Canadian, U.S. markets rise while oil falls and SpaceX soars in Wall Street debut

A Toronto Stock Exchange ticker is seen at The Exchange Tower in Toronto on Thursday, August 18 2011. THE CANADIAN PRESS/Aaron Vincent Elkaim

TORONTO — Canadian and U.S. stock markets rose on Friday as oil prices fell and SpaceX surged in its Wall Street debut.   

“Obviously, the big event today is the SpaceX IPO trading, which happened midway through the day,” said Ryan Crowther, portfolio manager at Franklin Templeton’s ClearBridge Investments. 

“But there are also some crosscurrents in the market today, where you have on one hand, the SpaceX IPO showing that there’s still a very strong appetite for long-duration growth (and) AI-linked infrastructure. On the other hand, the U.S.-Iran headlines are taking some of the geopolitical risk premium out of oil and inflation expectations.” 

The S&P/TSX composite index was up 266.39 points at 34,937.85.  

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In New York, the Dow Jones industrial average was up 353.51 points at 51,202.26. The S&P 500 index was up 37.16 points at 7,431.46, while the Nasdaq composite was up 79.18 points at 25,888.84.  

SpaceX’s stock leaped 19.2 per cent in its first day of trading. That gave Elon Musk’s rocket company a total value of US$2.1 trillion, making it bigger than Exxon Mobil, Bank of America and Coca-Cola combined.

AI-related stocks were otherwise mixed following their roller-coaster moves over the last week. 

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Meanwhile, the U.S. war with Iran also remains a big focus for Wall Street after U.S. President Donald Trump on Thursday called off his threat to launch strikes on Iran and said a potential deal with the country may be imminent.

Stocks got a lift from a 3.4 per cent drop for the price of Brent crude oil to US$87.33 per barrel, deepening its loss for the week.

The July crude oil contract was down US$2.83 at US$84.88 per barrel

A deal to end the war could reopen the Strait of Hormuz and allow oil tankers to once again deliver crude from the Persian Gulf to customers worldwide. Its near closure since the war began has sent the price of Brent up from roughly US$70 per barrel and caused a wave of painful inflation for the world.

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Of course, financial markets have rallied in the past on hopes that an end to the war with Iran was near, only to get disappointed each time.

“There’s been a lot of disappointments around the expectations with regard to the U.S. and Iran,” Crowther said. 

“There’s still some hesitation as to the buy-in of the market … despite the fact that we’ve seen this back-and-forth sentiment, it still does move the market when we’re getting news like this.” 

The August gold contract was up US$124.80 at US$4,238.80 an ounce. 

The Canadian dollar traded for 71.55 cents US compared with 71.46 cents US on Thursday.

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Daniel Johnson, The Canadian Press

With files from The Associated Press.

This report by The Canadian Press was first published June 12, 2026.