Canada’s main stock index edged lower while U.S. markets continued a record streak after oil prices eased and companies kept reporting bigger profits for the start of the year than analysts expected.

“The rally is also based on the extreme success of the earnings season so far. We’ve had more than 80 per cent of companies beating expectations, and these expectations were already high and we’re seeing growth both on the top line and bottom line,” said Pierre-Benoît Gauthier, vice-president of investment strategy at IG Wealth Management.

“On the bottom line, it’s actually growth of almost 20 per cent EPS (earnings per share). So this is a really special quarter, really a monster quarter.”

The S&P 500 climbed almost one per cent to top its prior all-time high set at the end of last week.

The S&P/TSX composite index was down 71.96 points at 33,566.91.

In New York, the Dow Jones industrial average was up 356.35 points at 49,298.25. The S&P 500 index was up 58.47 points at 7,259.22, while the Nasdaq composite was up 258.32 points at 25,326.12.

The June crude oil contract was down US$4.15 at US$102.27 per barrel.

The price for a barrel of Brent crude, the international standard, fell four per cent to US$109.87 after briefly cresting $115 on Monday, though it’s still well above its roughly US$70 price from before the war in the Middle East.

U.S. military leaders said Tuesday that a ceasefire with Iran remains in effect, even though Iran was blamed for attacks against the United Arab Emirates, a U.S. ally, the day before. The U.S. military is meanwhile trying to force open a path in the Strait of Hormuz, which would allow oil tankers to resume shipments from the Persian Gulf and hopefully bring down the price of crude.

Even with the war ongoing, the U.S. stock market has remained remarkably resilient on its record-setting run. That’s in large part due to the strong profits that U.S. companies have reported for the first three months of 2026 despite the rise in oil prices since the end of February.

“There’s a reprieve or somewhat of a reprieve in the Middle East, but in reality, we mustn’t forget that we’re buying shares of companies and if these companies are making money hand over fist, well we’re going to benefit from that, and that’s what we’re seeing,” Gauthier said.

In Canada, the technology sector was the biggest weight on the TSX after Shopify Inc. shares fell 15.63 per cent. The company reported a net loss of US$581 million for its latest quarter on Tuesday, which compared with a loss of US$682 million in the same quarter last year.

In the U.S. bond market, Treasury yields eased following oil’s drop in price and reports on the U.S. economy that came in mixed.

One report said growth for U.S. services businesses unexpectedly decelerated last month, with some companies saying the war is slowing spending. A separate report said U.S. employers were advertising slightly more job openings at the end of March than economists expected, an encouraging signal for the job market.

The yield on the 10-year Treasury fell to 4.42 per cent from 4.45 per cent late Monday.

The Canadian dollar traded for 73.44 cents US compared with 73.47 cents US on Monday.

The June gold contract was up US$35.20 at US$4,568.50 an ounce.

This report by The Canadian Press was first published May 5, 2026.

— With files from The Associated Press

Companies in this story: (TSX:GSPTSE, TSX:CADUSD, TSX: SHOP)

Daniel Johnson, The Canadian Press