Global markets were mostly higher as investors assessed ⁠upbeat corporate ​earnings, though an escalation in U.S.-Iran tensions kept sentiment in check.

Wall Street futures were in the black after major North American markets closed lower yesterday.

TSX futures followed sentiment higher.

In Canada, investors are getting results from Thomson Reuters Corp., Shopify Inc., Cameco Corp., Suncor Energy Inc., Dream Industrial REIT, Iamgold Corp. and Intact Financial Corp.

On Wall Street, markets are watching earnings from Advanced Micro Devices Inc., Arista Networks Inc., Pfizer Inc., Duke Energy Corp., KKR & Co. Inc. and PayPal Holdings Inc.

“U.S. earnings are on a roll. The broader earnings backdrop looks healthy as well,” BlackRock Investment Institute analysts, led by Global Chief Investment Strategist Wei Li, said ⁠in a note.

However, they warned that “even U.S. equities won’t be insulated” if the crucial oil shipping route through the Strait of Hormuz does not open.

Overseas, the pan-European STOXX 600 was up 0.55 per cent in morning trading. Britain’s FTSE 100 declined 1.02 per cent, Germany’s DAX rose 1.09 per cent and France’s CAC 40 gained 0.67 per cent.

In Asia, Japan’s Nikkei remained closed for holiday, while Hong Kong’s Hang Seng closed 0.76 per cent lower.

Oil prices retreated following fresh hostilities in ‌the Middle East, while investors monitored developments in the U.S.-Israeli conflict with Iran.

Brent crude futures fell 1.2 per cent to US$113.10 a barrel. West Texas Intermediate (WTI) crude dropped 2 per cent to US$104.30.

“Prices continue to trade in a highly volatile range, driven largely by ongoing tensions in the Strait of Hormuz,” said Phillip Nova’s senior market analyst Priyanka Sachdeva.

“While prices have eased slightly in recent sessions, this is not due to any real improvement in ‌fundamentals, but ​rather a temporary relief after ‌the U.S. launched ‘Project Freedom,’ ” she added.

In other commodities, spot gold rose 0.5 per cent to US$4,543.87 an ounce. U.S. gold futures for June delivery were up 0.5 per cent at US$4,554.10.

The Canadian dollar strengthened against its U.S. counterpart.

The day range on the loonie was 73.35 US cents to 73.47 US cents in early trading. The Canadian dollar was up about 2 per cent against the greenback over the past month.

The U.S. dollar index, which weighs the greenback against a group of currencies, climbed 0.11 per cent to 98.49. The U.S. dollar traded at $1.3616.

The euro slipped 0.03 per cent to US$1.1690. The British pound advanced 0.06 per cent to US$1.3541.

In bonds, the yield on the U.S. 10-year note was last down at 4.434 per cent.

8:30 a.m. ET: Canada’s merchandise trade balance for March.

8:30 a.m. ET: U.S. goods and services trade deficit for March.

9:30 a.m. ET: Canada’s S&P global services PMI for April.

9:45 a.m. ET: U.S. S&P global services/composite PMI for April.

10 a.m. ET: U.S. ISM services PMI for April.

10 a.m. ET: U.S. Job Openings & Labor Survey for March.

10 a.m. ET: U.S. new home sales for March.

With Reuters and The Canadian Press