Stocks climb, though Trump revives tariffs

Allan Tong Posted On February 10, 2025

Over the weekend, Trump announced he would slap tariffs on all steel and aluminum entering the United States. Despite this sudden news, markets in Toronto and New York climbed on Monday. The TSX rose 0.85% or 215 points as eight sectors rallied. Energy and materials performed the best while healthcare lagged the rest.

Major movers: Suncor up 2.2%, Baytex 5.46%, Bombardier -3.68%, Tilray -2.78% and TD jumping 3.85% after it announced it was selling its stake in Schwab. In commodities, WTI spiked over 2% to US$72.45 while gold hit new highs at US$2,905.

In New York, the S&P advanced 0.67%, the Nasdaq 0.98% and the Dow 0.38%. Major movers: Nvidia up 2.87%, Super Micro Computer 17.56%, Adobe 4.16%, Tesla -3.01% and ON Semiconductor -8.21%. Though the U.S. 10-year yield remained around 4.5%, Bitcoin rose nearly US$2,100 to US$97,300.

🛢 Suncor Energy Inc (SU-T) +2.2%

🛢 Baytex Energy Corp (BTE-T) +5.46%

🚂 Bombardier Inc (B) (BBD.B-T) -3.68%

🌿 Tilray Inc. (TLRY-Q) -2.78%

🏛 Toronto Dominion (TD-T) +3.85%

💾 NVIDIA Corporation (NVDA-Q) +2.87%

💾 Super Micro Computer (SMCI-Q) +17.56%

💾 Adobe Systems (ADBE-Q) +4.16%

🚗 Tesla Inc (TSLA-Q) -3.01%

🧬 ON Semiconductor (ON-Q) -8.21%