Oil prices climb, Canadian equities fall as talks to end Middle East war stall

Canada's main stock index closed lower on Wednesday while U.S. markets were mixed, as oil prices climbed amid wavering de-escalation efforts in the Middle East conflict. The June crude oil contract was up US$6.95 at US$106.88 per barrel, and Brent crude oil climbed 5.8 per cent to settle at US$110.44 per barrel. The S&P/TSX composite index was down 265.95 points at 33,318.39. In New York, the Dow Jones industrial average was down 280.12 points at 48,861.81, while the Nasdaq composite was up 9.44 points at 24,673.24. Major tech companies reported profit growth, with Amazon and Meta Platforms exceeding expectations. Central banks in Canada and the U.S. held their overnight interest rates steady.