents US on Tuesday.
US crude futures traded $0.02 higher at US$76.07 a barrel, but the Brent contract rose $0.06 to US$78.90 a barrel.
The price of gold was down US$112.78 to US$4,222.72.
In world markets, the Nikkei was up 497.75 points to ¥69,902.25, the Hang Seng was down 181.79 points to HK$24,312.16, the FTSE was up 14.40 points to ₤10,508.61, and the DAX was up 24.26 points to €24,934.67.