Markets sink, pre-tariffs
January and the week ended on a bearish note with widespread selling on Bay and Wall streets as Trump’s tariffs loom. Right before the closing bell, the White House said that Trump would announce on February 1 25% tariffs on Canadian and Mexican goods as well as 10% on Chinese goods, and start collecting on March 1. The announcement has been widely expected, and respective governments are prepared to retaliate. (More on tariffs in Stockchase’s February Gems.) Naturally, the sentiment was bearish in New York. The S&P closed -0.5%, the Nasdaq -0.28% and the Dow -0.75%. The S&P sank 1% over the week, the Nasdaq slid 1.65%, though the Dow managed a modest 0.27% gain.
Once more, Nvidia was the most influential name, but fell 3.67%. Other major movers: Intel -2.9%, Deckers -20.51%, Walgreens -10.3% and Vertex popping 5.31% on a drug approval. Bitcoin jumped 3.2% to nearly US$101,700.
The TSX sank 1.07% and edged up only 0.25% over the week. In contrast to Thursday, the session bled red ink as only utilities gained. Discrectionary, energy and healthcare led all other sectors down. Key names started with Celestica, which capped a wild week by rallying 8.23%, Brookfield Renewables popping 6.19%, Algonquin Power 3.52% after its CEO resigned, Enbridge at -2.45%, Imperial Oil -6.59% and Finning International -6.52%. WTI rose 1% to US$73.50 and gold edged up US$7 to a record US$2,801 in the face of tariffs.
💾 NVIDIA Corporation (NVDA-Q) -3.67%
💾 Intel (INTC-Q) -2.9%
👞 Deckers Outdoor Corp. (DECK-N) -20.51%
💊 Walgreen Boots Alliance (WBA-Q) -10.3%
💉 Vertex Pharmaceuticals Inc. (VRTX-Q) +5.31%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +3.2%
🧬 Celestica Inc (CLS-T) +8.23%
♻ Brookfield Renewable Energy (BEP.UN-T) +6.19%
💡 Algonquin Power & Utilities Corp (AQN-T) +3.52%
🛢 Enbridge (ENB-T) -2.45%
🛢 Imperial Oil (IMO-T) -6.59%
🚚 Finning Int (FTT-T) -6.52%
