Steel tariffs, flat BoC, mixed markets
Wednesday saw Trump resume his on-again, off-again tariff war as he doubled steel and aluminum tariffs to 50%. Prime Minister Mark Carney hinted at retaliation. Meanwhile, mixed signals in the wider economy led the Bank of Canada today to hold the key lending rate at 2.75%.
Given the news, markets were mixed. The TSX declined 0.37% as only healthcare and three other sectors gained. Energy and staples led the laggards. Notable were CNQ at -1.92%, Suncor -1.86%, Cenovus -4.56%, Algonquin Power -4.92% and Lundin Mining jumping 4.15%. Gold rose US$19 to US$3,372 while WTI crude slid 1.1% to US$62.75.
On Wall Street, the S&P was flat, while the Nasdaq climbed 0.32% and the Dow sank 0.22%. Major movers included the semiconductor stocks ON, spiking 6.14%, and NXP up 5.56%. Tesla skidded 3.55%, Palantir slipped 2.37% and Dollar Tree tanked 8.37%. The U.S. 10-year yield tumbled to 4.357%. Bitcoin declined 1% to US$104,725.
🛢 Canadian Natural Rsrcs (CNQ-T) -1.92%
🛢 Suncor Energy Inc (SU-T) -1.86%
🛢 Cenovus Energy (CVE-T) -4.56%
💡 Algonquin Power & Utilities Corp (AQN-T) -4.92%
⛏ Lundin Mining Corp. (LUN-T) +4.15%
🧬 ON Semiconductor (ON-Q) +6.14%
🧬 NXP Semiconductors (NXPI-Q) +5.56%
🚗 Tesla Inc (TSLA-Q) -3.55%
💾 Palantir Technologies (PLTR-Q) -2.37%
🌳 Dollar Tree (DLTR-Q) -8.37%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -1%
