TORONTO — Canadian and U.S. markets moved in opposite directions on Monday, as basic materials weighed on Bay Street while tech stocks lifted Wall Street.

Ryan Bushell, CEO and portfolio manager at Newhaven Asset Management, said the divergence appears to be driven by two factors.

The first is that the TSX was open on Friday and saw a “decently strong” performance while U.S. markets were closed for the July Fourth holiday.

Secondly, he said the TSX is not a tech-heavy index, and it seems that “when the Nasdaq does really well, the TSX does relatively poorer and vice versa.”

The S&P/TSX composite index was down 62.52 points at 35,212.32.

In New York, the Dow Jones industrial average was up 155.84 points at 53,055.91. The S&P 500 index was up 54.19 points at 7,537.43, while the Nasdaq composite was up 288.49 points at 26,121.16.

AI stocks have swung sharply in recent weeks on worries that their prices shot too high. Doubts are rising about whether all the dollars flowing into AI chips and data centres can possibly create enough gains in productivity and profits to make back all the investments.

Broadcom was one of the strongest forces lifting the S&P 500 and rose 3.7 per cent after announcing long-term agreements to provide silicon products to Apple. It was coming off two straight losses of more than two per cent on Wednesday and Thursday at the end of last week, before Friday’s U.S. holiday.

In the oil market, prices drifted after OPEC+ announced Sunday that seven of its members plan to expand oil production by a combined total of 188,000 barrels per day in August. It was the fifth straight month that OPEC+ members have agreed to raise output, moves that tend to weigh on oil prices.

The price of a barrel of Brent crude, the international standard, fell 0.2 per cent to US$71.99. That’s close to where it was before the United States and Israel attacked Iran in late February and sent prices spiking.

The August crude oil contract was down 14 cents US at US$68.55 per barrel.

“I’ve been surprised to see how quickly the oil prices retraced,” Bushell said.

“I was of the view, and I still hold this view, that the structural impact of the closing of Hormuz, the mining of the strait … for the foreseeable future it’s not going back to normal transit levels,” he said.

The August gold contract was up US$41.80 at US$4,167.50 an ounce.

Bushell said gold prices have been hovering between US$4,150 and US$4,300 per ounce.

“It’s trying to find a level. It either needs to go back above US$4,500 or break US$4,000 to the downside. I think in the meantime every day it just sits flat … a little bit more of the air seeps out of the balloon,” he said.

The Canadian dollar traded for 70.33 cents US compared with 70.42 cents US on Friday.

This report by The Canadian Press was first published July 6, 2026.

— With files from The Associated Press

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

Daniel Johnson, The Canadian Press