Futures tied to the S&P/TSX Composite Index slipped on Friday, mirroring a broader tech-led pullback on Wall Street. North American technology shares gave up earlier gains as mounting concerns over hyperscaler AI spending outweighed positive demand signals from Micron and Qualcomm. Energy stocks also came under pressure, with oil prices retreating to pre-conflict levels amid easing supply fears and an increase in tanker traffic through the Strait of Hormuz.
This came even as Iran asserted its right to control shipping in the Strait and cautioned Gulf states against aligning with the US, a day after an attack on a vessel near Oman highlighted the fragility of the tentative peace agreement. Meanwhile, Canada and Japan are deepening cooperation on mining projects, including the possibility of joint stockpiles. Firming gold prices provided additional support to mining shares.
