Wall Street flirted with record highs on Tuesday as oil prices gave back some of Monday's sharp gains, easing inflation concerns. The S&P 500 and Nasdaq both edged higher in morning trading, while the Dow Jones Industrial Average hovered near its all-time high.
Market Overview
Investors focused on a batch of corporate earnings and economic data, including job openings and factory orders. The pullback in crude oil prices provided relief after Monday's spike, which had been driven by geopolitical tensions and supply worries. West Texas Intermediate crude fell about 2% to trade near $78 per barrel.
Key Movers
- Energy stocks declined as oil prices retreated, with Exxon Mobil and Chevron both down around 1%.
- Technology shares gained, led by Apple and Microsoft, as bond yields stabilized.
- Financial stocks were mixed ahead of the Federal Reserve's next policy meeting.
Canadian Markets
In Canada, the TSX composite index rose modestly, supported by gains in the technology and healthcare sectors. Toronto gas prices are expected to increase again on Wednesday, adding to consumer concerns. Meanwhile, nearly a dozen Toronto schools received bomb threats, leading to evacuations at two of them.
Other Headlines
Prime Minister Mark Carney is set to name Louise Arbour as Canada's next governor general, sources told CTV News. In Ottawa, vehicle thefts remain a major issue, with 1,488 cars stolen in 2025, according to police data. Alberta separatists have submitted thousands of signatures on a referendum petition.
On the international front, Romania's pro-European coalition collapsed after the prime minister lost a no-confidence vote. In China, an explosion at a fireworks plant killed at least 26 people and injured dozens.
Outlook
Markets will continue to monitor oil prices, earnings reports, and upcoming economic data, including the monthly jobs report due on Friday. The Federal Reserve's stance on interest rates remains a key focus for investors.
