Investing.com -- Canada’s main stock market was up Monday after closing higher on Friday, bouncing up at the end of a week marked by turmoil and uncertainty over Ottawa’s trade relations with the United States. Investors are also anticipating a key U.S. Federal Reserve rate decision, expected on Wednesday; and are also awaiting NVIDIA (NASDAQ:NVDA)'s GTC 2025 conference, which kicks off Tuesday.
By 2:40 ET, the S&P/TSX 60 index had risen by 12.2 points or 0.83%.
The S&P/TSX Composite’s S&P/TSX composite index was up 228 points or 0.93% after closing Friday up 350 points or 1.45%, after sinking to 24,203.23, its lowest closing level since October 31, shortly before the U.S. presidential election.
On Monday, new Canadian Prime Minister Mark Carney met with French President Emmanuel Macron, marking his first foreign trip since his swearing-in on Friday. He will be heading to London next to meet with the U.K. Prime Minister Keir Starmer and King Charles III.
Economists have warned that Trump’s actions, which have included placing now-delayed import tariffs on Canada, could drive up inflation and weigh on growth in the U.S. and around the world.
Former central banker Mark Carney was sworn-in Friday, replacing long-serving leader Justin Trudeau. Carney handily won support from the ruling Liberal Party last Sunday, and announced a new cabinet today.
U.S. stocks up
U.S. stock indexes have enjoyed another positive day, continuing Friday's upward trend following a slip in the bellwether S&P 500 down to correction territory on concerns over an escalating trade war and potential recession.
By 2:40 ET, Dow Jones Industrial Average was up 470 points or 1.13%. The S&P 500 gained 57 points, or 1.03%. The NASDAQ Composite increased by 150 points or 0.84%.
Investors have been excited for NVIDIA's GTC 2025 conference, in which several AI and chip-related announcements from different companies are set to be made.
In Friday’s trading, the S&P rose 2.1%, the Dow Jones Industrial Average rose 1.7%, and the NASDAQ Composite rose 2.6%, bouncing back following investor concerns on the S&P slipping 10%, or into correction territory.
Crude continues gains on Iran sanctions, Ukraine ceasefire doubts
Oil prices rose Monday, continuing Friday’s trend after U.S. President Donald Trump tightened sanctions on Iranian oil and shipping, although traders were still nervous about oversupply concerns, the Russia-Ukraine ceasefire talks and escalating trade tensions.
By 2:45 ET, Brent Oil Futures futures rose 0.68% to $71.06 a barrel, while U.S. Crude Oil WTI Futures futures rose 0.66% to $67.35 per barrel.
On Friday, the Trump administration announced that it has intensified its "maximum pressure" campaign against Iran by imposing sanctions on Iranian Oil Minister Mohsen Paknejad and targeting entities and vessels associated with Iran’s "shadow fleet," which is used to circumvent existing sanctions.
Putin said on Thursday that while Russia supported the plan in principle, more clarifications and conditions on a range of points had to be sorted out before the fighting could come to a halt.
Gold Futures up over $3,000
Gold prices continued to rise on Monday, after hovering around an all-time high in trading on Friday, supported by ongoing safe-haven demand fueled by Trump’s near-constant tariff announcements.
XAU/USD had slightly risen, up 0.5% by 2:40 ET, uplifting a fresh record high of $2,993.90 in Friday’s session to $2,999.19. Gold Futures expiring in April gained a modest 0.21% to $3007.49 an ounce.
Prices for bullion surged to a record peak last week, and seem poised to continue their ascent amidst uncertainty.
