S&P/TSX Composite Index

TSX Down 170 Points at Midday With Info Tech, Miners, The Worst Performers

The Toronto Stock Exchange is down 160 points at midday with most sectors lower.The worst performers are info tech (-2.5%) and miners (-1.2%).Energy, up 1.7%, is the best performer. Oil prices rose for a third session early on Tuesday as a faltering ceasefire between the United States and Iran keeps the Strait of Hormuz closed, continuing the largest-ever energy supply shock.Gold moved lower early Tuesday, dropping for a second day as the dollar and yields rose after the U.S. reported inflation continued to surge last month on higher energy prices that followed the war on Iran.In stocks, Pet Valu (PET.TO) has fallen 14% to $17.05 after it reported a first-quarter earnings miss.

TSX Now Down Near 35 Pts, Was A Bit Lower; Comes After Two Days of Gains

Nasdaq 100 Futures Down 0.6% and S&P Futures Down 0.3% Ahead of US Inflation Data

S&P Futures Down 0.3% Ahead of US Inflation Data

TSX Closer: Up For a Second Session, Though Risks Around Events at the Strait of Hormuz Likely Capped Gains

The Toronto Stock Exchange rose for a second-straight session Monday on improved commodity prices, while risks stemming from the closure of the Strait of Hormuz likely capped gains, while RBC outlined "key hidden trends that support its cautiously optimistic view of Canada's labour market recovery this year".The S&P/TSX Composite Index closed up 61.12 points, or 0.2%, to 34,138.88, adding to the 220 points gained Friday, even with sectors mixed. The Battery Metals Index was up 3.8%, Base Metals up 2.1% and Energy up near 1.7%. In contrast, Info Tech was down near 3.8% and Health Care down 2.1%.On equities as an asset class compared to others, Rosenberg Research in its latest monthly 'Strategizer', said its model's tactical allocation points to the maximum risk-off tone allowed within confines of the model, favoring cash (10%) and fixed-income (50%) over equity risk (40%). "The contrarian nature of the model shined through last month with equity scores soaring, but the signal has reversed this month, with broad-based declines across equity scorecards," it added.Rosenberg Research noted the energy sector is screening as #1 in both the United States and Canada. Its commodity model points to the asset class "remaining favorable", noting energy-related commodities are heavily weighted in the top rankings. Its gold model is "exhibiting some strength" in a fourth monthly rise, and it remains "long-term bullish'.On economics, RBC Economics published 'The hidden resilience in Canada's labour market' in which it noted headline labor market data in Canada looks "gloomy" in 2026. But beneath that lies more encouraging details, it said, adding: "fewer permanent layoffs and stable hidden unemployment point to easing in cyclical weakness and underlying resilience".Sectors exposed to U.S. demand are still seeing job losses, but those losses haven't spread to the broader economy, RBC said. More recently, hiring intentions among Canadian firms have picked up, though translating those plans into actual job growth will take time, it noted. "Structurally, Canada's aging population is tightening its grip on labour supply as immigration slows, and retirements accelerate," RBC added.RBC outlined key hidden trends that support its "cautiously optimistic" view of Canada's labor market recovery this year, including that: 90% of Canadian jobs focus on domestic demand, and will be supported by firmer spending; to date, there's little signs of young job seekers giving up on their job searches en masse, despite elevated unemployment; and business hiring sentiment broadly held up even amid Middle East tension.Meanwhile, TD Economics published 'The Hidden Food Inflation Risk from the Strait of Hormuz Disruption'. Among highlights, TD said the Strait of Hormuz disruption is "more than an energy shock", noting the closure has blocked roughly one-third of the global seaborne fertilizer trade with nitrogen and phosphate supply the most exposed. Gulf-dependent fertilizer importers are being hit first, but rising prices are impacting food producers all over the world, the bank added.North America may avoid the worst of the supply shock, but it remains exposed to global price spillovers, TD said. Existing inventories and low-farm-to-retail pass through should limit the headline CPI impact, but a persistent fertilizer shock could still add upside pressure to food inflation, it added.Of commodities, gold was steady midafternoon Monday after the United States rejected Iran's response to its peace plan offered last week, calling the country's response unacceptable. Gold for June delivery was up $0.60 to US$4,731.30 per ounce.Also, West Texas Intermediate oil rose as the war that has produced the largest-ever energy supply shock looks set to continue. WTI crude oil for June delivery closed up $2.65 to settle at US$98.07 per barrel, while July Brent oil was up $3.47 to US$104.76.

TSX up 102 Points at Midday With Miners, Energy, The Best Performers

The Toronto Stock Exchange is up 102 points at midday with most sectors higher.Miners and energy are the best performers, up 2.8% and 1.3%, respectively.Info tech and Industrials are the worst performers, down 2.5% and 1.3%, respectively.Oil prices rose early on Monday after the United States rejected Iran's response to its peace proposal, calling it unacceptable, continuing the war that has produced the largest-ever energy supply shock.Gold traded lower early Monday as the dollar and yields rose after the United States rejected Iran's response to its peace plan offered last week, calling the country's response unacceptable.The Bank of Canada is seen increasing its policy rate in March 2027, according to findings in its own first quarter Market Participants Survey (MPS) released Monday. The MPS showed a median of 28 financial participants expect the policy rate to rise by 25bps to 2.50% in March 2027. The Q4 2025 MPS had predicted a 25bps rate hike in Q2 2027. Among other findings, a median of market participants forecast the consumer price index to be 2.6% at the end of the year and 2.1% at the end of 2027. The Q4 2025 MPS had projected CPI at 2.1% at the end of this year, as well as 12 months later.The Q1 MPS also showed the median response saw gross domestic product growth at 1.6% this year and at 1.9% in 2027. Both are unchanged from the previous survey. The survey was conducted from March 25 to April 1.

TSX Up Near 160 Pts Early Monday, Adding to 220 Pts Gained Friday

Nasdaq 100 Futures and S&P Futures Both Flat To Slightly Lower

S&P Futures Flat To Slightly Lower

TSX Closer: Index Back Up Again, Buoyed By Base Metals

The resources heavy Toronto Stock Exchange was back up again Friday, especially buoyed by Base Metals, even with most other sectors lower and with the likes of BMO's Douglas Porter warning about the health of the Canadian economy and seeing "few obvious grounds for optimism" on the trade front.Today the TSX was up 221.14 points or 0.65% at 34,077.76, with Base Metals up near 3.2% and Energy up a modest 0.1%. No sector declined by as much as 1%.One of the big backdrops to the trading day was that Canada lost jobs in April while U.S. hiring beat forecasts. This comes as the two nations near the resumption of stalled trade talks and as the vast majority of Canadians, eight out of 10, still believe boycotting American goods and travel to the U.S. is helpful in strengthening Canada's bargaining position, according to a new survey by Nanos for CTV News.BMO's Douglas Porter in his regular weekly 'Talking Points' column said Canada has "sounded a series of flat notes" so far in 2026, adding the bottom line is the economy is "struggling to even get to first base" on the growth front.Porter noted the Canadian economy lost 17,700 jobs last month, the third drop in four months. "Discouragingly", he said, full-time positions have been especially weak, dragging hours worked down so far this year. Porter added BMO would never over react to any single jobs result, while noting the weakness does follow some surprising strength late last year, but the reality is that employment is up just 0.3% y/y. And even with the big slowdown in underlying population, some slack appears to be building in the job market. True, Porter said, the unemployment rate at 6.9% is back to precisely where it stood a year ago, but that is on the soft side -- particularly for those aged 15-24, as the youth rate jumped to 14.3%.Meantime, Porter noted, early readings on housing activity in April showed only "faintest hints of a thaw", with prices still drifting lower in a variety of major markets. And, he also noted, there is the reality that the deep uncertainty of the USMCA review lingers, with few obvious grounds for optimism on that front. Porter added: "The ongoing uncertainty continues to weigh heavily across manufacturing, but especially so in the domestic auto sector. This week brought news that the massive Honda investment in a new EV plant, heralded with much fanfare just two short years ago, has officially been put on ice. While many were quick to blame waning EV demand, and not the trade war, it's quite clear that the wall of U.S. auto tariffs played a role in the decision. Unless and until the trade backdrop clears, we continue to assert that it seems quite misguided to be considering even one rate hike, let alone "consecutive" moves."Of commodities, gold settled up 0.4% Friday, and silver rose 0.9%, with both metals up for a fourth-consecutive session and posting gains for the week, The Wall Street Journal reported.But oil futures ended the week with losses as a U.S. proposal keeps hopes alive for an end to the war with Iran and eventual reopening of the Strait of Hormuz, The WSJ also reported.

TSX Up Near 190 Points at Midday With Most Sectors Higher, Led By Base Metals and Energy

The Toronto Stock Exchange is up near 190 points early Friday afternoon with most sectors higher.Base Metals and Energy are the best performers, up near 2.6% and 1.0%, respectively.Info tech, down 1.25%, is the biggest decliner.On the economics front, focus was on the release of Canada jobs data for April. Over at Desjardins, Tiago Figueiredo said Canada's labour market remained soft in April, with elevated energy prices likely adding to the strain. He noted after stabilizing in March, the economy shed 17.7K jobs in April, lifting the unemployment rate two ticks to 6.9%. All of the job losses were in full-time positions while part-time employment saw a gain of 29K.Figueiredo said rising energy prices may have played some role here: job losses were concentrated in the transportation, recreation and construction sectors. Across provinces, there was notable weakness in Quebec, but that was largely offset by a rebound in Ontario. Additionally, there was no real evidence of additional hiring in the energy sector in Alberta.Among the key points, Figueiredo noted the unemployment rate rose to the highest level since October of last year. Separately, wage growth accelerated again in April, but Statistics Canada pointed out that the recent acceleration is a result of changes in the composition of employment. Using a fixed-weight measure shows that wages increased 3.4% in April, consistent with fixed-weight rates seen in February and March."Despite some regional weakness, the details of today's release suggest the labour market is soft but not falling off a cliff. Given that policymakers need to balance this weakness with upside risks to inflation, we continue to expect the Bank of Canada remains on hold for the remainder of this year," Figueiredo said.CIBC's view is that continued trade uncertainty and increased energy costs are likely making companies wary of adding to their workforce, and these worries are unlikely to ease in the near-term. The bank sees the unemployment rate holding near current levels throughout much of the year. With ample slack in the labour market, its less likely that core measures of inflation will accelerate much in the months ahead, and as a result CIBC doesn't think the Bank of Canada will need to respond to the current oil price shock by raising interest rates. CIBC continues to forecast no change in interest rates throughout 2026.

TSX Now Up Nearer 130 Pts, Was Up Near 230 Pts Early Friday

TSX Up 225 Pts Early Friday; Prospect of MOU Between US and Iran Restraining Trump and Markets, according to Macquarie strategist

Canada Surprises With Job Losses, Higher Unemployment Rate In April

Canada lost 18,000 jobs, or 0.1% month over month in April, while the unemployment rate increased by 0.2 percentage point to 6.9%, as more people searched for work, said the country's statistical agency in Friday's Labour Force Survey (LFS).The employment level and unemployment rate were worse than expected. A consensus provided by MUFG saw 12,900 jobs gained in April and an unemployment rate of 6.7%.Full-time employment fell by 47,000, or 0.3% month over month, while part-time employment edged up 29,000, or 0.8%, noted Statistics Canada in a statement. The net overall decline in employment over the first four months of 2026 was concentrated in full-time work, which fell by 111,000 over the period.Average hourly wages among employees were up 4.5%, or $1.64 to $37.77, on a year-over-year basis in April, following growth of 4.7% in March, not seasonally adjusted, added StatsCan.The employment rate -- the proportion of the population aged 15 and older employed -- decreased by 0.1 percentage point to 60.5% in April, matching a recent low observed in August 2025. The rate was down 0.3 percentage point on a year-over-year basis in April.The participation rate -- the proportion of the population aged 15 and older employed or looking for work -- rose by 0.1 percentage point to 65.0% in April as more people were in the labor force searching for work. The increase was concentrated among core-aged people, whose labor force participation rate rose 0.3 percentage point to 88.5%.The monthly LFS estimates are based on a sample and are therefore subject to sampling variability. As a result, monthly estimates will show more variability than trends observed over longer time periods. This analysis focuses on differences between estimates that are statistically significant at the 68% confidence level.LFS estimates at the Canada level don't include the territories. The LFS estimates are the first in a series of labor market indicators released by StatsCan, which includes indicators from programs such as the Survey of Employment, Payrolls and Hours (SEPH); Employment Insurance Statistics; and the Job Vacancy and Wage Survey.

Brief: Canada's Average Hourly Wages Among Employees Up 4.5% Y/Y in April Vs. 4.7% in March

Brief: Canada's Unemployment Rate at 6.9% in April: MUFG Says Consensus Saw at 6.7%

Brief: Canada Sheds 18,000 Jobs, 0.1% M/M, in April; MUFG Says Consensus Saw 12,900 Gains

Nasdaq 100 Futures Up 0.6% and S&P Futures Up 0.4% Ahead of US Payrolls Data

S&P Futures Up 0.4%

TSX Closer: A Lower Close Amid Uncertainty Over Peace Talks; Rosenberg Research On Canadian Banks

The Toronto Stock Exchange was back in negative territory Thursday with both the Base Metals and Energy sectors lower, and amid reports Iran is still reviewing a peace proposal put forward by the United States, while the two nations wrestle over talks to end the war.The S&P/TSX Composite Index closed down 125.2 points to 33,856.62, as Base Metals, down 1.7%, and Energy, down 1.4%, led decliners. In contrast, the Battery Metals Index led gainers, rising 7.8%.Reflecting the overall negative tone to the market, the Financial sector lost 0.4% even as Rosenberg Research published a note entitled 'Canadian Banks: Quality at a Premium Price' in which it said secular market themes continue to support Canadian banks' premium valuations, as the sector benefits from rising global interest in non-U.S.-dollar, commodity-based economies.Key takeaways from the note written by Mehmet Beceren, Senior Markets Strategist at Rosenberg, include the idea that Canadian banks are benefiting from more than bank fundamentals. As heavyweights in the Canadian equity index, the Big Six are getting a side benefit from global flows into Canada as investors seek exposure to hard assets, commodities, oil, gold, and non-U.S.-dollar markets, Beceren said.Another takeaway is that the quality premium is defensible. "Valuations are not cheap relative to history, but high profitability and supportive thematic tailwinds justify higher multiples in a market that continues to re-rate quality earnings," Beceren added.Of commodities, West Texas Intermediate crude oil fell for a third-straight session, but rose off the day's low on uncertain prospects for a potential peace deal between the United States and Iran. WTI crude oil for June delivery closed down $0.27 to settle at US$94.81 per barrel, after earlier touching US$89.85. July Brent oil was down $0.67 to US$100.60Gold had risen for a third-straight session by midafternoon Thursday on optimism a deal to end the war on Iran may be near, cutting into oil prices and pushing the dollar lower amid easing fears the supply shock around the war would boost inflation and force higher interest rates. Gold for June delivery was up $20.60 to US$4,714.00 per ounce, after rising by US$125,80 on Wednesday.