Bay Street Looks Headed For Weak Start

(RTTNews) - Canadian shares are likely to open on a negative note Friday morning, tracking weak global cues amid lingering concerns about the situation in the Middle East, despite U.S. President Donald Trump extending the pause on strikes on Iran by 10 days.

Higher oil and gold prices could trigger some buying in resources stocks, but the undertone is likely to remain cautious amid reports the Pentagon is planning to send 10,000 more troops to the Middle East, signaling a possible escalation in tensions in the region. In economic news, data from Statistics Canada said Canada's wholesale trade likely rose 2.3% month-over-month in February 2026, according to advance estimates, following a 1.0% increase in January. This expansion would mark the highest gain since April 2024.

Canadian stocks fell sharply on Thursday, snapping a three-day winning streak, as investors refrained from making big moves as Iran gave a muted response to U.S. peace proposals, deepening the Middle East conflict.

The benchmark S&P/TSX Composite Index ended the session with a loss of 495.08 points or 1.53% at 31,887.52.

Selling was widespread, with only the Utilities Capped index moving higher. The market was in a "risk-off" mode after a series of "hard-soft-hard" stance reversals by U.S. President Donald Trump over the past few days on U.S.-Iran peace proposals.

Asian stocks ended mostly lower on Friday, mirroring steep declines on Wall Street overnight amid lingering geopolitical tensions in the Middle East.

Claiming that talks with Tehran are "going very well," U.S. President Doanld Trump announced he would delay attacks on Iran's energy infrastructure by an additional 10 days — extending for a second time his deadline for Iran to reopen the Strait of Hormuz.

The major European markets are down in negative territory today, losing ground for a second straight day amid lingering uncertainty about the status of U.S.-Iran peace talks. Worries about inflation and fears of possible rate hikes by central banks deter investors from picking up stocks.

In commodities trading, West Texas Intermediate Crude oil futures are up $2.65 or 2.8% at $97.13 a barrel.

Gold futures are gaining $43.20 or 0.98% at $4,419.50 an ounce, while Silver futures are down $0.124 or 0.18% at $67.810 an ounce.