Stocks rebound, BoC cuts, US inflation softens
Markets in Toronto and New York modestly rebounded on Wednesday, following days of tariff-induced selling. The TSX rose 0.73% or 177 points, the S&P 0.52%, the Nasdaq 1.24% though the Dow fell 0.2%. Stocks reacted to a flurry of news. The Bank of Canada cut its key lending rate by 25 basis points to 2.75%, citing the tariff war as a key concern for the national economy. Across the border, U.S. inflation came in lighter than expected for February at 2.8% year-over-over and lower than January’s 3.0%. Meanwhile, Trump went ahead with his steel and aluminum tariffs Wednesday. Ottawa will slap retaliatory tariffs in America at midnight. Likewise, the EU has hit the U.S. with tariffs in kind as the tariff war broadens.
Nine sectors rallied on Bay Street, led by energy and tech while telcos lagged the most. Key names: Transcontinental up 6.91%, CNQ 1.5%, Labrador Iron Ore -4.11%, Veren 3.67% and Whitecap Resources 3.13%. Gold advanced US$16 to US$2,932, while WTI jumped 2.2% to US$67.67.
On Wall Street, tech led stocks higher: Nvidia leaping 6.42%, Tesla 7.59%, Palantir 7.17%, Micron 7.4% and Dollar Tree -5.79%. Bitcoin was flat at US$82,820. The U.S. 10-year yield inched up to 4.316% on the inflation news.
🖨 Transcontinental Inc. (A) (TCL.A-T) +6.91%
🛢 Canadian Natural Rsrcs (CNQ-T) +1.5%
⛓ Labrador Iron Ore Royalty (LIF-T) -4.11%
🛢 Whitecap Resources (WCP-T) +3.13%
💾 NVIDIA Corporation (NVDA-Q) +6.42%
💾 Palantir Technologies (PLTR-Q) +7.17%
💾 Micron Technology (MU-Q) +7.4%
🛒 Dollar Tree (DLTR-Q) -5.79%
