04:12 PM EDT, 07/14/2025 (MT Newswires) -- The Toronto Stock Exchange closed at a fresh record high on Monday following last week's announcement of 35% U.S. tariffs on Canadian goods.

The S&P/TSX Composite Index closed up 175.60 points at 27,198.85, topping the previous high, set Thursday, of 27,082.3. Information Technology and Industrials led the sectors, rising 5.4% and 4.6%, respectively. Base Metals was the biggest decliner, down 1.6%.

BMO's Chief Investment Strategist Brian Belski, in his 'Canadian Strategy Snapshot' noted that since the market's recent low in early April, the bank's models show a clear broadening of performance across Canadian equities. Notably, valuation and capital usage factors showed a "reversal quarter," and are now ahead year-to-date-signaling a shift toward a more balanced and rational market environment.

"We expect this dynamic to proceed throughout the remainder of 2025 as the heightened rhetoric and fear-driven melee surrounding tariffs and macro uncertainty continues to abate," Belski said, adding that investors should stay focused on long-term strategies, particularly GARP-style (growth at a reasonable price) approaches that combine growth, value, and quality.

Derek Holt, head of capital market economics at Scotiabank, said markets are showing mild risk-off sentiment to start a busy week, with several potential factors at play. North American equity futures are slightly lower, down about 0.25% in the U.S. and even less in Canada.

In currencies, the picture is also mixed. While the U.S. dollar remains strong, other major currencies like the yen, euro, and Canadian dollar are also holding their ground. The Canadian dollar is likely still benefiting from Friday's strong jobs report. Sovereign bond markets are reacting in varied ways, with U.S. and Canadian yields edging higher, while UK gilts and European government bonds are seeing a bull steepening, he added.

West Texas Intermediate (WTI) crude oil closed lower on Monday on rising supply and the threat of slowing global economies as U.S President Donald Trump renewed his tariff threats. WTI crude oil for August delivery closed down US$1.47 to settle at US$66.98 per barrel, while August Brent crude was last seen down US$1.04 to US$69.32.

Gold edged lower midafternoon on Monday as the dollar rose for a sixth-straight session. Gold for August delivery was last seen down US$7.00 to US$3,357.00 per ounce.