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The S&P/TSX Composite Index rose 0.2% to close at 26,426 on Tuesday, just shy of last week’s record high, supported by optimism over a potential thaw in US–China trade tensions. Investors welcomed reports that export-control talks in London were progressing smoothly, with Washington reportedly weighing an easing of semiconductor restrictions in exchange for accelerated rare-earth shipments. Hopes of reduced supply-chain friction boosted global trade sentiment and strengthened demand prospects for Canada’s commodity-heavy export base. Gains were broad-based, led by energy, as shares of Canadian Natural Resources, Suncor, Imperial Oil, and Cenovus rose between 1.6% and 2.4%. E-commerce giant Shopify also outperformed, adding 2.2%.

TSX Nears Record High

US stocks finished higher on Tuesday as investors kept a close watch on US-China trade talks, buoyed by comments from Commerce Secretary Howard Lutnick, who said negotiations were going “really, really well.” The S&P 500 climbed 0.5%, marking 3rd day wining streak, while the Dow added 105 points and the Nasdaq advanced 0.6%. Talks in London stretched into a second day, with both sides working late to finalize technical details, fueling optimism over a potential agreement to avoid further tariff escalation. Energy led sector gains, followed by consumer discretionary and health care, while industrials lagged. Tech stocks were strong, with Tesla jumping 5.7% to lead large-cap gainers. In contrast, JM Smucker plunged 15.6% after warning that tariffs were squeezing margins in its coffee business. Elsewhere, Moderna fell 1.7%, while Pfizer rose 3% after US Health Secretary Robert Kennedy Jr. dismissed all CDC vaccine policy advisors late Monday.

S&P 500 Post 3rd Day Winning Streak

Brent crude oil futures dipped 0.2% to settle at $66.9 per barrel on Tuesday, as traders kept a close eye on US-China trade talks, which entered a second day in London. Despite the decline, market sentiment remained cautiously optimistic, with US Commerce Secretary Howard Lutnick describing the negotiations as going "really, really well." On the supply front, Saudi Aramco reportedly reduced its July oil shipments to China by 1 million barrels compared to June, signaling that the OPEC+ production increase may not result in a significant supply boost. Meanwhile, Iran announced it would submit a counter-proposal for a nuclear deal, and any easing of US sanctions could allow it to export more oil, potentially weighing on prices. At the same time, the EU unveiled a fresh sanctions package targeting Russia’s energy sector, which could tighten global supply.

Brent Slips Below $67

WTI crude oil futures fell nearly 0.5% to settle slightly below $65 per barrel on Tuesday, as traders kept a close eye on US-China trade talks, which entered a second day in London. Despite the decline, market sentiment remained cautiously optimistic, with US Commerce Secretary Howard Lutnick describing the negotiations as going "really, really well." On the supply front, Saudi Aramco reportedly reduced its July oil shipments to China by 1 million barrels compared to June, signaling that the OPEC+ production increase may not result in a significant supply boost. Meanwhile, Iran announced it would submit a counter-proposal for a nuclear deal, and any easing of US sanctions could allow it to export more oil, potentially weighing on prices. At the same time, the EU unveiled a fresh sanctions package targeting Russia’s energy sector, which could tighten global supply.

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