S&P/TSX composite rises while U.S. markets post new highs amid hopes for Iran war

Toronto's Financial District is seen in this file photo (The Canadian Press)

TORONTO — Canada’s main stock index finished in positive territory while the S&P 500 and Nasdaq reached new highs south of the border as hopes built that the global economy can avoid a worst-case scenario from the war with Iran.    

Sadiq Adatia, chief investment officer at BMO Global Asset Management, said Wednesday’s trading session was relatively positive. 

“Market momentum is good. I think people are happy about what they’re seeing from the Iran-U.S. situation looking like the worst was behind it, and the market is going back to fundamentals, which is always a good thing,” he said. 

However, Adatia said there could be volatility ahead with the Iran situation. 

The S&P/TSX composite index was up 53.63 points at 34,155.99.

In New York, the Dow Jones industrial average was down 72.27 points at 48,463.72. The S&P 500 index was up 55.57 points at 7,022.95, while the Nasdaq composite was up 376.93 points at 24,016.02.

The S&P 500 rose 0.8 per cent and eclipsed its prior all-time high set in January. After falling nearly 10 per cent below its record in late March, a drop steep enough that Wall Street calls it a “correction,” the index at the heart of many 401(k) accounts has since roared more than 10 per cent higher.

Much of the rally has been due to expectations for calming tensions in the war and a resumption of the full flow of oil from the Persian Gulf to customers worldwide. Hopes remained high Wednesday as regional officials told The Associated Press that the United States and Iran had an “in-principle agreement” to extend a ceasefire to allow for more diplomacy.

To be sure, stocks could easily get back to falling if those expectations get undercut, which has happened before in the war. Oil prices drifted up and down Wednesday and showed that caution remains in financial markets. Stock indexes around the world also made only modest movements following their big gains in recent weeks.

The June crude oil contract was down six cents US at US$88.13 per barrel. 

The price for a barrel of Brent crude, the international standard, added 0.1 per cent to settle at US$94.93. That’s still well above its roughly US$70 price from before the war, though it’s down from its US$119 peak when worries about the fighting were at their heights.

On the TSX, the technology sector was leading the gains, as Shopify Inc. rose 8.12 per cent.

Adatia said the gains in Canadian tech stocks were likely tied to moves in the U.S. market, where a rebound is “lifting all tech sectors across all regions.” 

On the losing end of the Canadian stock market was BRP Inc., which lost 35.37 per cent on the day. That company suspended its financial forecast and said revised U.S. tariff rules will take a half-billion-dollar bite out of the Ski-Doo maker. 

“I think right now, what you’re seeing is a lot of people focusing on the Iran situation and not spending as much time on the tariffs,” Adatia said. “But I think that will come back again, once that situation resolves.” 

The Canadian dollar traded for 72.75 cents US compared with 72.69 cents US on Tuesday.

The June gold contract was down US$26.50 at US$4,823.60 an ounce.  

Daniel Johnson, The Canadian Press. With files from The Associated Press.

This report by The Canadian Press was first published April 15, 2026.