Stocks sink on Trump tariffs
On the eve fo Trump’s tariffs on Canada and Mexico, markets in Toronto as well as New York sold off nearly across the board and closed downward. The TSX sank 1.86% or 472 points as nine sectors slid. Energy, tech and industrials lost the most while telcos outperformed all.
Major movers: Suncor -5.11%, CNQ -5.14%, Baytex -8.54%, Veren -10.38% and Celestica -12.95%. Tariffs are the elephant in the room at the annual PDAC conference for miners happening this week in Toronto. The atmosphere here is clouded by worry. By far, Canada is America’s top supplier of steel and aluminum. Gold slipped US$32 to US$2,890 while WTI lost US$1.50 to US$68.25.
In New York, the S&P closed at -1.76%, the Nasdaq -2.64% and the Dow -1.48%. Major movers: Nvidia -8.69%, Super Micro Computer -13%, Tesla 2.84%, Albemarle -9.19% and Enphase Energy -7.7%. The U.S. 10-year yield declined to 4.163%. Finally, Trump announced a crypto strategic reserve over the weekend but suffered a backlash Monday as Bitcoin plunged US$8,000 to fall below US$86,300.
🛢 Suncor Energy Inc (SU-T) -5.11%
🛢 Canadian Natural Rsrcs (CNQ-T) -5.14%
🛢 Baytex Energy Corp (BTE-T) -8.54%
🛢 Veren (VRN-T) -10.38%
🧬 Celestica Inc (CLS-T) -12.95%
💾 NVIDIA Corporation (NVDA-Q) -8.69%
💾 Super Micro Computer (SMCI-Q) -13%
🚗 Tesla Inc (TSLA-Q) -2.84%
⛏ Albemarle Corp (ALB-N) -9.19%
🧬 Enphase Energy (ENPH-Q) -7.7%
