Markets extended last week’s brutal losses Monday morning as Trump’s across-the-board tariffs continued to hammer stocks, but there were signs of positivity by the close. Rumours of a tariff pause mid morning actually saw markets jolt into the green before those reports were discredited. There were wild intraday swings, with the S&P ranging 400 points. However, the major indices in New York and Toronto closed off weakness, and even the Nasdaq closed positive, albeit up 0.1%. The S&P finished -0.23% and the Dow -0.91%.
Surprisingly, Nvidia rallied 3.53% as the most-influential name, and Super Micro Computer jumped 10.66%. Elsewhere, Stanley Black & Decker closed -5.74%, DR Horton -5.52% and AutoZone -4.79%. The U.S. 10-year yield edged up to 4.2% while Bitcoin edged up US$700 to US$78,950.
The TSX sank 1.44%, weighed down by tariffs but also the sinking price of oil due to OPEC+ raising output. Only tech and one other sector enjoyed gained. Most active on Bay Street were TD at -2.28%, CNQ -3.57% and the Bank of Nova Scotia -4.6%. Elsewhere, the TMX Group was -5.85% and Celestica jumped 6.48%, to be a rare green shoot in an ocean of red. Gold sank US$54 to below US$3,000 as WTI crude slipped US$1 to US$61. Market sentiment remained bearish, if not cautious, by the close, but losses were far lower than in previous sessions.
💾 NVIDIA Corporation (NVDA-Q) +3.53%
💾 Super Micro Computer (SMCI-Q) +10.66%
🔌 Stanley Works, The (SWK-N) -5.74%
🔨 D R Horton Inc. (DHI-N) -5.52%
🚗 Autozone Inc. (AZO-N) -4.79%
🏛 Toronto Dominion (TD-T) -2.28%
🛢 Canadian Natural Rsrcs (CNQ-T) -3.57%
🏛 Bank of Nova Scotia (BNS-T) -4.6%
🏛 TMX Group (X-T) -5.85%
🧬 Celestica Inc (CLS-T) +6.48%
