After three brutal sessions, markets on Tuesday launched a rally in the morning after the White House hailed the start of trade talks with Japan, offering some hope in the trade war. However, that euphoria evaporated as markets ground into the close. By 4:00 pm, Trump announced astounding 104% tariffs against China, who earlier had slapped 34% tariffs on the U.S. for imposing tariffs on them in the first place. The S&P sank 1.57% to close below 5,000 while the Nasdaq fell 2.15% and the Dow slid 0.84%. It capped the worst four-day plunge on Wall Street since October 2008, the Great Recession.
Major movers: Tesla -4.9% as Elon Musk launched a childish quarrel with a White House trade representative over tariffs, Apple -4.98% and Intel -7.36%. The only bright spot lay in health insurers after Washington boosted Medicare payments for 2026. Humana jumped 10.69% and CVS 5.92%. Bitcoin slumped 2.7% to US$76,790 while the U.S. 10-year yield edged up to 4.281%.
On Bay Street, the TSX tumbled 2.36% or more than 500 points as all sectors headed down. Healthcare, energy and communications were the biggest laggards. Key names: Baytex -10.73%, CNQ -5.26%, Vermilion Health -10.75%, Tilray -20.99% and Kinaxis 3.08%. Though gold held around US$2,983, WTI continued to flag, down 3.55% to US$58.55.
🚗 Tesla Inc (TSLA-Q) -4.9%
🍎 Apple Inc (AAPL-Q) -4.98%
💾 Intel (INTC-Q) -7.36%
👨⚕️ Humana Inc (HUM-N) +10.69%
👨⚕️ CVS Health Corp (CVS-N) +5.92%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -2.7%
🛢 Baytex Energy Corp (BTE-T) -10.73%
🛢 Canadian Natural Rsrcs (CNQ-T) -5.26%
👨⚕️ Vermillion Inc (VRML-%Q) -10.75%
🌿 Tilray Inc. (TLRY-Q) -20.99%
💾 Kinaxis Inc (KXS-T) +3.08%
