Here are four things you need to know this morning
Gold stocks propel TSX to record close: Toronto’s composite stock index ended yesterday at a new record high close of 26,718.62. The TSX has been led higher this year by gold stocks such as Kinross and Agnico Eagle as bullion hit new highs. U.S. stock futures pointed up this morning ahead of a second day of testimony from U.S. Federal Reserve Chair Jerome Powell. The technology-stuffed Nasdaq 100 also closed at an all-time high yesterday.
FedEx drops: Shares in FedEx were down five per cent in the pre-market. The courier warned that its profit will be worse than expected this quarter and refused to offer a forecast for the rest of the year as U.S. President Donald Trump’s trade war continues to disrupt commerce. Citi says it’s the first time FedEx has failed to issue a forecast since June of 2020, at the height of the pandemic. The shipping giant’s stock is already down 18 per cent in 2025.
Oil steadies as Iran-Israel ceasefire holds: Oil edged higher, trading just under US$65 per barrel, after a two-day decline. Investors have largely shrugged off the threat to crude supplies posed by U.S.-Iran clashes. Ron Bousso of Reuters says this reflects the declining relative importance of the Middle East in global oil supply as other regions, especially North America, increase output. What a contrast to 1973, when an Arab oil embargo led to a near quadrupling of oil prices. Iran’s 1979 revolution saw a doubling of spot prices as did Iraq’s invasion of Kuwait in 1990.
Another troubled automaker: Cheaper gasoline might make it more fun to tool around in your Porsche but RBC analyst Tom Narayan is wary of the automaker’s stock and has started coverage with a hold rating. The Frankfurt-listed shares have dropped 50 per cent since the initial public offering in Sept of 2022. RBC’s Narayan says, “declining sales in China and U.S. tariff headwinds keep us on the sidelines.”
