Trudeau resigns, markets mixed

Allan Tong Posted On January 6, 2025

As expected, Prime Minister Justin Trudeau announced his resignation Monday morning, and will stay in his role until the Liberals choose a new leader. The TSX closed on weakness, down 0.29% to fall below 25,000. Only three of 11 sectors were positive, led by energy, while staples, healthcare and materials led the laggards.

Notable names included CNQ up 1.36%, Aecon -5.73%, TC Energy -1.01%, Lundin Mining -4.22% and BlackBerry which soared 9.74% after announcing a collaboration with Microsoft. WTI crude declined 0.75% to US$74.30 while gold gave back US$6 to US$2,634. The Canadian dollar held at 70 cents against the USD.

Markets were a little stronger in New York as the S&P added 0.55% to nearly 6,000, the Nasdaq rallied 1.24%, though the Dow was essentially flat after shedding a handful of points. Major movers: Micron jumped 10.45%, Super Micro Computer 9.36%, Nvidia 3.43%, Intel -3.36% and Palantir -4.97%. Bitcoin returned to six digits after popping 3.6% to more than US$102,000 while the 10-year yield inched up to 4.62%.

🛢 Canadian Natural Rsrcs (CNQ-T) +1.36%

🧱 Aecon Group Inc (ARE-T) -5.73%

🛢 TC Energy (TRP-T) -1.01%

⛏ Lundin Mining Corp. (LUN-T) -4.22%

📱 BlackBerry (BB-T) +9.74%

💾 Micron Technology (MU-Q) +10.45%

💾 Super Micro Computer (SMCI-Q) +9.36%

💾 NVIDIA Corporation (NVDA-Q) +3.43%

💾 Intel (INTC-Q) -3.36%

💾 Palantir Technologies (PLTR-N) -4.97%

🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +3.6%