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Oil Surges Past $103 as TSX Extends Losing Streak

  Markets are lower this morning as oil surges past US$103 and tech stocks remain under pressure, with the TSX coming off a fourth straight decline. Below is your ready-to-publish Canadian Money Brief update for April 29, 2026 , built from today’s market data and news. TSX slips as oil spikes and global tensions rise The S&P/TSX Composite opened at 33,584 , down 0.69% from yesterday’s close as weakness in tech and materials continues to weigh on the index. Rising geopolitical tensions and renewed uncertainty around the Iran conflict have pushed WTI crude above US$103 , lifting Canadian energy names but not enough to offset broader declines.  U.S. markets are also softer, with the S&P 500 down 0.49% and tech stocks retreating amid renewed AI growth concerns.  Oil rallies on OPEC turmoil Crude prices are up more than 3% , driven by the UAE’s announcement that it will exit OPEC and by expectations of prolonged supply disruptions tied to the Iran war.  ...
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Stock Market Update: Oil Surge and Fed’s Caution Impact Stocks Ahead of March Jobs Report

 




The stock market faced headwinds today as oil prices soared to their highest level in six months, while a Federal Reserve official’s warning added to investor caution. Here are the key highlights:

  1. Market Retreat:

    • The Dow Jones Industrial Average (DJI) declined by almost 1.4%, shedding 550 points.
    • The S&P 500 (GSPC) dropped 1.2%, marking its worst single-day decline since February 13.
    • The tech-heavy Nasdaq Composite (IXIC) slipped 1.4%.

  2. Fed’s Caution:

    • Minnesota Fed President Neel Kashkari suggested that the Fed may not cut interest rates in 2024 if inflation progress stalls.
    • Investors reacted to this cautious stance, reversing strong midday gains.

  3. Oil Price Surge:

    • Escalating tensions in the Middle East drove oil futures up by more than 1%.
    • West Texas Intermediate (CL=F) settled at $86.59 per barrel, and Brent (BZ=F) closed at $90.65 per barrel, reaching their highest levels since October.

  4. March Jobs Report Anticipation:

    • All eyes are now on the upcoming March jobs report, scheduled for release on Friday morning.
    • Experts expect it to provide insights into the robustness of the US labor market.
    • Initial jobless claims data released today showed a rise to 221,000, the highest level since January.

In summary, the stock market remains sensitive to oil price fluctuations and Fed communications. Investors eagerly await the jobs report, which will influence the Fed’s policy decisions. Stay tuned for further updates! 

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