Canadian Stocks Bounce Back on Diplomatic Efforts

Futures tracking Canadian stocks rose on Friday as oil prices pulled back due to prospects of diplomatic efforts easing tensions around the Strait of Hormuz.

Gulf foreign ministers are set to meet their Iranian counterpart in Oman on Monday to secure support for a temporary arrangement to manage shipping through the strait.

The halt in energy price surge allowed equities to enjoy some respite, while gold prices rebounded, supporting heavyweight mining stocks. However, copper extended its decline after dragging copper miners lower on Thursday.

Meanwhile, the US Consumer Price Index (CPI) held steady at 3.4% annually in August 2026, meeting expectations. Descartes Systems reported second-quarter revenue slightly above estimates.