Mixed Trading in North American Markets as Energy Costs Climb
Wall Street Performance
The S&P 500 slipped less than 0.1 percent, marking its best day in three weeks after a seesaw of modest gains and losses throughout the session. The Dow Jones Industrial Average added 61 points, a 0.1 percent rise, while the Nasdaq Composite fell 0.3 percent.
Canadian Benchmark Gains
On Bay Street, the TSX climbed about 0.3 percent, driven largely by strength in the mining sector, particularly gold and silver producers. Meanwhile, stocks in technology, construction and retail posted modest declines.
Corporate Earnings Shape Market Direction
Philip Morris International
Shares of Philip Morris International rose 2.4 percent after the tobacco company reported better‑than‑expected profit and sales for the latest quarter, with shipments of smoke‑free products up 7.5 percent.
AT&T
AT&T gained 2.7 percent following a stronger profit beat. CEO John Stankey announced an acceleration of shareholder returns, pledging about $10 billion in stock buybacks for the year.
Super Micro Computer
Super Micro Computer surged 21.1 percent as the AI server specialist said it expects higher profit margins in the current quarter than previously forecast, though revenue is projected near the lower end of its $11 billion to $12.5 billion outlook.
GE Vernova
GE Vernova fell 7.9 percent after reporting a quarterly profit below analysts’ expectations, weighing on the broader index.
Alphabet
Alphabet edged up 0.1 percent ahead of its scheduled earnings release. Investors are watching closely, given the company’s large size and heavy spending on artificial‑intelligence technologies.
Micron Technology
Micron Technology oscillated between a 3.6 percent loss and a 0.8 percent gain on the day. After a 14.4 percent rise in the first two days of the week—effectively erasing a 13.3 percent drop the prior week—the stock remains up roughly 241 percent year to date.
Energy Market Pressures
Oil Prices Surge
Brent crude rose 3.3 percent to $94 a barrel, briefly touching $95 and reaching its highest level in nearly six weeks. The price jump follows tighter supply as fighting in the Middle East discourages tankers from using the Strait of Hormuz, a key conduit for about a fifth of global oil and gas trade.
Gasoline Costs and Consumer Impact
The U.S. average price for regular gasoline climbed to $4.06 per gallon, still below the May peak of $4.56 but higher than the pre‑February level of under $3 per gallon.
Inflation and Interest Rate Outlook
Higher oil prices risk reigniting inflation, which could lead the Federal Reserve and other central banks to raise interest rates, slowing economic activity and dampening asset prices.
Bond Yields and Mortgage Rates
The 10‑year Treasury yield increased to 4.66 percent from 4.63 percent the previous day and from 3.97 percent before the Iran conflict, contributing to a rise in long‑term mortgage rates to their highest point in almost a year.
Global Market Overview
European and Asian Indices
European markets posted gains, with London’s FTSE 100 up 1.2 percent, while Hong Kong’s Hang Seng slipped 1 percent amid mixed trading in Asia.
