Trump tariffs sink markets
World markets plunged a day after Trump announced sweeping reciprocal tariffs after the bell on Wednesday. He slapped a baseline 10% levy on all goods entering the U.S., and hit China with 34% and the E.U. 20%. As expected, stock markets tanked across the board on Thursday. The Nasdaq nosedived 6% and lost over 1,000 points, the S&P tumbled 4.84% while the Dow plunged about 4% or 1,679 points.
Many major stocks lost more than 5%, but even bigger losses included Bank of America at -11.06%. Dell -19%, Best Buy -17.84%, Apple -9.25%, Norwegian Cruise Lines -16.36% and Nvidia -7.81%. Bitcoin slid 4.35% to below US$82,000 while the U.S. 10-year yield fell to 4.042%.
While existing 25% tariffs against Canada remain, Trump extended the exemption on those goods compliant with the CUSMA trade agreement. However, Prime Minster Carney slapped a 25% tariff on American autos not compliant with CUSMA, adding that Trump’s tariffs “will rupture the global economy.” The TSX shed 3.87% or nearly 1,000 points. Tech and energy led most of the sectors down, while telcos and another sector enjoyed the only gains. Among the major movers were Aritzia at -20.42%, Shopify -19.63%, Celestica -17.52% and Capstone Copper -14.98%. Investors found a haven in dividend payers, such as Telus, which climbed 2.3%.
🏛 Bank of America (BAC-N) -11.06%
💾 Dell Computers (DELL-N) -19%
🛒 Best Buy Company Inc (BBY-N) -17.84%
🚢 Norwegian Cruise Line Holdings (NCLH-N) -16.36%
💾 NVIDIA Corporation (NVDA-Q) -7.81%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -4.35%
👗 Aritzia Inc. (ATZ-T) -20.42%
🛍 Shopify Inc. (SHOP-T) -19.63%
🧬 Celestica Inc (CLS-T) -17.52%
⛏ Capstone Copper Corp (CS-T) -14.98%
