Dilip Patel, a specialist, focuses on his work at the New York Stock Exchange floor on Monday, April 28, 2025. (AP Photo/Richard Drew)
Canada’s main stock index edged higher on Monday as voters wrapped up the federal election. Meanwhile, U.S. stock markets showed a mixed pattern ahead of major tech companies announcing their earnings.
The S&P/TSX composite index gained 88.08 points, finishing the day at 24,798.59.
Ashish Utarid, vice-president of investment strategy at IG Wealth Management, explained that it’s common for markets to stay steady on election day because most expectations have already been factored in. He added that once election results are known, investors will have a clearer idea about the direction of Canada's economy.
“Today’s calm performance wasn’t surprising," Utarid said, noting that markets often wait for certainty before making big moves.
Looking ahead, Utarid said that no matter which party wins, Canada's focus will likely shift toward strengthening trade ties beyond the United States, especially given recent global trade tensions. Canadians, he added, are expecting faster efforts to open new trade opportunities for both resources and technology.
In the U.S., stock markets painted a mixed picture. The Dow Jones Industrial Average rose 114.09 points to 40,227.59. The S&P 500 edged up 3.54 points to 5,528.75, while the Nasdaq composite slipped by 16.81 points to 17,366.13.
Investors are keeping a close eye on tech giants like Amazon, Microsoft, Meta, and Apple, all of which are set to release their earnings this week. Since these companies have a massive influence on the market, even small changes in their stock prices could sway the broader indexes.
Utarid mentioned he is particularly interested in what these tech firms will say about the global economy's future, considering the ongoing trade issues.
When it comes to navigating the current financial uncertainty, Utarid advised investors to assess their personal situations carefully. Those with stable jobs and manageable debt might find good opportunities to buy quality stocks at lower prices in the coming months.
However, in the short term, he warned that anxiety and market fluctuations could persist. "We always remind clients to stay grounded and really understand their personal financial standing," he emphasized.
Meanwhile, the Canadian dollar ended the day at 72.20 cents U.S., slightly up from 72.13 cents on Friday.
In commodities, the June crude oil contract dropped 97 cents to settle at US$62.05 a barrel. Natural gas for June delivery rose 23 cents to US$3.34 per mmBTU. Gold prices for June delivery jumped by US$49.30 to US$3,347.70 an ounce, while July copper contracts dipped slightly by half a cent to US$4.89 a pound.
