Markets todayThe S&P/TSX composite index was up 206.57 points, or 0.61 per cent, at 33,991.51., as of 10:43 a.m. ET.In New York, the S&P 500 rose 0.7 per cent in early trading. The Dow Jones Industrial Average was up 0.6 per cent and the Nasdaq composite was 1.2 per cent higher.Market sentiment appeared to brighten early Wednesday in Europe, where Germany’s DAX climbed 1.3 per cent and the CAC 40 in Paris rose nearly 1 per cent. Britain’s FTSE 100 was 0.8 per cent higher..Brent crude was up 27 US cents, or 0.3 per cent, to $81.67 per barrel, after hitting a high of US$84.48 and a low of US$80.30 earlier in the session. On Tuesday, Brent closed at its highest since January 2025..Gold prices rose on Wednesday as the escalating conflict in the Middle East attracted safe-haven bids, while a pause in the U.S. dollar’s rally also lent support. Spot gold was up 1.6 per cent to US$5,166.75 per ounce, after falling more than 4 per cent on Tuesday.03/04/26 10:42TSX rises on tech, mining strength
anada’s main stock index edged higher on Wednesday, lifted by mining and tech shares, while investors weighed a report that Iranian operatives reached out to the U.S. to pursue talks to end the conflict.
The S&P/TSX composite index was up 206.57 points, or 0.61 per cent, at 33,991.51., as of 10:43 a.m. ET. The index nearly fell 4 per cent in the previous session before recovering, as fears of inflation rippled across global markets.
“The market is expecting things to de-escalate. We’ve seen multiple global conflicts impacting the availability of oil over the last several years. Throughout all that, we’ve come through with a reasonably strong global economy, measured oil prices and good stock performance,” said Josh Sheluk, portfolio manager at Verecan Capital Management.
Tech stocks led the sectoral gains with a 2.6 per cent jump, as blockchain farm operator Bitfarms climbed 9 per cent after bitcoin prices hit more than a three-week high.
The gold index rose 0.5 per cent as spot gold gained 1.4 per cent. On the broader materials sector, base metal miners gained 0.6 per cent as silver and copper prices also climbed.
The heavily weighted financial index rose 0.5 per cent.
Energy shares traded 0.6 per cent lower as oil prices eased, retreating from gains made early in the day amid the Middle East conflict.
– Reuters
03/04/26 10:33Fed’s Miran: Risks from Iran conflict no reason to delay continued rate cuts
Inflation and other risks from the U.S. military conflict with Iran haven’t changed the need for the U.S. Federal Reserve to keep cutting interest rates this year, with price pressures expected to ease and the job market still at risk, Fed Governor Stephen Miran said on Bloomberg TV on Wednesday.
Higher oil prices due to the conflict “will feed into headline inflation, but the evidence that it feeds into core inflation … is quite limited. … It is difficult for me to get very excited about a policy implication of what’s happened so far,” Miran said, adding that the Fed in his view should make four quarter-point rate cuts this year to reach a roughly neutral level, a point some of his more hawkish colleagues believe has been reached already with the policy rate in a 3.5-3.75-per-cent range.
Unlike 2022, when Russia’s invasion of Ukraine led to a global jump in oil and other commodity prices and helped stoke broader price pressures, Miran said the current situation was different because monetary policy was tight and fiscal policy less expansionary, lowering the risk of persistent inflation.
– Reuters
03/04/26 10:21Wall Street holds steadier as oil prices stop spiking, for now at least
The U.S. stock market is holding steadier on Wednesday, for now at least, following two days of punishing swings driven by worries about how high oil prices will go because of the war with Iran.
The S&P 500 rose 0.7 per cent in early trading. The Dow Jones Industrial Average was up 0.6 per cent, as of 10:23 a.m. Eastern time, and the Nasdaq composite was 1.2 per cent higher.
Travel stocks that are sensitive to oil prices were mixed, having gained in premarket trading. American Airlines rose 1.2 per cent and Norwegian Cruise was flat, while Carnival and Delta slipped 1.2 per cent and 0.8 per cent, respectively.
Oil and gas producers such as ConocoPhillips and Cheniere Energy lost 2.8 per cent and 1.5 per cent, while the S&P 500 Energy sector dropped 1.8 per cent and led sectors lower.
Investors also scooped up tech stocks that sold off heavily in February. Nvidia added 1 per cent and other chip stocks such as Sandisk and Applied Digital were up 2.7 per cent and 5 per cent, respectively.
The CBOE volatility index, also known as Wall Street’s fear gauge, dropped 1.03 points to 22.51, while the rate-sensitive Russell 2000 index was marginally higher.
– The Associated Press and Reuters
03/04/26 09:56Goldman says global equities face correction risks, but bear market unlikely
Goldman Sachs sees “correction risks” to global stocks in the near term due to worries about geopolitics, AI disruption and elevated valuations, though the Wall Street bank sees limited room for a bear market.
“We see correction risks as high given current valuations, but expect this to present a buying opportunity with relatively low risk of a more protracted and deep bear market,” Peter Oppenheimer, chief global equities strategist at Goldman Sachs, said in a note on Wednesday.
A bear market is confirmed when an index closes at least 20 per cent below its most recent record high finish, according to a widely used definition. It confirms a correction if the index closes 10 per cent or more below that level.
Global equities have been rattled since the start of the year by fears of AI disruption to businesses, massive AI spending from Big Tech and most recently, the Middle East conflict.
The U.S.-Israeli air war against Iran has heightened fears of an oil price shock, higher inflation and economic uncertainty. That, combined with elevated equity valuations, has prompted investors to shun risky assets in favor of safer ones.
– Reuters
03/04/26 09:35North American stock indexes open higher on on report of Iran’s secret outreach to U.S.
North America’s main indexes opened higher on Wednesday as investors weighed a report that Iranian operatives secretively reached out to the U.S. to pursue talks to end the conflict, while President Donald Trump’s assurance to stabilize oil markets also boosted sentiment.
Canada’s main stock index was lifted by mining shares as gold prices rose.
At 9:31 a.m. ET, the S&P/TSX composite index was up 0.51 per cent at 33,958.92 points.
The Dow Jones Industrial Average rose 134.33 points or 0.28 per cent to 48,629.08. The S&P 500 rose 15.1 points, or 0.22 per cent, at the open to 6,831.69, while the Nasdaq Composite rose 104.2 points, or 0.46 per cent, to 22,620.89 at the opening bell.
– Reuters
03/04/26 09:24David Rosenberg is becoming ‘more bullish now than in many years’, has a stock pick
– Darcy Keith
Market bulls may be a bit surprised where to look for some encouragement this morning among the daily commentors.
One of the Street’s best-known bears, economist David Rosenberg, says he’s feeling upbeat about the outlook for the market and prospects that the conflict in the Middle East won’t last much longer. He believes oil prices are going to come down in the not-too-distant future, as will inflation. He even has one specific stock pick to convey in his morning Breakfast with Dave newsletter:
“Eradicating the Iranian regime and the future stability this brings to the Mideast in particular, and the world in general, is beginning to make me more bullish now than in many years. I expect oil prices to be far lower in the coming months and quarters. Along with peak tariffs, the Fed’s concerns will be alleviated, and the inflation nervous nellies who came out of the woodwork over the weekend will hopefully either be silenced or moved back into hibernation. One thing you can take to the bank is that Israel and the White House are not going to back down due to any political pressure, here or abroad. The regime may not change, but it will be a toothless tiger that will have no means to threaten world stability any longer. There are no off-ramps, folks, despite what Thomas Friedman and CNN anchors would yearn for.”
“We remain long of bonds, gold, and the miners, and in the equity market, if there is one specific company that does stand out as attractively priced with solid GARP characteristics, it is Microsoft (MSFT-Q) — like Walmart, though in a different sector, it is the poster child for defensive growth but with far more compelling valuations.”
“I was thinking and hoping that this war with the Iranian regime would last four or five weeks, but I’m now thinking it could be over in days. There is nowhere for the heads of the snake that are still kicking around to hide — as we saw yesterday with the IDF wiping out several who had gathered in one room to select a new leader. The military and naval capabilities are being seriously degraded by the day, and the daily bombings of Israeli cities have subsided dramatically in a sign of depleted launching capacity. And now the regime (that is, who the war is being waged against) has seen its ability to attack ships in the Gulf practically eradicated. It is very clear that this mission to save the world from decades of evil was in the works for many months and meticulously planned out. All the talk about soaring oil prices never did factor in that the U.S. can step up production and that there is a massive amount of oil at sea just sitting — as it is sanctioned, so it can be released if needed. Ergo, there is no shortage of crude oil, and that will come to bear as the initial sharp hiccup reversed course.”
03/04/26 08:53Korean stocks record worst day, won sinks on Iran conflictOpen this photo in gallery:
People pass by a screen showing the Korea Composite Stock Price Index (KOSPI) at the Korea Exchange in Seoul, South Korea, Wednesday, March 4.Ahn Young-joon/The Associated Press
As South Korea’s benchmark KOSPI stock index dived more than 12 per cent to its worst-ever sell-off on Wednesday, a district known as the Korean Silicon Valley was eerily quiet when it would normally be bustling for the lunchtime rush.
Workers were instead hunkered over smartphone screens, feverishly checking trading portfolios as they watched the world’s hottest market – which had doubled over the past year – go into freefall.
“I heard some of my colleagues gasping ‘What the hell?’ as the KOSPI’s losses widened past 8 per cent in the morning,” said Jessica Chung, who was one of many tapping intently on phone screens in the Pangyo area of Seongnam, a high-tech hub just south of Seoul.
“I went to the bathroom to find a quiet corner to trade and, guess what, people were queuing outside,” she said, describing the atmosphere as a collective sense of dread.
The widening war in the Middle East and resulting spike in oil prices have triggered a rethink about the AI boom that has driven the KOSPI to a succession of record peaks in recent months, because South Korea is almost completely reliant on imports for its energy needs.
Chipmakers Samsung Electronics and SK Hynix – the poster children of a rally that had accelerated this year – have plunged some 20 per cent each this holiday-shortened week.
The KOSPI is down a combined 18.4 per cent after Tuesday’s 7.2-per-cent tumble, wiping out a total of 817.6 trillion won (US$553.82 billion) in market value.
Overnight, the won briefly breached a psychological barrier of the 1,500 mark to hit its weakest level since March 2009 at 1,505.8 per dollar, before closing the session down 3.1 per cent at 1,485.7. It was up 0.6 per cent at 1,476.2 on Wednesday.
– Reuters
03/04/26 08:23BofA strategist suggests not enough U.S. Navy protection for Strait of Hormuz
– Scott Barlow
BofA Securities commodity strategist Clifton White assessed energy traffic through the Strait of Hormuz,
“Nearly 20 per cent of global LNG supplies must pass through the Strait of Hormuz to reach global gas consumers, and vessel traffic was halted starting Monday due to risks associated with passing through the Strait … We could see even higher global gas prices if Iran disrupts LNG flows through Hormuz (see Frozen gas heats up on cold weather). Even though Europe receives most of its LNG supplies from the US, Europe is still at risk of higher global gas prices. LNG is fungible and any consumers that have not locked in LNG supplies in advance will likely have to compete with other LNG consumers that are trying to replace any lost Qatar volumes … President Trump claims to have ordered the U.S. Development and Finance Corporation to provide insurance at a “very reasonable price” for maritime trade traveling in the Gulf and that the U.S. Navy will escort tankers through the Strait of Hormuz, yet there is a conflicting industry report from Lloyd’s that claims there is currently no availability for naval escorts”
If my choice is whether to believe President Trump or Lloyd’s of London, I will go with the latter.
03/04/26 08:14Top investor takeaways from Scotiabank’s 54th annual global energy conference
– Scott Barlow
Scotiabank held its 54th annual global energy conference last week and Wednesday published the most important takeaways from the event,
“Upstream capex is down year-over-year across the board as companies leverage greater efficiencies to maximize FCF. Production is anticipated to be flat or see modest growth at most … Canadian Oil-Weighted E&P/Integrated: Focused on capital efficient growth and debottnecking. IMO and WCP are working on several debottlnecking and growth projects with strong capital efficiencies. New technologies are continuing to drive efficiencies and unlock incremental cost saving opportunities. Pipeline egress runway extends to 2030s. Producers believe that pipeline optimization and debottlenecking projects will add enough capacity for the WCSB to be long pipeline capacity into the 2030s … The natural gas producer group agreed that western North American prices have underwhelmed during Q1/26, while Midwest and Eastern prices have provided significant wins during the mid-winter cold snaps. The producers see potential for AECO and California prices to improve as the year progress and LNG Canada ramps to full capacity. Longer term, continued LNG and power generation growth will be required to keep demand ahead of supply. Notably, ARX, BIR, TOU, and WCP all spoke to a suite of gas focused growth opportunities in their portfolios … The global outlook for nuclear power has arguably never been better, driven by the Western World agendas of decarbonization, energy independence, and power security. To overcome the first-mover barrier, the U.S. government (USG) has shifted strategy on nuclear from waiting on utilities to move forward projects to actively underwriting new plants, as demonstrated by the recent $80B agreement with Westinghouse”
03/04/26 08:12Goldman CEO says markets may take a ‘couple of weeks’ to digest Iran war impact
Goldman Sachs CEO David Solomon said on Wednesday that he was surprised at the “benign” reaction in financial markets over the conflict in the Middle East, and it may take a “couple of weeks” for investors to more fully digest the impacts.
“I look at the market reaction, and I’m actually surprised that the market reaction has been more benign given the magnitude of this as you might think,” Solomon said in a speech at a business summit in Sydney.
Solomon said markets tend to react in a muted way to geopolitical events unless they have a direct impact on economic growth.
“There’s a cumulative effect of everything that’s happening and a much harsher reaction. Up to this point, we haven’t seen that cumulative effect,” he said. “But it’s very hard to speculate because there is so much that is unknown at this point.”
“I think it’s gonna take a couple of weeks for markets to really digest the implications of what has happened both in the short term and medium term, and I can’t speculate as to how that would play out,” he said.
Read more: Here
– Reuters
03/04/26 07:55BofA Securities strategist upgrades her top U.S. stock picks for growth and value
– Scott Barlow
There are six changes to BofA Securities U.S. quantitative strategist Savita Subramanian’s top picks for growth and value among U.S. stocks. In the growth section, Palo Alto Networks (PANW-Q) replaces Gilead Sciences inc. (GILD-Q), and Expand Energy Corp (EXE-Q) replaces Sandisk Corp. (SNDK-Q). Expand Energy replaces Pacific Gas and Electric Co (PCG-N) in the top ten value picks.
The top ten growth picks are now Allstate Corp. (ALL-N), AppLovin Corp. (APP-Q), Axon Ent Inc. (AXON-Q), Expand Energy, Meta Platforms (META-Q), Merck & Co. (MRK-N), Palo Alto Networks, TKO Group (TKO-N), Take Two Interactive (TTWO-Q) and Welltower (WELL-N).
The top ten for value are Arch Capital (ACGL-Q), Aflac (AFL-N), Allstate Corp., Edison International (EIX-N), Expand Energy, Metlife (MET-N), Merck, Nucor (NUE-N), Pinnacle West capital (PNW-N) and Synchrony Financial (SYF-N)
The criteria for the growth list is high earnings surprise potential, a BofA buy rating, and high projected five year earnings growth estimates by BofA analysts. For value, earnings surprise potential is also a factor, along with a buy rating and low trailing PE ratio.
03/04/26 06:40Wednesday’s analyst upgrades and downgrades
– David Leeder
Seeing Pet Valu Holdings Ltd.’s (PET-T) 2026 guidance as “uninspiring” alongside a “tepid” industry backdrop, National Bank Financial analyst Vishal Shreedhar downgraded his rating for the retailer’s shares to “sector perform” from “outperform” following the release of “light” fourth-quarter 2025 financial results.
“While the pet industry has historically been characterized by stable growth, we believe the current pressured backdrop (tepid consumer and heightened industry competition, etc.) is unfavourable for premium priced retailers (motivates trade down). We downgrade to Sector Perform from Outperform,” he explained. “We view our rating change to be tactical and remain constructive on the industry long term; however, we believe the stock could be range-bound in the near term.”
Read more: Here
Other companies mentioned include: Blue Ant Media; CAE; European Residential REIT; Northwest Healthcare Properties REIT; Paramount Resources; Plaza Retail REIT; Wajax
03/04/25 06:21Gold gains as Middle East conflict revives safe-haven bid
Gold prices climbed 2 per cent on Wednesday, rebounding from their lowest in more than a week reached in the previous session, as the dollar took a breather and mounting tensions in the Middle East drove investors toward safe havens.
Spot gold gained 2.2 per cent to USUS$5,198.58 per ounce by 5:17 a.m. ET, after falling more than 4 per cent on Tuesday.
U.S. gold futures for April delivery added 1.7 per cent to US$5,211.20.
The U.S. dollar fell 0.2 per cent, making greenback-priced gold more affordable for buyers using other currencies.
“After the past few days of position unwinds and dollar strength, markets are back to a more typical macro risk-off stance, with silver higher too. A pause in the rise of the dollar and Treasury yields helps with their opportunity costs,” said Jamie Dutta, market analyst at Nemo.money.
“Gold and silver’s safe-haven characteristics can shine again.”
– Reuters
03/04/26 06:05Wall Street futures inch up after report on Iran-U.S. talks to end war
U.S. stock index futures reversed losses and were marginally higher on Wednesday as investors assessed a report that suggested Iranian operatives were discussing terms to end the five-day conflict with Israel and the United States.
A New York Times report said operatives from Iran’s Ministry of Intelligence had reached out indirectly to the C.I.A. a day after the attacks began, according to officials briefed on the outreach.
However, U.S. officials are skeptical, at least in the short term, that either the Trump administration or Iran is really ready for an off-ramp, the report said.
After two volatile sessions for Wall Street, investors scooped up technology stocks that sold off heavily in February such as Nvidia, up 1.4 per cent on the day.
At 05:28 a.m. ET, Dow E-minis were up 19 points, or 0.04 per cent, S&P 500 E-minis were up 11 points, or 0.16 per cent. Nasdaq 100 E-minis were up 56 points, or 0.23 per cent.
Travel stocks that are sensitive to oil prices and bore the brunt of losses earlier this week turned higher after the report on Wednesday. Delta Airlines added 1 per cent in premarket trading and Carnival edged up 0.4 per cent.
– Reuters
03/04/26 05:58TSX futures rise as Middle East crisis boosts oil, gold prices
Futures tracking Canada’s main stock index rose on Wednesday as rising tensions in the Middle East pumped up oil prices for the fourth straight day, while safe-haven demand boosted gold prices.
March futures on the S&P/TSX composite index were up 0.36 per cent, as of 5:20 a.m. ET.
The conflict has jolted investors worldwide as it heads into its fifth day. Goldman Sachs CEO David Solomon said it would take a couple of weeks for the markets to digest the impact of the war on Iran.
Oil prices gained but at a slower pace than in previous sessions as traders weighed concerns of supply disruption from the Middle East.
– Reuters
03/04/26 05:32Before the Bell: What every Canadian investor needs to know today
– S.R. Slobodian
Global equities were mixed as markets took a breather after a global equities rout on concerns about a widened and prolonged conflict in the Middle East.
Wall Street futures were muted as investors awaited a fresh slate of economic data for cues on the interest rate outlook, while surging oil prices added to inflation pressures.
TSX futures edged higher as commodity prices climbed.
In Canada, investors are getting results from Athabasca Oil Corp., Capital Power Corp., George Weston Ltd., Kinaxis Inc., Linamar Corp., and Vermilion Energy Inc.
On Wall Street, markets are watching earnings from Broadcom Inc.
Read more: Here
93/04/26 05:18Oil prices rise 3 per cent as Iran crisis disrupts Middle East supply
Oil prices rose 3 per cent on Wednesday as the U.S.-Israeli war on Iran disrupted Middle East supplies, but the pace of gains slowed from past sessions after President Donald Trump suggested the U.S. Navy could escort vessels through the Strait of Hormuz.
Brent rose USUS$2.67, or 3.3 per cent, to USUS$84.07 a barrel, after closing on Tuesday at its highest since January 2025.
U.S. West Texas Intermediate crude rose USUS$2.24, or 3 per cent, to USUS$76.8, after settling at its highest since June. Both benchmarks have risen about 5 per cent or more in the past two sessions.
“The primary near-term driver for oil prices remains the U.S.-Iran conflict,” said OANDA senior market analyst Kelvin Wong.
– Reuters
03/04/26 05:09Oil shock fear hits Asian tech stocks while European selloff pauses
Selling in hard-hit European shares paused on Wednesday as the focus shifted to Asia – including a record-breaking crash in Seoul, where investors dumped chipmakers on fears the widening Middle East war will create an oil price shock, raising inflation and delaying interest rate cuts.
Traders’ rush to unload different asset classes around the world has at times threatened to become chaotic this week as they process the consequences of energy prices remaining elevated for an extended period of time.
Plunges in one part of the market have spilled over into others as investors try to cover for losses elsewhere and cut down on risks.
Even safe-haven gold for example fell more than 4 per cent on Tuesday, though it was back up 1.5 per cent on Wednesday at USUSUS$5,155 an ounce. At the heart of it all, benchmark Brent crude was at USUSUS$83.76 a barrel on Wednesday, up for a third straight day, though off its Tuesday highs, after U.S. President Donald Trump said the U.S. Navy could escort tankers through the key Strait of Hormuz if necessary.
Japan’s Nikkei fell 3.6 per cent and Taiwan stocks dropped 4.3 per cent as investors raced out of what has been one of the hottest bets of the last few months in semiconductor makers.
But in a sign markets can still surprise in both directions, Europe’s broad STOXX 600 rose 0.6 per cent on Wednesday, albeit after falling 4.6 per cent on Monday and Tuesday, its biggest two-day fall since April 2025’s tariff turmoil. Helping Europe, benchmark gas prices also steadied on Wednesday, though they are roughly 75 per cent higher than Friday’s close. Spanish stocks and bonds lagged somewhat after Trump threatened to impose a trade embargo on the country.
Wall Street meanwhile has dodged the worst of the selling, and the S&P 500 is down just under 1 per cent so far this week. Futures were last down 0.3 per cent
– Reuters
03/04/26 04:30Tuesday markets recap: Broad sell-off hits markets as investors fear prolonged Iran conflict
– Andrew Galbraith
Stock market numbers are displayed on the floor of the New York Stock Exchange during afternoon trading on Tuesday.Michael M. Santiago/Getty Images
Major North American stock indexes fell Tuesday along with bond prices and the price of gold as investors worried that a spiralling war in Iran may be growing into a drawn-out regional conflict with global economic implications.
While markets pared earlier losses after comments from U.S. President Donald Trump that the U.S. would insure oil tankers through the Strait of Hormuz and escort them if necessary, analysts said that investors remained concerned about further escalation of the three-day-old conflict.
“The market is still nervous … risk sentiment will remain very tempered until we get some more concrete signs of de-escalation or negotiation,” George Davis, chief technical strategist, global markets at RBC Capital Markets, said in an e-mailed response to questions.
Canada’s broad TSX/SPX Composite Index fell more than 4 per cent before paring losses to end 2.2 per cent lower at 33,784.94 . It was weighed down by materials companies, with a subindex tracking the sector slumping more than 7 per cent on the day.
The S&P 500 index closed down 0.9 per cent and the tech-heavy NASDAQ index lost 1 per cent.
With reports from Meera Raman and Reuters