Stocks plunge amid ongoing Trump tariffs
A day after a relief rally, markets on Wall and Bay streets tumbled back down as Trump vowed to retaliate against Canada and the EU, who are in turn slapping levies on U.S. tariffs. Washington’s trade war continues to grind markets lower, most notably in America where the S&P sank into correction territory by sinking 1.39% on Thursday. The Dow slid 1.3% and the Nasdaq plunged nearly 2% or 345 points amid broad-based selling.
Key names: Tesla -2.99%, Palantir -4.82% and Adobe -13.85% after reporting record revenues, but issuing soft guidance. In contrast, Intel leapt 14.6%. The U.S. 10-year yield edged down to 4.274% while Bitcoin sank 3.25% to US$80,420.
As Canadian officials meet with their American counterparts in Washington, the TSX declined 0.79% or 193 points. Excepting materials, all sectors were negative, led by tech, healthcare and discretionary. Major movers: CNQ -1.5%, Manulife -2.52%, Vermilion Energy -8.26%, Shopify -5.85% and First Quantum Minerals jumping 14.4%. Market uncertainty lifted gold US$46 to US$2,982 while WTI sank 1.6% to US$66.60.
🚗 Tesla Inc (TSLA-Q) -2.99%
💾 Palantir Technologies (PLTR-Q) -4.82%
💾 Adobe Systems (ADBE-Q) -13.85%
💾 Intel (INTC-Q) +14.6%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -3.25%
🛢 Canadian Natural Rsrcs (CNQ-T) -1.5%
🏛 Manulife Financial (MFC-T) -2.52%
🛢 Vermilion Energy Inc (VET-T) -8.26%
🛍 Shopify Inc. (SHOP-T) -5.85%
⛏ First Quantum Minerals (FM-T) +14.4%
