Trump tariffs sink markets

Allan Tong Posted On February 3, 2025

Futures were solidly red over the weekend when Trump confirmed tariffs against Canada, Mexico and China, and markets tanked when they opened Monday morning. The TSX slid 3% at the open, rarely seen, but recovered throughout the day to close -1.14% or down almost 300 points. Only two sectors, including materials gained, while industrials, healthcare and discretionary led the many laggards.

Major movers included the Bank of Nova Scotia at -3.08%, CIBC -4.6%, Goeasy -8.34%, Air Canada -7.24% and BRP -7.86%. Investors flocked to gold, sending it US$16 higher to US$2,1815, and to Bitcoin up 4.45% to US$101,300. WTI climbed 0.5% to nearly US$73.

Wall Street also rose out of the Monday morning depths: the S&P -0.76%, the Nasdaq -1.2% and the Dow -0.28%. The most influential names were Nvidia -2.84%, Tesla -5.17% and Apple -3.39%. Meanwhile, Moderna closed -7.28% and FedEx -6.62%. The U.S. 10-year yield edged down to 4.545%. Investors on both sides of the border are bracing for more volatility indefinitely.

🏛 Bank of Nova Scotia (BNS-T) -3.08%

🏛 Canadian Imperial Bank of Commerce (CM-T) -4.6%

🏛 goeasy (GSY-T) -8.34%

🛫 Air Canada (AC-T) -7.24%

⚙ BRP INC. (DOO-T) -7.86%

🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +4.45%

💾 NVIDIA Corporation (NVDA-Q) -2.84%

🚗 Tesla Inc (TSLA-Q) -5.17%

🍎 Apple Inc (AAPL-Q) -3.39%

💉 Moderna (MRNA-Q) -7.28%

📦 FedEx (FDX-N) -6.62%