Energy stocks lift S&P/TSX composite index while investors digest U.S. jobs data

Labor Market Insights - The U.S. labor market is showing signs of resilience, with jobless claims rising to 208,000, an increase of 8,000 from the previous week, but still remaining historically low [2] - The rise in jobless claims is viewed as a proxy for layoffs and indicates that the U.S. economy is performing adequately [2] Defense Sector Performance - Defense companies experienced a market boost following President Trump's announcement to increase military spending to $1.5 trillion by 2027, up from $901 billion [3] - Notable stock movements included L3Harris Technologies rising by 5.2%, Lockheed Martin by 4.3%, and Northrop Grumman by 2.4% [3] Market Trends - The S&P 500 index saw a slight increase of 0.53 points, while the Nasdaq composite decreased by 104.26 points, indicating mixed performance across major indices [5] - The Canadian stock market benefited from rising energy prices, with the S&P/TSX composite index up by 243.15 points [5] Oil Market Dynamics - Oil prices increased, with February crude oil contracts rising by $1.77 to $57.76 per barrel, influenced by geopolitical events in Venezuela [6] - Venezuela's potential for increased oil production could lead to downward pressure on prices, although significant investment is needed to improve aging infrastructure [7] Gold Market Update - The February gold contract decreased by $1.80, settling at $4,460.70 per ounce, reflecting fluctuations in commodity markets [8]