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Futures tracking the S&P/TSX Composite Index declined on Tuesday, pressured by stalled U.S.-Iran negotiations and mounting concerns over OpenAI’s recent performance. With the Strait of Hormuz effectively closed, markets are increasingly worried about a potential energy shock that could fuel global inflation.
While both the Bank of Canada and the U.S. Federal Reserve are widely expected to leave interest rates unchanged on Wednesday, investors fear that energy-driven stagflation could eventually push policymakers toward a more hawkish stance later this year. That prospect is weighing on major banks and the broader index.
Sentiment toward the technology sector also deteriorated after OpenAI reported weaker-than-expected user growth and revenue, dragging on peers such as Shopify. Miners are poised to open lower as well, following a pullback in gold prices.
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In more positive news, BMO raised its target price on Celestica after the company delivered an earnings-per-share beat, while Fairfax Financial is set to report results later today.
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