Canada’s main stock index rose on Friday, while U.S. markets were mixed amid a shaky ceasefire agreement between the U.S. and Iran.
“The big story really is on the situation in the Middle East that is continuing to remain fluid, and the oil volatility that is still a key swing factor for inflation and consumer sentiment,” said Brianne Gardner, senior wealth manager of Velocity Investment Partners at Raymond James Ltd.
Negotiators from Iran and the U.S. are preparing for high-level talks on Saturday.
The S&P/TSX composite index was up 218.05 points at 33,695.76.
In New York, the Dow Jones industrial average was down 269.23 points at 47,916.57. The S&P 500 index was down 7.77 points at 6,816.89, while the Nasdaq composite was up 80.48 points at 22,902.89.
Trading on Wall Street remained choppy. Most companies in the benchmark S&P 500 were losing ground.
The major U.S. indexes posted modest losses for the week, despite having mostly notched gains this month amid optimism that the war with Iran could be heading toward a resolution.
Oil prices have been behind many of the stock market’s sharp movements. They’ve risen significantly as shipping through the vital Strait of Hormuz essentially stalled since the war began.
The May crude oil contract was down US$1.30 at US$96.57 per barrel.
Brent crude oil, the international standard, has gone from roughly US$70 per barrel before the war in late February to more than US$119 at times. Brent for June delivery fell 0.8% to US$95.20 per barrel Friday.
The conflict is behind surging inflation in the U.S. in March. The government reported the biggest spike in inflation in four years as prices at the gas pump jumped. The inflation increase was just short of what economists expected.
Inflation remains a major concern for the U.S. Federal Reserve, which has signalled more caution amid worries about inflation reheating. The rate of inflation remains above the central bank’s two per cent target. The threat of rising inflation will likely mean the central bank continues to hold interest rates steady.
On the TSX, gains in the basic materials sector led the overall index on Friday.
Gardner said she expects basic materials to be a top-performing sector in 2026.
“Yes, gold is taking a little bit of a breather off its peaks, but I still think that copper and gold are going to continue to lead the way,” she said.
The June gold contract was down US$30.60 at US$4,787.40 an ounce.
Investors also reacted to fresh labour force data from Statistics Canada on Friday. The agency said employers collectively added 14,000 jobs in March, roughly in line with economists’ expectations. The unemployment rate remained unchanged at 6.7%.
“We did see the gains were more concentrated in services and natural resources, but overall hiring remained, I believe, too weak to signal a strong rebound, especially in trade-sensitive sectors that are still facing pressure,” Gardner said.
The Canadian dollar traded for 72.33 cents US compared with 72.35 cents US on Thursday.
— With files from The Associated Press.