Stock market today: TSX, Wall Street futures edge up ahead of Bank of Canada, U.S. Federal Reserve decisions

Markets update

• Wall ​Street’s main ‌indexes closed near their lows of the day after ⁠data ​this morning showed U.S. producer prices rising more than expected ​in February and as the Federal Reserve held U.S. interest rates steady and projected only a single rate cut for the year. The S&P 500 declined 1.36% to end the session at 6,624.70 points, its lowest close in nearly four months. It is now down about 3% in 2026. The Nasdaq declined 1.46% to 22,152.42 points, while the Dow Jones Industrial Average declined 1.63% to 46,225.15 points.
• The S&P/TSX Composite Index was down 1.87% ​at 32,312.67 points, recording its worst day in ‌two weeks. The TSX’s materials index fell 5.6% ⁠as precious metal prices dropped. Energy shares inched up 0.8%.
• Crude oil prices rose after Iran’s ​Revolutionary Guards threatened several energy facilities across Saudi ‌Arabia, UAE, and Qatar in retaliation for an attack on its energy sites, heightening the risk of further disruptions to energy supplies in the region. Brent settled at US$107.38, up 3.8% from the day before. The price for a barrel of benchmark U.S. crude got to nearly US$99 before settling at US$96.32.
• U.S. gold futures for April delivery settled 2.2% lower at US$4,896.20.
• The ​loonie ‌was trading 0.2% lower at 72.91 ​U.S. cents. Canadian government 10-year bond yields rose 6 ⁠basis points to 3.447%. The yield on similar ⁠U.S. ​government benchmark debt rose ⁠to 4.2571%.

03/18/26 16:09

A novel strategy for identifying promising areas of the market

– Scott Barlow

BofA Securities chief U.S. equity and quant strategist Savita Subramanian introduced a novel strategy for identifying promising areas of the market that looks extremely promising. It involves a scoring system splitting each market sector into three categories: opportunities, value traps and momentum breakdowns.

The methodology scores every U.S. market sector for price momentum, earnings revision rank and valuation rank. The latter is particularly relevant currently as the S&P 500 as a whole is trading above its historic average in 16 of the 20 measures the strategist tracks.

I like the transparency of the strategy. Conservative, more value-oriented investors can focus on the valuation scores (real estate, health care and financials score best there) while growth-focused investors can emphasize earnings (IT, materials, and communications services score best) and price momentum (energy, industrials, and materials).

In terms of combined rank, materials, real estate and communications sectors score highest. The latter two are a bit of an issue for most Canadian investors who prefer to buy domestic REITs and telecom stocks although telecom has been a rough road in recent years.

Materials is where U.S. markets provide potential diversification for domestic portfolios. Unlike here, the U.S. materials sector is not dominated by precious metals stocks. Some of the best performing U.S. materials stocks are from industries that are not represented, or have only marginal weighting, in the TSX.

Plastics and chemical producer Lyondellbasell industrials NV, up more than 65 per cent in the past three months, is a good example of a sector not well represented domestically. Albemarle Corp., also in the chemical sector, is up 24 per cent for the last three months and an impressive 110 per cent in the past 12 months. Industrial gases provider Linde PLC is higher by 16 per cent in the past three months.

I will also note that fertilizer stocks are also helping U.S. materials stocks outperform. Canada, of course, has its own giant in the sector – Nutrient Ltd. is up 23 per cent in the last three months and 42 per cent in the previous 12 months.

Energy stocks, surprisingly, are the second least attractive sector according to Ms. Subramanian’s method. The sector ranks first for price momentum but right near the bottom for earnings revisions and valuation. It’s possible that analysts are just waiting to jack up earnings forecasts but it’s curious to me nonetheless.

Consumer discretionary companies make up the worst category of stocks. Companies like ParamountSkydance Corp., significantly lower after leveraging up to buy Warner Brothers, and Lululemon Athletica, down 50 per cent in the past three months, are dragging the subindex lower. Consumer discretionary ranks worst for valuation, second worst for earnings revisions, and third worst for price momentum.

Tech stocks need to be watched closely. They rank worst for price momentum and historically that honour results in drastic underperformance relative to the S&P 500 equal weighted benchmark.

Check out my Market Factors newsletter today for more investing insight.

03/18/26 16:05

Micron beats quarterly revenue estimates, boosts dividend

Chipmaker Micron ‌Technology (MU-Q) beat Wall Street expectations for second-quarter revenue on Wednesday, benefiting ⁠from ​a surge in demand for its memory chips used in artificial intelligence hardware.

Micron is ⁠one of the only three ​major suppliers of high bandwidth memory (HBM) chips essential to AI technology, along with South Korea’s Samsung and SK Hynix.

The ⁠chipmaker forecast third-quarter revenue in the range of US$33.5 billion, plus or minus US$750 million, compared with analysts’ average ⁠estimate of US$24.29 billion, ​according to data compiled by LSEG.

The ⁠company reported revenue of US$23.86 billion for ‌the quarter, beating estimates of US$20.07 billion. ​Its board also approved a 30% increase to its quarterly dividend.

Shares were up about 1% in the post market.

– Reuters

03/18/26 15:43

What market strategists and economists are saying about today’s Fed decision

– Darcy Keith

Post-Fed, ⁠U.S. rate futures pared back easing bets for 2026, now showing just 20 basis points of rate cuts this year at the Federal Reserve, from 26 bps late on Tuesday, according to LSEG ‌data. The next rate cut is not likely until December or January next year.

Here’s what strategists are saying after today’s Fed decision and press conference.

Tony Rodriguez, head of fixed income strategy at Nuveen

“The big takeaway is that the ⁠uncertainty is still so high in terms of what’s going to happen with the war, what’s going ⁠to happen with the job market, what’s going to happen on inflation that it’s really hard to get a strong view about where the Fed is ​heading. The growth numbers are the more kind of surprising element increasing in 2026 by 1/10 and 2027 by three tenths. So that to me implies that ⁠you get energy prices kind of almost resetting, maybe not back to below $60 ​per barrel, but certainly back to $65, a level that really wouldn’t impact growth very much and inflation will pass through relatively quickly.”

Royce Mendes, head of macro strategy at Desjardins

“The conflict in the Middle East meant that Fed officials had to write down forecasts with very little certainty about the future. While all but one committee member voted in favour of holding the policy rate steady at 3.625%, central bankers generally disagreed about the path forward. … The likelihood of multiple rate cuts this year has diminished and the possibility of hikes has increased, as the committee appears to be growing impatient with the stickiness in above-target inflation.”

Stephen Brown, deputy chief North America economist, Capital Economics

“The FOMC’s statement and dot plot today were arguably not as hawkish as many speculated, with the Summary of Economic Projections still pointing to one interest rate cut this year, despite an upgrade to the median projections for inflation. That reinforces our view that the FOMC would look past a short-lived inflation spike, particularly once Kevin Warsh takes the helm.”

Andrew Grantham, economist with CIBC

“For now the tone from the Fed and the median expectations for the economy and monetary policy doesn’t appear to have changed too much, although the Fed like the rest of us will need to reassess its assumptions the longer the Middle East conflict and period of elevated oil prices persists. We continue to expect two rate cuts from the Federal Reserve during the second half of the year, which will bring rates down close to a neutral level, but that forecast rests on the assumption that the ongoing conflict in the Middle East is fairly short-lived, meaning that gasoline prices will have moderated again by then and pass-through to core inflation will be limited.”

Taylor Schleich and Ethan Currie, economists at National Bank

“While there was (again) a dissenter who voted for easier policy today, it’s clear that given war in Iran, the vast majority of policymakers are happy to remain on the sidelines and see how things progress. If the incoming inflation jump proves persistent or oil prices rise even further, it’s difficult to envision the Fed being able to cut at all this year (hikes remain unlikely in our view, even if inflation is more persistent). If, however, there’s a relatively quick de-escalation in the conflict and acute inflation risks moderate, job market conditions should quickly come back to the forefront. Here, we continue to view the Fed as being disproportionately focused on the full employment side of the mandate. A few more ticks higher on the unemployment rate may be all it takes to convince a majority to cut, even with above-target inflation and a still solid growth outlook.”

Karl Schamotta, chief market strategist at Corpay in ​Toronto

“The Federal Reserve left interest rates unchanged and made relatively minor changes in its policy statement, suggesting that officials plan to ‌follow long-standing ​monetary policy orthodoxy in ‘looking through’ the energy ‌price shock now rolling across the global economy.“.

With files from Reuters

03/18/26 15:29

Powell says ‘stagflation’ is a 1970s term, not what we face today

Federal Reserve ​Chair Jerome Powell ‌said on Wednesday that the current U.S. economic situation, ⁠even ​with the Iran war-induced spike in energy prices was far removed from ​the “stagflation” of ‌the 1970s, with current inflation only one percentage point above target and low unemployment.

I ‌would ​reserve the ‌term stagflation for, ​you know, a much more ⁠serious set of ⁠circumstances. That is not ​the situation we’re in,” Powell told a news conference after the Fed held policy rates steady.

“What ⁠we have is some tension between the goals and we’re trying to manage our way ⁠through it,” Powell ​added. “It’s a very difficult situation, ⁠but it’s nothing like what ‌they faced in the 1970s and ​I reserve stagflation for that — the word — for that period. Maybe ​that’s just me.”

– Reuters

03/18/26 15:26

Teck royalty on Fourmile gold project could be worth billions, potentially affecting Barrick’s IPO plans

– Niall McGee

Teck Resources Ltd. TECK-B-T owns a royalty on Barrick Mining Corp.’s ABX-T Fourmile gold project that could be worth billions, according to documents viewed by The Globe and Mail – a revelation that could affect the valuation of Barrick’s planned upcoming initial public offering of its North American business.

Barrick has not yet publicly disclosed the Teck royalty in a project it has described as “one of the century’s greatest gold discoveries.”

Up to now, the only royalty disclosed on Fourmile is the 1.6-per-cent gross smelter return, which is based on revenue not profit, held by Royal Gold Inc.

Documents filed with Nevada’s Eureka county in 2011 show that Barrick and Teck signed a royalty pact covering mining claims in vast tracts of land in Nevada. The pact covered both the Goldrush mine, which went into production in 2024, and the Fourmile project, which is expected to be in production in about three or four years.

Read more in my scoop today here

03/18/26 15:10

Powell says Fed not yet ready to look through impact of higher oil prices on inflation

Whether the U.S. Federal Reserve “looks through” the impact of Iran war-induced higher oil prices as it assesses inflation will partly depend on whether there is more progress this year in bringing down core inflation driven by goods prices, Fed Chair Jerome Powell said on Wednesday.

“The thing that’s really important that we see this year is progress on inflation through a reduction in goods inflation as the one-time effects on prices of tariffs go through the system, go through the economy,” Powell said.

“The question of whether we look through the energy inflation doesn’t really arise until we have kind of checked that box,” he added.

– Reuters

03/18/26 14:15

Norway wealth fund CEO: Markets are both resilient and complacent in wake of Iran crisis

The head of Norway’s US$2.1 trillion sovereign wealth fund, the world’s largest, said on Wednesday ⁠fund officials ​were surprised about how markets are both resilient and complacent at the same time in the wake ​of the war in Iran.

The fund ‌is invested ​in some ‌7,200 companies globally, owning on average ​1.5% of all listed equities ⁠worldwide.

“Markets are zero year-to-date, despite ⁠all the new types of risks … Markets ​are very resilient and complacent, and we are a bit surprised about that,” Nicolai Tangen told Reuters on the sidelines of a fund event.

“Markets ⁠just take everything in (their) stride and it continues to do what it has done over the last few years.”

He noted there was increased inflationary ⁠risk on the back of ​the Iran crisis but that overall ⁠companies had adapted better than expected.

“Companies are … more resilient, ‌they are more diversified in their supply chains, ​and they are acting quicker with cost structures, as you saw also with the imposing of tariffs ​last year,” Tangen said.

– Reuters

03/18/26 14:00

In a shift, one Fed policy-maker sees a rate hike ahead

After two-and-a-half years of consensus at the ​Federal Reserve that the central bank’s ‌next move on interest rates will be downward, one Fed policymaker on Wednesday penciled in a rate hike for next year.

The ⁠forecast is ​in the minority: the bulk of Fed policymakers still see the next move as a cut this year, as they did in December.

But as the Iran War and ​the sharply higher oil prices it ‌has brought stretch into a third week, the lone forecast for higher short-term borrowing costs next year suggests a possible debate over whether the battle against five years of above-target inflation can be won without ‌a reversal ​on rates.

And in ‌another under-the-hood indication of a more-hawkish- leaning Fed, even the ​most dovish policymaker expects a percentage-point of ⁠cuts this year, compared with 1.5 percentage points seen ⁠as of December. Fed Governor Stephen Miran, who dissented on Wednesday’s decision ​to leave interest-rates steady in the 3.5%-3.75% range, has said he is the Fed’s most dovish policymaker.

For this year, seven of the Fed’s 19 policymakers see rates unchanged at year end. Seven others felt one quarter-point ⁠rate cut would be needed this year, while five felt at least two would be necessary.

Projections published Wednesday show central bankers as a group have become more pessimistic about inflation in recent months.

Inflation by the personal consumption expenditures price index, expected ⁠in December to ease to 2.4% ​at year end, is now seen at 2.7%, based on the ⁠median policymaker view. The Fed targets 2%.

Core PCE inflation, which strips out volatile oil ‌and food prices, is now also seen hitting 2.7%, compared with ​2.5% previously.

The unemployment rate is still projected at 4.4% by year-end, matching the forecast from December and the actual reading in February. GDP growth is seen at 2.4% this ​year, better than the 2.3% forecast as of December.

– Reuters

03/18/26 14:00

Fed holds rates steady, sticks with single rate cut in 2026 despite higher inflation

The Federal Reserve held interest rates steady on Wednesday and projected higher inflation, steady unemployment and only a ⁠single rate ​cut for the year as officials took stock of economic risks from the U.S. and Israeli war with Iran.

New projections from U.S. central bank policymakers showed the Fed’s benchmark overnight interest rate would fall by just a quarter of a percentage point by ​the end of this year, with no hint of the ‌timing of such a move. That view was unchanged from previous projections and remains out of step with President Donald Trump’s demand for a sharp drop in borrowing costs.

Inflation, as measured by the Fed’s preferred gauge, was expected to end the year at 2.7%, not far below its ‌current rate and ​higher than the 2.4% projected ‌in December, possible fallout from the spike in global oil prices that followed the ​start of the bombing campaign against Iran.

“Implications of developments ⁠in the Middle East for the U.S. economy are uncertain,” the Fed said ⁠in a policy statement that also noted ongoing stable unemployment.

The new rate and economic projections showed the ​Fed, for now, largely looking through the oil shock, with policymakers still expecting to lower rates this year and anticipating inflation to be 2.2% by the end of 2027, near the central bank’s 2% target.

Notably, no policymakers saw rates needing to move higher by the end of this year, though one official anticipated ⁠a rate increase in 2027.

Economic growth was upgraded slightly, to 2.4% for 2026 versus 2.3% in December, and the unemployment rate projection was unchanged at 4.4%.

Fed Governor Stephen Miran continued his string of dissents, voting against the decision to maintain the policy rate in the current 3.50%-3.75% range in favor of a rate cut.

– Reuters

Read more: Federal Reserve holds rates steady, projects single rate cut for 2026

03/18/26 13:22

Boyd Group and Couche-Tard among biggest TSX decliners

Among notable movers on the TSX at midday, Boyd Group (BYD-T) slumped 12% after Canada’s collision repair operator missed earnings estimates for the fourth quarter.

Alimentation Couche-Tard (ATD-T) also missed analysts’ expectations for third-quarter revenue. Its shares were down 3.5% and weighing on the consumer staples sector, which dropped about 2%.

– Reuters

03/18/26 13:06

U.S. says measures to address gas prices to be announced soon

U.S. Vice ⁠President ​JD Vance said on ​Wednesday ‌the Trump ‌administration ​will ‌announce ​a “couple of ⁠things” ⁠in ​the next 24 to ⁠48 hours to ⁠address ​rising gas ⁠prices.

Meanwhile, Bloomberg News is reporting that Vance and other key Trump Administration officials plan to huddle with oil executives on Thursday.

– Reuters

03/18/26 13:01

U.S. assesses China not planning to invade Taiwan in 2027

China does ​not currently plan to invade Taiwan in ‌2027 and seeks to control the island without the use of force, the U.S. intelligence community said on Wednesday, striking a measured tone on one of the world’s biggest ⁠potential ​flashpoints.

The assessment in the intelligence agencies’ annual report on global threats comes as Beijing has stepped up pressure on Taiwan with frequent military drills, even as U.S. President Donald Trump has played down the risk of ​Chinese military action while he is in office. The Pentagon ‌late last year said the U.S. military believed China was preparing to be able to win a fight for Taiwan by 2027, the centenary of the founding of its People’s Liberation Army, and was refining options to take Taiwan by “brute force” if ‌needed.

“China, ‌despite its threat to use force to compel unification if necessary and ​to counter what it sees as a ⁠U.S. attempt to use Taiwan to undermine China’s rise, prefers to achieve ⁠unification without the use of force, if possible,” the U.S. intelligence agencies said in the ​report.

The U.S. “assesses that Chinese leaders do not currently plan to execute an invasion of Taiwan in 2027, nor do they have a fixed timeline for achieving unification,” the report said.

The report reiterated previous views that the PLA was making “steady but uneven” progress ⁠on capabilities it could use to capture the democratically governed island.

China’s embassy in Washington did not respond immediately to a request for comment. Taiwan’s de facto embassy in Washington also did not respond immediately.

– Reuters

03/18/26 12:36

Trade Desk shares drop after report that Publicis advised clients against using its platform

Advertising technology firm Trade Desk’s (TTD-Q) shares tumbled ​on Wednesday as Wall Street analysts downgraded ‌the stock following a report that French ad giant Publicis Groupe advised its clients against using the company’s media buying platform.

The stock slid ⁠nearly ​6%, adding to Tuesday’s 7.4% drop after Ad Age reported that a recent audit commissioned by Publicis found Trade Desk had violated multiple clauses of their agreement, prompting the adverse recommendation.

Trade ​Desk charged multiple fees that exceeded ‌the limits of the agreement and opted clients into extra features without their consent, the report said, citing the audit.

Publicis did not respond to a Reuters request for comment.

Unlike the closed ⁠ad ecosystems of Alphabet’s Google and Meta-owned Facebook, ⁠Trade Desk is an independent intermediary that lets brands and agencies ​buy ads and run campaigns on any website or app they pick.

At least two brokerages downgraded the stock following the news, while three lowered their price targets.

“We’re not quite sure how conservative current 2026 estimates might be if ⁠the company does, in fact, lose some of its client base as a result of this audit,” Stifel said, lowering its rating to “neutral” from “buy.”

Trade Desk’s first-quarter revenue forecast fell short of analysts’ estimates last month, and its shares have fallen nearly 34% ⁠this year, following a 68% decline ​in 2025.

– Reuters

03/18/26 12:29

McEwen Copper plans US$300 million IPO to finance Los Azules project in Argentina, executive says

Canadian miner McEwen Copper plans to carry out an initial public offering of about US$300 million toward the ⁠end ​of this year in a financing push for its Los Azules copper project in Argentina, a company executive said. McEwen Copper is a subsidiary of McEwen Mining, ​the main shareholder of Los Azules, which ‌is under development in San Juan province.

“This IPO would in principle be toward the end of the year. Most likely the listing will be in the United States or Canada for ‌about $300 ​million,” Michael Meding, ‌McEwen Copper’s managing director, said on Tuesday at the ​IEFA Latam Forum in Buenos Aires.

Los Azules ⁠has already completed a feasibility study that outlined ⁠a 22-year project with the possibility of a 33-year extension. The ​project is forecast to have initial production of 205,000 tons of copper annually in the first five years and then an average annual production of 148,000 tons.

Argentina in September approved Los Azules ⁠for a tax break program known as the Large Investment Incentive Regime (RIGI), a pillar of President Javier Milei’s strategy to spur investment.

The IPO will cover part of the financing the company needs, with the goal of ⁠obtaining board approval for Los ​Azules at the end of 2026 and starting construction in ⁠early 2027, Meding said.

– Reuters

03/18/26 12:26

Crypto exchange Kraken freezes IPO plans: report

Cryptocurrency exchange Kraken has put its multibillion-dollar initial ⁠public ​offering plan on hold, CoinDesk reported on Wednesday, citing two people ​with knowledge of ‌the matter

The company is still weighing an IPO, but is unlikely ‌to move ​ahead ‌until market conditions ​improve, according to the report.

Reuters ⁠could not verify ⁠the report, while ​a Kraken spokesperson declined further comment.

The company confidentially filed for a U.S. IPO in ⁠November 2025 and was set to go public in the first quarter of 2026.

Initially ⁠focused on ​crypto, the company has ⁠expanded across asset classes in recent ‌months, including equities, with ​the rollout of commission-free trading.

– Reuters

03/18/26 11:57

U.S. crude oil inventories unexpectedly surge

U.S. crude stocks rose last week, with flows from Venezuela and Mexico hitting their highest levels since 2024, ⁠while ​gasoline and distillate inventories fell, the Energy Information Administration said on Wednesday.

Crude inventories rose by 6.2 million barrels to 449.3 million barrels in the week ended March 13, the EIA said, compared with analysts’ expectations in a Reuters poll for a 383,000-barrel rise.

Crude stocks ​at the Cushing, Oklahoma, delivery hub rose by 944,000 barrels ‌in the week, the EIA said, hitting their highest level since August 2024.

Oil futures remained higher despite the larger-than-expected build in crude stocks.

“This crude stock build ‌would certainly be more bearish if there was not so much else going on,” ​said John Kilduff, a partner at Again Capital.

– Reuters

03/18/26 11:47

Citi still anticipating two BoC rate cuts this year

– Darcy Keith

Citi economist Veronica Clark is reiterating her belief that Bank of Canada rate cuts are coming later this year, despite money market pricing that suggests otherwise.

In a note just issued: “The BoC left policy rates on hold today as expected but took some small steps closer towards cutting rates again despite higher oil prices and markets pricing ~30bp of rate hikes through the end of the year. The current level of policy rates is no longer described in the statement as appropriate. This reflects high uncertainty but also comes in the context of recent data showing weaker activity than expected in January forecasts. Excess supply and already-soft inflation should act as a buffer against higher energy costs spreading to other prices, but with officials noting inflation risks rise the longer oil prices remain elevated. In our base case, core inflation remains subdued, and the Bank of Canada will be cutting rates again over the summer (July and September), with policy rates reaching 1.75% by year-end.”

03/18/26 11:09

David Rosenberg says markets have got it wrong, thinks next BoC move will be a cut

– Darcy Keith

Money markets are pricing in a near certainty that the Bank of Canada will keep its overnight rate unchanged at its April 29 policy decision and hike that trend-setting interest rate later this year amid inflationary pressures arising from oil’s spike.

Economist David Rosenberg thinks traders have got it wrong. Here’s his reaction to today’s decision, in a note issued to his clients:

“The tone of the press statement indicates that the next move, if any, will be a cut. The Bank acknowledged that “inflation risks have gone up due to higher energy prices,” but it must know that with the labour market softening dramatically of late, any spillover to the core measures of the CPI will be well contained. What is more important are the implications for the Canadian economy, and the transparency was blunt, to say the least:

“We continue to expect the Canadian economy to grow modestly as it adjusts to US tariffs and trade policy uncertainty, but recent data suggest that near-term economic growth will be weaker than anticipated in January. The labour market remains soft. Employment gains in the fourth quarter of 2025 were largely reversed in the first two months of 2026, and the unemployment rate rose to 6.7% in February. Looking through the volatility, recent data also suggest ongoing weakness in exports. It’s too early to assess the impact of the conflict in the Middle East on growth in Canada.”

It may indeed be “too early” to assess the risks to the macro landscape, but seeing as the Canadian economy is largely a torque on global growth, consider these risks to be squarely to the downside. Tack on the admission that inflation heading into the Iran war was hardly an impediment to more policy easing:

“CPI inflation eased further to 1.8% in February, down from 2.3% in January. CPI inflation excluding changes in indirect taxes as well as core inflation measures have also come down and are all close to 2%.”

The forward guidance was not changed, with the statement signaling that “as the outlook evolves, we stand ready to respond as needed.” There is no chance that the response will be a move to tighten, the question is just how much more easing there is left in the tank. Any inflation from food and energy will merely be hitting a wall in the ever-weakening labor market.

03/18/26 10:52

More economists weigh in on BoC decision and what it means for future policy moves

– Matt Lundy

Here’s how some more economists reacted to today’s BoC rate decision, in notes to clients:

Bank of Montreal chief economist Doug Porter

“Like all central banks, the conflict in Iran has put the BoC in a tough spot, with growth risks tilted to the downside, while inflation risks have mounted. The Bank suggests it’s still too early to properly assess the net impact on the Canadian economy. Policy is thus on hold until there’s more information on the duration and extent of the energy price shock. It’s also abundantly clear that the BoC was more concerned about the outlook prior to the war, and would have been even more dovish in today’s statement were it not for the spike in oil prices.”

Royce Mendes, head of macro strategy at Desjardins Securities

“Overall, it’s difficult to have much confidence about how the economy and inflation evolve. Markets haven’t moved all that much on the rate announcement, with implied pricing still pointing toward one hike for this year. That said, the tone of these communications reinforces our view that the Bank of Canada is willing to look through the impacts of higher energy prices on CPI so long as the conflict doesn’t last for too long. As a result, we continue to expect officials will leave the policy rate unchanged for the duration of this year.”

Bradley Saunders, North America economist at Capital Economics

“Ultimately, much is resting on two highly uncertain events: the Iran war and the CUSMA renegotiation. Should President Trump continue in his struggles to unblock the Strait of Hormuz and oil prices rise further and remain above $100 per barrel for months, the risk of a broader resurgence in price pressures would be palpable, prompting the Bank to bring rate hikes forward. However, should the U.S. suddenly withdraw from CUSMA at some point in the coming months, the blow to exports and business investment would surely lead some policymakers to call for cuts into accommodative territory. As Macklem keeps reminding us, the range of potential outcomes is wider than at any time in recent years. At the margin, though, today’s decision supports our view that the Bank will not seriously consider tightening policy until early next year.”

03/18/26 10:36

Money markets keep to bets that BoC rate hikes coming later this year

– Darcy Keith

Money markets still have little doubt that the Bank of Canada will be forced into hiking interest rates by the end of this year.

Implied interest rate probabilities in overnight index swaps suggest the Bank of Canada’s overnight rate will be at 2.494% by this December, according to Bloomberg data. The Bank of Canada’s current overnight rate is 2.25%. That implies the market is nearly fully pricing in a quarter-point rate hike by the end of this year.

Markets are currently priced for about 50% odds of a rate hike by this September. Traders widely expect another hold decision next month.

While the bank only moves the overnight rate in quarter-point increments, markets price in a much less rigid rate when setting bets on future policy rates.

Pricing in money markets has been volatile after this morning’s decision by the bank to keep rates steady. But overall, traders are largely keeping to the same bets for the trajectory of interest rates this year.

The Canadian dollar moved modestly lower after the rate decision, but is within the day’s range.

Canada’s 2-year bond yield, sensitive to policy moves, is up about 4 basis points. But that’s largely following the influence of U.S. markets this morning, where Treasury yields rose across the curve on a surprisingly high reading for the producer price index.

03/18/26 10:16

U.S. waives shipping regulation to ease fuel, fertilizer deliveries

The Trump administration on Wednesday announced ‌a 60-day waiver of Jones Act shipping regulations to help ease deliveries of fuel and fertilizer to combat rising prices ⁠and supply ​disruptions caused by the conflict in Iran.

Under the Jones Act, goods shipped between ⁠U.S. ports must be carried on vessels ​that are U.S.-built, U.S.-flagged and mostly U.S.-owned.

The requirement sharply ⁠limits the number of tankers available for domestic shipments, but is supported by ‌maritime industry unions.

Waiving the rule temporarily would allow foreign ships to carry ​cargoes between U.S. ports, potentially lowering shipping costs and speeding deliveries. Analysts have said, however, that the impact on pump prices will likely be minimal.

– Reuters

03/18/26 10:15

‘No indication that there was any debate on either cutting or hiking at this point’: CIBC on BoC decision

– Darcy Keith

Avery Shenfeld, chief economist at CIBC Capital Markets, on today’s Bank of Canada decision:

“Its decision to keep interest rates unchanged came as no surprise to markets given the cross currents of a weak labour market, decelerating core inflation, but the threat of an energy shock to inflation ahead. The Bank still expects modest growth ahead, but weaker than it had previously expected in the near term, with ‘risks to growth tilted to the downside’ but, on the other hand, with inflation risks having gone up due to the war. It wasn’t due to make a new forecast, so it opted not to deliver one, and in the end, stayed neutral by saying that it is ‘ready to respond as needed’ but giving no signal on which direction such a response might take.”

“In the opening statement for the press conference, it put a bit more emphasis on some of the downside implications for growth from higher energy prices than on the boost to income from energy exports, citing financial conditions tightening and the squeeze on consumers. Still, it gave no indication that there was any debate on either cutting or hiking at this point, in line with its perspective that the implications of the energy price shock will depend critically on how long it persists, which simply is unknowable at this point.”

03/18/26 09:46

Bank of Canada holds rates, says it would hike them to prevent persistent inflation

– Mark Rendell

The Bank of Canada held its benchmark interest rate steady on Wednesday but said it’s prepared to adjust monetary policy if needed amid a global oil price shock that risks reigniting inflation.

As widely expected, the central bank’s governing council kept the policy rate at 2.25 per cent for the third consecutive time. The rate decision was made against the backdrop of a sharp rise in energy prices caused by the war between the United States, Israel and Iran, which has largely closed the Strait of Hormuz through which around a fifth of global oil supplies typically travel.

Benchmark oil prices have risen more than 40 per cent in recent weeks, and the average price of gasoline in Canada has jumped more than 30 cents a litre. This will push up the rate of inflation in Canada in the coming months.

“Governing council will look through the war’s immediate impact on inflation but if energy prices stay high, we will not let their effects broaden and become persistent inflation,” said Governor Tiff Macklem, according to the prepared text of his press conference opening statement.“

As the outlook evolves, we stand ready to respond as needed,” he said.

Before the outbreak of the war, the Bank of Canada was widely expected to remain on hold through 2026. Financial markets are now pricing in the possibility of a rate hike in the back half of the year.

03/18/26 09:37

Aluminum hits one-week low as alternative Gulf shipping routes provide some relief

Aluminum prices fell ​on Wednesday as Emirates Global Aluminium secured alternative export routes to the Strait of Hormuz amid the U.S.-Israeli war on Iran, easing some of the immediate worries about ⁠the Middle East ​supply. The benchmark three-month alumiium on the London Metal Exchange dropped 0.6% to $3,379.5 a metric ton in official open-outcry trading after hitting $3,336, the lowest level since March 10.

“Despite the drop ​from recent highs, prices are expected ‌to remain elevated due to the growing supply squeeze caused by the Middle East conflict driven production disruptions and the pending plunge in inventories,” said Bart Melek, head of commodity strategy at TD Securities.

Normally, over ‌5 million ​tons of aluminium ‌are shipped through the Strait of Hormuz each year by ​smelters in Bahrain, Qatar, Saudi Arabia and ⁠the United Arab Emirates, he added. Vast quantities of ⁠bauxite and alumina travel the other way to feed the smelters.

– Reuters

03/18/26 09:27

Gold falls to over one-month low

Spot gold fell over 3 per cent to a more than one-month low on Wednesday, dragged down by a firmer dollar and a jump in oil prices that stoked inflation fears, reinforcing bets that the U.S. central bank will keep policy restrictive.

Spot gold fell 3.2 per cent to $4,844.20 per ounce by 9:17 a.m. ET (13:17 GMT), after hitting its lowest level since February 6 earlier in the session. U.S. gold futures for April delivery dropped 3.2 per cent to $4,845.50.

The U.S. dollar inched higher, making gold less affordable for holders of other currencies.

– Reuters

03/18/26 09:05

Canadian dollar weakens, benchmark yield climbs

The Canadian dollar weakened against the greenback on Wednesday, and the yield on benchmark government debt climbed.

The loonie was trading 0.1 per cent lower at C$1.3707 to the greenback, or 72.96 U.S. cents, after trading in a range of 1.3688 to 1.3712.

Canadian government 10-year bond yields rose 1.5 basis points to 3.402 per cent. The yield on similar U.S. government benchmark debt rose to 4.2219 per cent.

U.S. April crude futures rose $1.74 to $97.95 a barrel on Wednesday.

03/18/26 08:56

U.S. futures slip after hotter-than-expected producer inflation data

Futures tracking Wall Street’s main indexes slipped on Wednesday after data showed producer prices rose more than expected in February, dampening expectations that the Federal Reserve will lower interest rates this year.

A Labor Department report showed the Producer Price Index (PPI) rose 3.4 per cent on an annual basis in February, compared with 2.9 per cent expected by economists polled by Reuters.

On a monthly basis, it rose 0.7 per cent compared with an estimated 0.3 per cent rise.

Excluding volatile food and energy components, core PPI stood at 3.9 per cent on an annual basis, compared with an estimates of 3.7 per cent. It rose 0.5 per cent on a monthly basis versus estimates of a 0.3 per cent rise.

At 08:36 a.m. ET, Dow E-minis were down 115 points, or 0.24 per cent, and S&P 500 E-minis were down 15 points, or 0.22 per cent. Nasdaq 100 E-minis were down 47.25 points, or 0.19 per cent.

03/18/26 08:56

Lululemon founder Wilson backs director exit, presses for board overhaul

Lululemon founder Chip Wilson, who is in a proxy battle with the company, said on Wednesday lead director David Mussafer’s decision to exit the board was “a step in the right direction,” but reiterated the need for a “substantial” board refresh.

The athleisure wear maker, which is still awaiting a permanent CEO, on Tuesday appointed Levi’s veteran Chip Bergh to its board and said he would stand for election at Lululemon’s shareholder meeting in lieu of Mussafer, who is not standing for re-election at the conclusion of his current three-year term.

“I want to be clear that while yesterday’s announcement is a step in the right direction, glaring governance deficiencies remain,” Wilson said in a statement, adding that Bergh’s appointment was “underwhelming,” as the board has said previously that other highly qualified candidates declined to join amid the proxy fight.

Wilson is one of the biggest independent shareholders of Lululemon with a 4.27 per cent stake and had last year nominated three independent directors — Marc Maurer, Laura Gentile and Eric Hirshberg — to the board and has pushed for several changes at the struggling apparel company.

“Significant change is still needed at the board level before a new CEO can be selected,” Wilson added.

Lululemon did not respond to a request for comment following Wilson’s statement.

Shares of Lululemon were down about 2 per cent in premarket trading on Wednesday after it forecast muted annual sales and profit.

Its shares have lost nearly two-thirds of their value in the past two years as design missteps and a lack of brand freshness led to market share losses and ultimately to CEO Calvin McDonald’s exit earlier this year. The latest forecast also did little to calm investors, who are still awaiting a permanent replacement for McDonald.

– Reuters

03/18/26 08:45

U.S. producer prices surge in February

U.S. wholesale prices came in hotter than expected in February.

The Labor Department reported Wednesday that its producer price index — which measures inflation before it hits consumers — rose 0.7 per cent from January, and 3.4 per cent from February 2025. The year-over-year increase was the most since February 2025.

The gains were bigger than economists had forecast, and they occurred before the war with Iran pushed energy prices sharply higher.

Contributing to the uptick last month were higher prices for hotels and food.

The report comes as Federal Reserve policymakers meet in Washington to decide what to do with their benchmark interest rate. They cut it three times in 2025 but have since held off — and are expected to announce Wednesday that they’ve done so again. The Fed is waiting to see whether inflationary pressures ease and whether the slumping U.S. job market needs help from lower borrowing costs. The war with Iran has clouded the inflation picture by driving up energy prices.

Last week, the government issued two reports showing that inflation at the consumer level remained above the Fed’s 2 per cent target before the U.S. and Israel attacked on Iran.

The Labor Department reported a week ago that consumer prices rose 2.4 per cent last month compared to February 2025. And the Commerce Department said Friday that the Fed’s favoured inflation measure — the personal consumption expenditures (PCE) price index — was up 2.8 per cent in January from a year earlier. Core PCE prices rose 3.1 per cent, biggest increase in nearly two years.

– The Associated Press

03/18/26 08:41

Most Gulf equities gain, UAE banks rise on central bank’s package

Most Gulf equities closed higher on Wednesday, with UAE markets lifted by financial stocks after the country’s central bank launched a resilience package, helping investors claw back some losses due to the Iran war and wider Middle East conflict.

Dubai’s main share index rose as much as 3.4 before concluding 0.8 per cent higher, helped by a 4.4 per cent rise in blue-chip developer Emaar Properties.

Elsewhere, MashreqBank advanced 4.8 per cent.

However, top lender Emirates NBD – which surged more than 9 per cent – closed 0.9 per cent higher.

The UAE central bank said on Tuesday it had approved a broad financial resilience package to strengthen the stability of the country’s banking sector.

The central bank said UAE banks hold nearly $250 billion in liquidity and eligible assets, and under the package will get greater access to reserve balances of up to 30 per cent and term liquidity facilities in both dirhams and U.S. dollars.

In Abu Dhabi, the index added 0.2 per cent, with Abu Dhabi Commercial Bank jumping 3.6 per cent.

The Qatari benchmark dropped 1 per cent, with the telecoms firm Ooredoo losing 3.6 per cent.

Oman’s index gained 1.3 per cent and Bahrain’s edged 0.1 per cent higher.

Elsewhere, Boursa Kuwait lost 0.5 per cent.

Saudi Arabia’s stock market was closed for the Eid holidays.

– Reuters

03/18/26 08:35

Oil turns positive as Middle East supply disruptions persist

Brent crude prices turned positive as supply disruptions — from Gulf producer outages to fresh attacks on regional energy infrastructure — outweighed pressure from Iraq’s resumption of pipeline exports to Turkey’s Ceyhan port.

With no signs of de-escalation in the Iran conflict, benchmark Brent futures prices have settled above $100 per barrel for the past four sessions.

Brent futures were up 61 cents, or 0.6 per cent, at $104.02 a barrel by 11:55 GMT (6:55 a.m. ET) on Wednesday, after falling to $100.34 earlier in the session.

U.S. West Texas Intermediate crude, in contrast, dropped $1.28, or 1.3 per cent, to $94.93.

Saxo bank analyst Ole Hansen said the divergence in the price directions of the two contracts “increasingly reflects WTI’s credentials as a mostly U.S.-focused contract while the global disruption is increasingly shown through Brent, its seaborne cousin.”

– Reuters

03/18/26 08:31

Price targets go up for TSX energy producers

– Darcy Keith

Today’s analyst actions include sweeping price target hikes for Canadian energy producers, a notable downgrade for Starbucks (which has shares under pressure in the premarket), and an initiation of coverage on a unique, newly formed investment holding company trading in Toronto.

For all the details, see today’s Upgrades and Downgrades report.

03/18/26 08:24

Bonds not providing defence for portfolios

– Scott Barlow

Scotiabank strategist Hugo Ste-Marie warned clients that bonds are not providing the usual safe haven in times of equity market volatility.

“Despite the surge in volatility this month, Bonds have offered little protection to investors. The FTSE Canada Universe Bond index is down ‑1.6 per cent MTD as the spike in oil prices has lifted bond yields across the maturity spectrum. Worse, Corporate Bonds (-1.39 per cent) are slightly outperforming Government bonds (-1.65 per cent). Interestingly, credit spreads have been able to tighten, which mitigated the impact of rising yields on Corporate bonds’ performance.

Looking forward, some investors have raised concerns about a repeat of a 2022‑style performance as growth appears to be slowing, while inflation expectations are picking up. … 2022 was extremely challenging for investors as both stocks and bonds delivered sharp negative performances, and the traditional 60/40 portfolio endured its worst annual performance in ages. We believe it’s way too early to be so negative. As we have emphasized in recent notes, we continue to expect the inflation shock stemming from the war in Iran to be transitory, leaving the door open for more Fed rate cuts. In our view, Trump has limited incentive to allow the conflict to drag on, especially with mid‑term elections later this year.”

03/18/26 08:12

OpenAI CEO Sam Altman’s thank you to programmers received as ‘tone-deaf and borderline vindictive’

– Scott Barlow

Sam Altman’s heart might have been in the right place, thanking programmers for their contribution to the industry, but the message was interpreted as a sanctimonious good-bye and the result was a lot of harsh language according to a Futurism report.

“Thousands of tech workers are being laid off, from Atlassian slashing 1,600 jobs to Jack Dorsey’s fintech company Block firing almost half its workforce. Meta’s latest round of layoffs is rumoured to affect an astonishing 20 percent or more of the company. A common thread among these devastating cuts is industry leaders touting the capabilities of AI, In a Tuesday tweet that can only be described as twisting the knife, OpenAI CEO Sam Altman argued that “I have so much gratitude to people who wrote extremely complex software character-by-character.”

“It already feels difficult to remember how much effort it really took,” he added. “Thank you for getting us to this point.” It’s a particularly tone-deaf and borderline vindictive missive that suggests Altman has long given up on the idea of fairly compensating content creators and coders for their work. It’s no secret that OpenAI’s AI models were trained on data that was shamelessly scraped from the web, a controversial practice that has triggered a litany of copyright infringement lawsuits. Altman’s remarks drew an overwhelmingly negative reaction.”

03/18/26 08:10

What every Canadian investor needs to know today

– S.R. Slobodian

Global markets were higher as ‌steadying crude prices boosted sentiment, while investors awaited interest rate decisions ⁠from ​the U.S. Federal Reserve and Bank of Canada.

Wall Street futures were in positive territory after major North American markets closed up yesterday.

TSX futures were in the black as investors expect the Bank of Canada to keep rates steady.

In Canada, investors are getting results from Power Corp. of Canada.

On Wall Street, markets are watching earnings from Micron Technology Inc., General Mills Inc. and Macy’s Inc.

The Fed is widely forecast to keep its policy steady but the debate will very much centre on whether conflict with Iran is likely to disrupt economic growth, threaten more persistent inflation or create a confounding mix of economic slowing and rising prices.

“Consensus still points to the median dot plot showing one 25-basis-point cut for 2026, aligning with ⁠current market pricing,” said IG analyst Tony Sycamore.

“That said, there’s a decent chance the dots could shift more hawkish, perhaps even to zero cuts, if the committee ‌views the oil shock as leading to stickier inflation.”

Overseas, the pan-European STOXX 600 was up 0.6 per cent in morning trading. Britain’s FTSE 100 rose 0.25 per cent, Germany’s DAX gained 0.82 per cent and France’s CAC 40 climbed 1.08 per cent.

In Asia, Japan’s Nikkei closed 2.87 per cent higher, while Hong Kong’s Hang Seng advanced 0.61 per cent.

Read what else you need to know before the bell.

03/18/26 08:03

Citi analysts sees ‘Three Reasons to Like Netflix’

– Scott Barlow

Citi analyst Jason Bazinet has resumed coverage of Netflix Inc. with a report called “Three Reasons to Like Netflix.”

“Three Reasons to Like Netflix — 1) We expect 2026 operating margins to rise ~40 bps above consensus. 2) We believe NFLX is likely to raise US prices in 4Q26. 3) Lack of large-scale M&A may increase the opportunity for capital returns.

One Risk: LT Ad Revenue — Current consensus estimates call for ad revenue of ~$11 billion in 2030, with ~$2 billion of annual growth between 2027 to 2030. We believe annual growth may come in closer to ~$1.5 billion, with 2030 ad revenue of ~$9 billion. As such, we suspect Street ad revenue estimates may fall. Updating our Model — We are updating our model to reflect 4Q25 results and our latest outlook. We made three key changes: 1) raised revenue, 2) lifted OI margins, and 3) rolled forward our valuation from 2026 to 2027. Following our update, we resume coverage with a Buy and a target price of $115, akin to 28x 2027 EPS.”

03/18/26 07:59

Good quarter from Lululemon despite challengers

– Scott Barlow

Citi analyst Paul Lejeuz details a good quarter for Lululemon but also recognizes challenges.

“4Q EPS beat consensus, driven by better sales. China comps were well above consensus/our est (+26% vs our +8%E) and Americas comps were weak but above consensus/our est (-2% vs our -5%E). Mgmt plans to add more newness to help improve the Americas biz (which they believe will drive more full price sales), and there have been some early successes. With its weak 1Q guidance (Americas -MSD), we believe mgmt has derisked 1Q, and the combination of a looming CEO announcement and the stock trading at ~7x our F26E EBITDA, skews the risk/reward positive near-term. Still, the challenging category dynamics(with brands such as Alo and Vuori gaining significant share over the past few yrs) means a turnaround won’t be as easy (and we don’t know the future direction of the next CEO). We see the biggest F26 risk that introducing more newness does not drive consistent improvement in full price sales.”

03/18/26 06:40

Global stocks up on lower oil and AI optimism

European shares rose for a third day on Wednesday as easing oil prices offered relief ahead of a U.S. Federal Reserve meeting that could give investors clues on how policymakers are weighing growth and inflation risks amid the Middle East conflict.

Some renewed optimism around artificial intelligence stocks also lifted sentiment.

Focus remained on the conflict in the Middle East, with Israel intensifying its offensive by killing Iran’s security chief and Iran striking oil facilities in the United Arab Emirates. A senior Iranian official said the new supreme leader had rejected de-escalation offers, signaling no quick end to a war that has triggered a global oil shock.

Oil prices eased after Iraq and Kurdish authorities agreed to resume exports via Turkey’s Ceyhan port, though the Strait of Hormuz remained largely closed. Brent crude futures fell 0.2 per cent to $102.93 a barrel, while U.S. West Texas Intermediate eased 1.7 per cent to $94.5.

The pullback bolstered equities. Europe’s STOXX 600 gained 0.6 per cent, while MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.8 per cent earlier.

S&P 500 futures rose 0.5 per cent and Nasdaq futures gained 0.7 per cent, supported by expectations of strong earnings from chipmaker Micron Technology due later on Wednesday, with investors awaiting comments on chip shortages and pricing.

Sentiment was also lifted by reports that Nvidia had won Chinese approval to sell its second-most-powerful AI chips. Earlier this week, Nvidia CEO Jensen Huang said revenue from its AI chips could reach at least $1 trillion through 2027.

– Reuters

03/18/26 06:30

TSX futures edge up ahead of Fed, BoC decisions

Futures linked to Canada’s benchmark index inched up on Wednesday as easing oil prices lifted sentiment, with investors awaiting monetary policy decisions by the U.S. Federal Reserve and the Bank of Canada later in the day.

March futures on the S&P/TSX composite index were up 0.4 per cent as of 06:12 a.m. ET in low volumes, while futures tracking Wall Street’s main indexes also ticked up.

Oil prices slipped on Wednesday, after Iraq resumed crude shipments from its Kirkuk fields to Turkey’s Ceyhan port via pipeline, easing some strain on global supplies. Still, Brent crude futures were trading above $100 a barrel as tensions in the Middle East showed no sign of easing.

The retreat in crude prices, however, could limit gains on the commodities-heavy TSX.

The recent surge in oil prices has lifted Canadian energy stocks, sending them up more than 33 per cent so far this year. While the crude spike has revived inflationary concerns globally, Canada is expected to be relatively insulated from the turbulence as it is a net exporter.

Against this backdrop, markets will be monitoring comments from the BoC and Fed policymakers on the trajectory of monetary policy. Both central banks are widely expected to keep rates unchanged.

Toronto’s S&P/TSX Composite Index ended higher on Tuesday, after clocking its biggest one-day jump since February 26, before the Iran war began, on Monday.

On the day, gold held steady as investors stayed on the sidelines, while copper prices dipped.

– Reuters

03/18/26 05:30

Oil falls after Iraq resumes oil exports via Turkey’s Ceyhan port

Oil prices fell on Wednesday after Iraq resumed crude exports via pipeline to Turkey’s Mediterranean port of Ceyhan, providing hopes for some relief amid disrupted supply from Gulf producers.

With no signs of de-escalation in the Iran conflict, benchmark Brent futures prices have settled above $100 per barrel for the past four sessions.

After rising more than 3 per cent on Tuesday, Brent futures were down 31 cents, or 0.3 per cent, to $103.12 a barrel by 9:02 a.m. GMT (4 a.m. ET) on Wednesday. U.S. West Texas Intermediate crude dropped $1.56, or 1.6 per cent, to $94.65.

In Iraq, North Oil Company sources said exports had resumed via pipeline after Baghdad and the Kurdistan Regional Government (KRG) agreed on Tuesday to restart flows. Two oil officials said last week that Iraq was seeking to pump at least 100,000 barrels per day (bpd) through the port.

“Despite this development, supply relief remains limited, with Iraq’s production at roughly one-third of pre-crisis levels and tanker traffic through Hormuz still largely restricted,” MUFG analyst Soojin Kim said.

– Reuters

03/18/26 05:00

Tuesday markets recap: Major indexes gain as oil edges higher

The S&P 500 climbed 0.25 per cent on Tuesday to end the session at 6,716.09 points. The Nasdaq gained 0.47 per cent ⁠to 22,479.53 points, while the Dow Jones Industrial Average rose 0.10 per cent to 46,993.26 ​points.

Eight of the 11 S&P 500 sector indexes rose, led by energy. Modest changes in crude oil prices kept investors from making big moves ahead of the Fed decision on interest rates Wednesday.

The S&P/TSX composite index ended up 0.16 per cent at 32,929.09. Energy stocks climbed 1.1 per cent, their longest winning streak since late January. Tech stocks gained 1.8 per cent.

Oil prices rose as renewed Iranian attacks on the ​United Arab Emirates heightened concerns about the worsening outlook ‌for global supply if there is no quick resolution to the U.S.-Israeli war with Iran. Brent crude futures settled up US$3.21, or 3.2 per cent, to US$103.42 a barrel while U.S. West Texas Intermediate crude settled up US$2.71, or 2.9 per cent, ⁠to US$96.21.

The ‌loonie was trading 0.1 per cent lower at ‌72.99 U.S. ⁠cents. Canadian government 10-year bond ⁠yields fell 2.7 basis points to 3.407 per cent. ⁠

– Globe staff, wires