Investing.com -- Canada’s main stock index showed slight gains on Monday amid the Canadian federal election.
By 1:20 ET, the bellwether S&P/TSX 60 index had gained 1.8 points or 0.1%.
Toronto’s S&P/TSX composite rose by 15 points or 0.1%, having lowered by 17 points or 0.1% on Friday, The average is edging nearer to erasing its decline since the start of the year.
Polls opened for Canada’s federal election on Monday, as current PM and Liberal Party Leader Mark Carney and Conservative Party Leader Pierre Poilievre awaited the results of a race that has seemingly gotten closer over the past week.
The Conservatives held a solid lead ahead of U.S. President Donald Trump’s tariff announcements, which catapulted the Carney-led Liberals up to a 7% lead in polls, on the promises of economic growth and independence, as well as protection of Canada’s sovereignty. That gap has since closed, as preliminary polls from Sunday night show the Liberals holding a 3.6% lead.
In other news, Wells Fargo expects the Canadian economy to fall into a technical recession this year as new tariffs and weaker global trade dampen activity. In a note authored by economist Nick Bennenbroek, the bank downgraded its forecast, saying Canada’s outsized trade exposure to the U.S. leaves it particularly vulnerable to the latest round of protectionist moves.
U.S. stocks pare gains
Trading in U.S. stock indexes was lower on Monday, as investors gauged the U.S.’ ongoing trade war with China and tariff negotiations with other countries.
By 1:20 ET, the S&P dropped 49.8 points or 0.9%, and the Dow Jones dropped 186.6 points or 0.5%. The biggest loser so far has been the Nasdaq Composite, having declined by 231 points or 1.3%.
In the prior session, the S&P 500 gained 40 points or 0.7%, the NASDAQ Composite jumped 217 points or 1.3%, and the Dow Jones Industrial Average finished up 20 points or 0.05%.
Tech giant NVIDIA Corporation (NASDAQ:NVDA) showed losses of 4.3% in trading as news broke that Huawei Technologies is preparing to test its most advanced artificial intelligence processor yet. Many have seen this as a move that could help the China tech giant replace some of Nvidia’s higher-end products.
In earnings Monday morning, Domino’s Pizza Inc (NYSE:DPZ) reported first-quarter earnings that exceeded analyst expectations, while revenue fell short of estimates. The pizza chain’s stock slipped 2% in premarket trading following the release.
In a recent interview with CNBC, U.S. Treasury Secretary Scott Bessent revealed that many countries have offered ’very good’ tariff proposals. He also indicated that the United States has a standardized trade deal template that it uses in these negotiations.
Crude Oil prices lower in uncertain times
Oil prices fell in Monday’s trading, as uncertainty regarding the U.S. and China’s trade war clouded global demand prospects.
By 1:25 ET, Crude Oil WTI Futures were down 2.3%, pricing in at $61.61 a barrel, while Brent Oil Futures dropped 2.2% to $64.32 per barrel.
Gold Futures higher
Gold futures traded upwards on Monday, as investors turned to the safe-haven metal once more to shield from the volatile markets.
At 1:25 ET, Gold Spot rose 0.5% to $3,335.59/oz, while Gold Futures traded up 1.4%, pricing in at $3,345.69/oz.
The precious metal has experienced a huge bounce in markets lately, continually smashing record highs, before paring back gains.
