Canadian Market Overview
By 12:11 ET (16:11 GMT) the S&P/TSX 60 index rose five points, a 0.3 % increase, and the broader S&P/TSX composite added 90 points, also up 0.3 %. The composite closed the previous trading day at 34,823.82, leaving the quarter‑to‑date gain at 6.3 % and setting up what would be an eighth consecutive positive quarter, the longest streak since 1996.
U.S. Market Movements
In the United States, by 12:12 ET the Dow Jones Industrial Average gained 162 points (0.3 %), the S&P 500 added 49 points (0.7 %) and the Nasdaq‑100 rose 316 points (1.2 %). The S&P 500 snapped a five‑session losing streak and is on track for its best quarterly performance since the post‑pandemic recovery six years ago, while the Nasdaq Composite is positioned for a 20 % quarterly gain, the largest since Q2 2020. Year‑to‑date, the S&P 500 is up roughly 8.5 % and the Nasdaq up 11.1 %.
Commodity Prices
At 07:27 ET Brent crude futures slipped 0.3 % to $72.93 a barrel and U.S. WTI crude edged up 0.1 % to $70.82 a barrel, bringing oil prices close to pre‑conflict levels after an interim U.S.–Iran peace deal. Spot gold rose 0.5 % to $4,034.27 per ounce at 07:46 ET, while gold futures edged up 0.2 % to $4,047.00 per ounce. Despite the intraday rise, spot gold is down more than 11 % for June, putting it on pace for the biggest quarterly decline since 2013 and a fourth consecutive monthly drop.
Geopolitical and Policy Context
The market narrative this week is also shaped by developments in the U.S.–Israeli military action against Iran and a framework memorandum of understanding signed earlier in the month between the United States and Iran, which has eased some tensions but left major issues unresolved. Technical talks between the two sides are scheduled to resume in Qatar, with Pakistan acting as a mediator. In the United States, a Supreme Court ruling blocked President Donald Trump’s attempt to remove Federal Reserve Governor Lisa Cook over mortgage‑fraud allegations. Traders are awaiting key payroll data due Thursday, which could influence expectations for interest‑rate moves ahead of the Independence Day market closure.
Monetary Outlook
Analysts note that a mix of elevated energy prices and AI‑driven supply‑chain disruptions has heightened expectations that inflation will remain sticky, prompting the Federal Reserve to consider at least one rate hike this year. The Fed’s June meeting featured hawkish remarks from several policymakers, hinting at a possible rate bump.