Canadian stock index futures advanced on Wednesday after U.S. President Donald Trump said he would pause for three days a planned 50% tariff on roughly $20 billion of Canadian goods, including wine, furniture and hockey sticks.
The S&P/TSX composite index was up 0.1% at 36,401.79 by the close, gaining 33.86 points. U.S. benchmarks also climbed, with the S&P 500 rising 0.2% to 7,710.70, while the Dow Jones Industrial Average added 0.2% to 53,463.11. The tech-heavy NASDAQ Composite gained 0.2% to 26,331.09.
The tariff truce follows a July announcement in which the U.S. invoked a Depression-era law to target Canadian products it said were discriminating against American goods. The deal, if finalized, would also include improved market access for U.S. autos and certain industrial metals, according to the Office of the U.S. Trade Representative.
Canadian Prime Minister Mark Carney said discussions with the White House had made progress but emphasized that "important work" remained. He reiterated Canada’s goal of building a more independent and competitive economy.
Oil prices extended gains, with Brent crude futures holding above $91 per barrel, while U.S. Treasury yields steadied after the 10-year rate approached its highest level since June 2007 earlier in the week. The 10-year yield ended at about 4.71%.
Gold futures also edged higher, while the Philadelphia Semiconductor Index fell more than 2% after earlier losses.
In corporate news, Marvell Technology advanced following reports of a commercial agreement with Alphabet’s Google to develop custom semiconductor products.
