Investing.com — Canada’s main stock index opened higher on Tuesday after U.S. President Donald Trump delayed tariffs on the European Union, as, once again, fears of an escalating global trade war were eased.
By 9:45 ET, the bellwether S&P/TSX 60 index gained 6.6 points points or 0.4% in trading.
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Toronto’s S&P/TSX was up 102.6 points or 0.4% following the previous session, in which the index rose 0.75%, hitting a record high.
Scotiabank (TSX:BNS) reported mixed earnings with 9% YoY revenue growth, but declining EPS. The stock was up 1.1% after markets opened.
In other news, Hudson (NYSE:HUD)’s Bay disclosed that it will terminate more than 8,300 employees and close its stores as of June 1. This comes following the completion of its liquidation sale.
U.S. stocks gain
Trading in U.S. stock indexes was also higher on Tuesday, as investors gauged the tariff news and a durable goods report.
As of 10:00 ET, the S&P 500 jumped 71.5 points or 1.2%, the Nasdaq Composite was up 295.8 points or 1.6%, and the Dow Jones Industrial Average vaulted higher by 403.1 points or 1%.
Wall Street was closed on Monday for Memorial Day. All three major indices fell 2% or more in last week’s trading.
Sentiment received a boost after Trump stated late Sunday that he had agreed to postpone his recently proposed 50% tariffs on goods from the EU to July 9, following a call with EU President Ursula von der Leyen.
Orders for durable goods–items designed to last three years or more–fell 6.3% last month after a hefty revised 7.6% gain in March, the Commerce Department’s Census Bureau said on Tuesday.
Investors are eyeing NVIDIA’s (NASDAQ:NVDA) earnings, expected Wednesday after market close. The company is seen as the key indicator of the health of the AI and semiconductor sector, and is the second-most-valuable company in the world by market cap.
Crude Oil prices drop
Oil prices slipped in Tuesday’s trading, as investors remained cautious ahead of a key OPEC+ meeting.
By 10:10 ET, WTI Crude was down 0.9%, pricing in at $60.98 a barrel, while Brent Oil dropped 0.9% to $63.50 per barrel.
OPEC+ has been in the process of unwinding output cuts, announcing additions to the market in May and June.
Gold Futures fall on easing fears
Gold traded downward on Tuesday, as investors turned away from the precious metal following Trump’s tariff pause.
At 10:10 ET, Gold Spot dropped 1.3% to $3,296.05/oz, while Gold Futures traded lower by 2.1%, pricing in at $3,324.46/oz.
(Peter Nurse also contributed to this article)
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