Trump touted a deal to avert new tariffs on Canada. Here's what we know so far

By 07:37 ET (11:37 GMT) on Wednesday, S&P/TSX 60 index standard futures were up 2 points, or 0.1%, as investors monitored President Donald Trump's decision to pause the plan to impose fresh tariffs on Canada. The S&P/TSX composite index had ended Tuesday down 0.8%, at 36,367.93, its lowest closing level since August 6. Technology shares suffered due to a decline in government bond yields, with hopes fading for a quick Middle East peace deal.

Trump temporarily halted the planned 50% tariff on Canadian goods for three days, allowing more time for negotiations. The U.S. administration claimed the deal would grant improved access to Canadian markets for American products and align on digital trade matters. Canadian Prime Minister Mark Carney said progress was made in talks with the White House, though significant work remained.

U.S. stock futures fluctuated, with Dow futures gaining 47 points, S&P 500 futures unchanged, and Nasdaq 100 futures down 67 points. In the regular trading session on Tuesday, the S&P 500 fell 0.7%, Dow Jones Industrial Average lost 0.2%, and Nasdaq Composite dropped 1.3%, its steepest decline since July 29. Technology and semiconductor stocks saw the most significant losses, with Nvidia and Micron Technology taking the biggest hits.

Analysts believed the underperformance stemmed from profit-taking and worries about AI infrastructure debt issuance. Oil prices rose above $91 per barrel due to concerns about inflation, fiscal deficits, and heavy government borrowing. Meanwhile, investors waited for the Federal Reserve's minutes from their July meeting, hoping for clues on interest rates after three regional Fed presidents dissented from the decision to keep rates unchanged.