Bay Street Seen Opening On Mixed Note

(RTTNews) - Canadian stocks are likely to open on a mixed note Friday morning with investors making cautious moves, assessing the situation in the Middle East.

Iran has tightened its grip over the key Strait of Hormuz and U.S. President Donald Trump said he has ordered the Navy to "shoot and kill any boat" that is putting mines in the waters of the Strait of Hormuz.

Trump said the United States is not rushing to resolve the conflict with Iran, describing Iran's leadership as being in turmoil.

According to reports, Iranian Parliament Speaker Mohammad Bagher Ghalibaf has resigned from U.S. negotiations, signaling a shift toward hardline unity.

On the economic front, retail sales in Canada are estimated to have increased 0.6% month-over-month in March 2026, according to a preliminary estimate.

Fairfax Financial Services and Advantage Oil & Gas are scheduled to announce their quarterly earnings today.

Canadian stocks ended nearly flat on Thursday as Iran's reluctance to engage with the U.S. for negotiations has resulted in twin blockades across the Strait of Hormuz, raising concerns of a protracted war and long-term inflation, prompting traders to avoid risky assets.

After opening below yesterday's close, today the benchmark S&P/TSX Composite Index remained volatile throughout the session giving back early gains before settling at 33,912.93, down by 42.18 points (or 0.12%).

Asian stocks turned in a mixed performance on Friday as U.S.-Iran tensions persisted over the control of the Strait of Hormuz.

European markets are down in negative territory, weighed down by concerns about tensions in the Middle East and a lack of progress in U.S.-Iran peace efforts.

In commodities, West Texas Intermediate Crude oil futures are down $1.02 or 0.98% at $94.83 a barrel.

Gold futures are down $4.00 or 0.08% at $4,720.00 an ounce, while Silver futures are up $0.456 or 0.6% at $75.960 an ounce.