The S&P/TSX Composite Index rose 0.7% to close at 34,759 on Friday as weak GDP data reinforced expectations of a dovish Bank of Canada. Canada's economy unexpectedly contracted in the first quarter of 2026 from a year earlier, marking a second consecutive quarter of annual decline. The data strengthened expectations that the BoC will not rise rates soon, with markets broadly anticipating a hold at the June 10 meeting. Expectations of a dovish BoC, and progress toward a US-Iran peace deal pushed bond yields lower and eased concerns about higher borrowing costs. Both parts agreed to extend their ceasefire and lift restrictions on shipping through the Strait of Hormuz, although the deal still requires approval from US President Trump. In finance, RBC was up 1.5% and Great-West Lifeco gained 1%. Gold prices rose for a second consecutive session, lifting miners such as Agnico Eagle (+3.2%) and WPM (+3.3%). Tech stocks also outperformed, with Shopify rising 3.8% and Celestica surging 10.2%.

TSX Rises as Weak GDP Fuels Dovish BoC Bets

US equities rose to record highs on Friday as markets gauged the sustainability of the AI rally and assessed the outlook of oil supply from the Middle East and its impact on inflation. The S&P 500 and Nasdaq each rose 0.2%, while the Dow Jones gained 0.8%. On a monthly basis, the Nasdaq jumped around 8%, the S&P 500 advanced 5%, and the Dow rose 2%. Reports indicated yesterday that the US and Iran have agreed to a 60-day memorandum that would extend the ongoing ceasefire and start the progress of restoring vessel flows through the Strait of Hormuz, although President Trump has not yet signed-off on the deal. Energy prices and bond yields retreated to deliver broad, although muted, support to the stock market. The financial and consumer defensive sectors were cautiously higher. Microsoft gained 5.4% and Oracle rose over 10%, with AI software supported by a new investment round in Anthropic. Also, Dell surged over 30% as its AI server business boosted its latest guidance.

US Stocks Post Strong Monthly Gains

WTI crude oil futures fell 1.1% to below $88 per barrel on Friday, the lowest in roughly six weeks, ending May down 16.2%. The move followed reports that the US and Iran have reached a preliminary agreement to extend a ceasefire and ease restrictions on shipping through the Strait of Hormuz, although President Donald Trump has not yet approved the deal and Iranian state media said it has not been finalized. The potential agreement has raised expectations of an eventual end to the US-Israeli war in Iran and a reopening of the Strait of Hormuz, a critical route for about one-fifth of global oil and LNG flows. Analysts warn that any recovery in flows would likely be slow, as mines would need clearing, damaged infrastructure repaired and shut-in production restarted, with tanker delays also limiting supply restoration.

Oil Falls on Friday, Logs Monthly Loss

Uruguay’s trade deficit widened to $430.8 million in April 2026 from $130.2 million a year earlier. Imports rose 5.5% year-on-year to $1.15 billion, driven by an 11.3% increase in consumer goods purchases, including a 20.4% jump in vehicle imports. Imports of intermediate goods rose 4.8%, led by a 12.8% increase in food and beverage products. In contrast, capital goods imports fell 7.1%, weighed down by a 19.5% decline in transport equipment purchases. Meanwhile, exports increased 8.2% to $719.8 million, supported by a 14.1% rise in primary product shipments and a 6.1% increase in manufacturing exports. Sales of utilities, however, plunged 47.8%.

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TSX Rises as Weak GDP Fuels Dovish BoC Bets

US Stocks Post Strong Monthly Gains

Oil Falls on Friday, Logs Monthly Loss

Uruguay Trade Deficit Widens Sharply in April