Nasdaq enters correction, Trump tariffs whiplash

The Nasdaq entered correction territory and the S&P sank to its lowest level since last November as stocks sank in New York and Toronto amid ongoing tariff confusion. At the close: S&P -1.78%, the Nasdaq -2.61% or 483 points, and the Dow -0.99%. During the session, the White House announced that Mexican goods under the USMCA (that Trump originally signed) would be exempt from tariffs for a month. Then, late in the session, Trump added that both Mexican and Canadian goods (only 38%) under the USMCA would be exempt. Ottawa held its ground by refusing to cancel Canada’s own tariffs on American goods until Trump removed all his levies entirely. The ongoing chaos from Washington continues to fuel investor sentiment downward and drove the VIX up 15% to 25.

Key names on Wall Street: Nvidia -5.74%, Palantir -10.73%, Vistra -9.82%, Constellation Energy -9.43% and Tesla -5.61%. Bitcoin declined US$810 to US$89,560, while the U.S. 10-year yield hovered around 4.288%.

The TSX slipped 1.08% as only four sectors gained, including the safety of staples and telcos. Tech and healthcare led the other sectors down. Major movers on Bay Street: Parkland 5.73%, Manulife -2.28%, Aecon -16.08%, Celestica -10.39% and CNQ up 1.37% as the most active name. Gold gave back US$8 to US2,910 while WTI held around US$66.25.

Update: Ottawa announced that it won’t impose the second wave of tariffs against U.S. goods until April 2.

💾 NVIDIA Corporation (NVDA-Q) -5.74%

💾 Palantir Technologies (PLTR-Q) -10.73%

💡 Vistra (VST-N) -9.82%

💡 Constellation Energy (CEG-Q) -9.43%

🚗 Tesla Inc (TSLA-Q) -5.61%

🚚 Parkland Fuel Corp (PKI-T) +5.73%

🏛 Manulife Financial (MFC-T) -2.28%

🧱 Aecon Group Inc (ARE-T) -16.08%

🧬 Celestica Inc (CLS-T) -10.39%

🛢 Canadian Natural Rsrcs (CNQ-T) +1.37%