Tariff reports lift stocks

Allan Tong Posted On March 24, 2025

Reports that Trump “may” exempt some sectors from his April 2 sectors were enough to trigger a rally in New York and Toronto. Though unconfirmed, the reports lifted the S&P by 1.76%, the Nasdaq 2.27% or more than 400 points, and the Dow 1.42% after recent weeks of declines.

Key names: Nvidia rose 3.15%, Tesla surged 11.93%, Palantir 6.37%, Monolithic Power 6.25% and Deckers 5.79% The U.S. 10-year yield climbed to 4.337% while Bitcoin jumped 3.7% to US$88,260.

The TSX gained 1.26% after all sectors but telcos rallied. Tech, healthcare and financials enjoyed the biggest gains. Most influential were CNQ up 1.4%, TC Energy 1.53%, TD 1.63% and Manulife 2.84%. Gold gave back US$15 to US$3,006, but WTI crude advanced nearly a dollar to US$69.25 a barrel. Meanwhile over the weekend, Prime Minister Carney called a widely expected election for April 28. The top issue for voters will be the Trump tariffs.

💾 NVIDIA Corporation (NVDA-Q) +3.15%

🚗 Tesla Inc (TSLA-Q) +11.93%

💾 Palantir Technologies (PLTR-Q) +6.37%

🧬 Monolithic Power Systems (MPWR-Q) +6.25%

👟 Deckers Outdoor Corp. (DECK-N) +5.79%

🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +3.7%

🛢 Canadian Natural Rsrcs (CNQ-T) +1.4%

🛢 TC Energy (TRP-T) +1.53%

🏛 Toronto Dominion (TD-T)+1.63%

🏛 Manulife Financial (MFC-T) +2.84%