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Investing.com - Canada’s main stock index closed higher on Tuesday as investors weighed global trade uncertainties and declining gold prices.
The S&P/TSX Composite index rose 37.7 points, or 0.10%, to 26,426.64 on Tuesday, extending Monday’s record-setting rally.
By the 4:00 ET close, the S&P/TSX 60 fell less than 1 point, or 0.04%, following a gain of 0.8% in the previous session.
Elsewhere, wildfires in Alberta have reportedly dented oil sands production in the region by more than 344,000 barrels per day, or roughly 7% of Canada’s overall crude output.
Although the OPEC+ producer group said it plans to stick to its plans to increase output, oil prices broadly rose on Monday, lifting shares in oil producers like Canadian Natural Resources (TSX:CNQ) and Cenovus Energy (TSX:CVE).
U.S. markets finish higher
U.S. stock indexes advanced on Tuesday, buoyed by strength in Nvidia and other chipmakers, as investors awaited clarity on Washington’s tariff stance and the possibility of negotiations with trading partners.
At the 4:00 ET close, the the blue chip Dow Jones Industrial Average rose 214.2 points, or 0.5%, the S&P 500 gained 34.4 points, or 0.6%, and the tech-heavy NASDAQ Composite added 156.3 points, or 0.8%.
Shares of NVIDIA Corporation (NASDAQ:NVDA) closed up 2.8% at $141.22. Nvidia partner CoreWeave Inc (NASDAQ:CRWV) was the biggest gainer on the day, rising 25.2% and continuing to surpass record highs following its March IPO.
Another semiconductor stock that drove markets higher was ON Semiconductor Corporation (NASDAQ:ON), gaining 11.3% on the day due to executive comments at a BofA conference.
In after-hours earnings, CrowdStrike Holdings Inc (NASDAQ:CRWD) stock sank despite an earnings beat, as guidance fell short of estimates.
U.S. President Donald Trump’s "big beautiful bill" drew criticism from the world’s richest man and former DOGE head, Elon Musk, who called the bill "pork-filled" and counterintuitive to debt reduction.
Gold prices cool
Gold prices fell in trade on Tuesday, facing some profit-taking after heightened geopolitical tensions in Europe and the Middle East, along with persistent trade uncertainty, sparked strong gains.
Bullion prices started June on a strong note as Ukraine launched a deadly drone strike against Russia, largely undermining peace talks held on Monday. Moscow also showed little intent in reaching a lasting ceasefire.
Additionally, U.S.-Iran nuclear talks were seen breaking down after Trump said Tehran will not be allowed to enrich uranium. Gold had risen sharply on Monday, with persistent concerns over higher U.S. trade tariffs and worsening relations with China also driving demand for safe havens.
Gold prices slipped following recent gains driven by worries over refueled global trade tensions and a weakening dollar. By 5:10 ET Spot gold fell 0.8% to $3,353.43 an ounce, while August gold futures lost 0.6% to $3,377.00/oz.
Spot gold had rallied over 2% on Monday.
Crude edges higher
Oil prices edged higher Tuesday, extending the prior session’s sharp gains as uncertainty over a U.S.-Iran nuclear deal and worsening tensions between Ukraine and Russia heralded more potential supply disruptions.
At 5:10 ET Brent futures climbed 1.5% to $65.59 a barrel, and U.S. West Texas Intermediate crude futures rose 1.3% to $63.34 a barrel.
Iran is expected to reject a U.S. proposal to end a decades-old nuclear dispute, meaning continued sanctions, which would limit Iranian supply and be supportive of oil prices.
Both contracts gained nearly 3% in the previous session after the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, agreed to keep output increases in July at 411,000 barrels per day, which was less than some in the market had feared and the same hike as the previous two months.
(Scott Kanowsky and Pratyush Thakur also contributed to this article)