Markets nosedive on Trump comments

Monday’s trading session reacted to statements Trump made over the weekend, when he refused to rule out a recession amid his tariffs’ effects on markets. By Monday’s closing bell, the Nasdaq tanked 748 points or 4.11% in its worst session since September 2022. The S&P tumbled 2.82% while the Dow slid 2.15%. Tech continued to lead the losers.

Tesla plunged 15.61%, losing its Trump bump entirely and sinking 45% year-to-date. Nvidia closed -5.06%, Palantir -10.38%, Apple -4.76% and ServiceNow -8.16%. Bitcoin extended its losing streak, falling US$4,400 to US$78,660. The White House maintained that it would slap 25% tariffs on Canadian steel and aluminum perhaps on Wednesday (unconfirmed as of this writing). The U.S 10-year yield edged down to 4.22%.

Also on the weekend, the ruling Liberals chose former Bank of Canada and Bank of England head, Mark Carney, to lead the party and Canada in the trade war. Reflecting angry sentiment across the country, Carney vows to fight back with tariffs. Meanwhile, Ontario slapped a 25% tariff on electricity serving the U.S. while B.C. has banned the sale of all American booze from provincial stores. The S&P fell 1.59% or nearly 400 points as only two sectors, including telcos, gained. Tech, materials and real estate led the selling. Whitecap Resources and Veren stole headlines by announcing a $15 billion merger. WCP tumbled 14.55% while Veren soared 16.01%. Meanwhile, Algoma Steel sank 13.41% and Keyera rose 3.67%. Gold declined US$20 to US$2,888, and WTI dropped over a dollar to US$66.

🚗 Tesla Inc (TSLA-Q) -15.61%

💾 NVIDIA Corporation (NVDA-Q) -5.06%

💾 Palantir Technologies (PLTR-Q) -10.38%

🍎 Apple Inc (AAPL-Q) -4.76%

💾 Servicenow (NOW-N) -8.16%

🛢 Whitecap Resources (WCP-T) -14.55%

🛢 Veren (VRN-T) +16.01%

⛓ Algoma Steel Group Inc (ASTL-T) -13.41%

🛢 Keyera Corp (KEY-T) +3.67%