Here are six things you need to know this morning
TSX up almost 8% so far this year: Canada’s benchmark stock index, the S&P/TSX Composite Index, rose by about three-quarters of a percentage-point last week and is now up eight per cent so far in 2025. It will begin today’s trading day at 26-thousand-692 points. U.S. stock-markets posted larger gains last week, and futures contracts on the three main U.S. stock indices were higher this morning. U.S. stocks are now also up so far in 2025, with the S&P 500 Index sitting on a five per cent year-to-date gain.
Loonie rallies as Canada scraps digital services tax: The Canadian dollar was up slightly versus the U.S. dollar this morning to 73.1 U.S. cents after Canada and the U.S. appeared to get talks toward a comprehensive trade deal back on track. That development followed Canada’s abrupt decision to abandon its digital services tax. U.S. President Donald Trump said last week he would not talk trade with Canada unless the tax was rescinded.
Celestica stock rallies to record high: Shares of Celestica, the Toronto-based manufacturer of electronics and computing components, rose to a new all-time high on Friday of $209.03. It’s been a remarkable rally for Celestica stock. The stock plunged between early February and early April but since April 4, it has soared by 122 per cent. Celestica makes products for the so-called hyper-scaler tech giants who are building huge data and computing centres.
The price of crude oil languishes, after biggest one-week drop in two years: Crude oil was trading at US$65.33 per barrel this morning, after the price tumbled by 13 per cent last week, its largest weekly decline in two years. The cease fire between Israel and Iran, however fragile, has caused crude prices to tumble and hedge funds have rushed to make bearish bets on the near-term direction of crude prices.
Moderna says experimental flu shot met goal in late-stage trial: Moderna Inc. said its experimental flu shot met its goal in a late-stage trial, clearing the path for its broader strategy of selling combination vaccines. The shot’s efficacy was 27 per cent higher than a licensed influenza vaccine in adults 50 years and older, the company said in a statement this morning. The trial enrolled more than 40,000 adults across 11 countries. The results set the stage for Moderna to offer a single shot that protects against Covid and flu. Moderna believes packaging the two immunizations together will lead to higher uptake of Covid vaccines. That reporting is from our partners at Bloomberg News.
Trump says he’s identified a TikTok buyer: Donald Trump said he has identified a buyer for the U.S. operations of TikTok, the social media app owned by Chinese company ByteDance Ltd. But Trump did not name the winning bidder. Completing a sale would require the approval of Chinese president Xi Jinping. ByteDance and the Chinese government have long opposed such a deal. “We have a buyer for TikTok, by the way. I think I’ll need probably China approval, and I think President Xi will probably do it,” Trump said on Sunday. “It’s a group of very wealthy people.” That reporting is also from our partners at Bloomberg News.
