Cleveland-Cliffs Stock Is Tanking. Steel-Mill Shutdowns Aren't a Good Sign. — Barrons.com

The S&P/TSX Composite Index hovered above the flatline at the 25,150 mark on Thursday, driven by strength in energy shares amid firmer oil prices and upbeat corporate earnings.

Cenovus led the sector, soaring over 7% after posting stronger-than-expected first-quarter results, while Canadian Natural climbed more than 4% as robust production pushed profits past analyst forecasts.

Suncor and Imperial Oil also gained, rising over 1% and 2%, respectively.

Conversely, e-commerce mega-cap Shopify tumbled over 3% after weak gross merchandise volume and slowing subscription growth overshadowed a revenue beat, raising concerns about merchant activity and future profitability.

Meanwhile, US President Donald Trump’s announcement of an impending US–UK trade deal—the first since the onset of tariff tensions—offering hope for a shift toward less disruptive trade dynamics and boosting risk appetite globally.

US stocks rose on Thursday, with the S&P 500 rising 0.6%, the Nasdaq adding 0.9% and the Dow Jones jumping 230 points, as investors welcomed President Trump's announcement of a US-UK trade deal.

Sentiment was further boosted by reports that the administration is preparing to roll back some Biden-era restrictions on chipmakers.

Consumer discretionary, energy and communication services were by far the top performers while health and utilities underperformed.

Megacaps Apple (0.6%), Microsoft (1.6%), Nvidia (0.5%), Amazon (1.2%), Meta (2.2%), Alphabet (1.2%) and Tesla (3.2%) were all higher.

Meanwhile, Trump said he would not lower tariffs on China as a condition to begin trade negotiations ahead of US-China talks in Switzerland this weekend.

Yesterday, the Fed kept the fed funds rate steady as expected but noted that uncertainty about the economic outlook has increased further and that the risks of higher unemployment and higher inflation have risen.

The Ibovespa climbed more than 1% to above the 135,200 level on Thursday as investors absorbed back-to-back central-bank decisions and sifted through corporate earnings.

The Federal Reserve held rates steady but cautioned that new US tariffs could exacerbate inflation and job-market risks, while Brazil’s Copom raised the Selic by 50?bps to 14.75% and signaled that further moves will hinge on incoming data, underscoring a commitment to sustained tight policy.

Financials powered the rally—Bradesco jumped over 14% on robust Q1 results, B3 rallied more than 4% thanks to heavy trading volumes, and Itaú added over 2%, Additionally, commodity producing giants Petrobras and Vale advanced on firmer oil amid news that senior US and Chinese officials will convene in Switzerland to ease trade tensions.