TSX climbs on BoC, tariffs sink Wall Street

The Toronto and New York markets had distinctly different sessions on Wednesday. The Bank of Canada held its key lending rate at 2.75%, as some expected. BoC governor Tiff Macklem projected GDP to be 1.8% in Q1, but much weaker in Q2 due to the ongoing tariff war. Canadian stocks rose by a modest 0.16% as energy and materials led, but industrials lagged.

Influential names included Cenovus up 2.21%, CNQ 2.25%, Torex Gold 9.86%, Finning International -4.32% and Brookfield Business Partners -4.14%. WTI crude rose 2.1% to US$62.62 while market uncertainty pushed gold ever higher by US$112 to US$3,343.

In the U.S., Fed chair Jay Powell warned of a “challenging scenario” in cushioning the fall-out from the ongoing tariff war. At the same time, Nvidia announced a quarterly charge imposed by the U.S. government in sending company chips from the U.S. to China. Both headlines slammed Wall Street, leaving the S&P to finish -2.24%, the Nasdaq -3.07% and the Dow -1.73 or -699 points. Nvidia shares sank 6.87% while Intel slid 3.12%. Other notable names were Tesla at -4.94%, Palantir -5.78% and JB Hunt Transport -7.68%. Though Bitcoin held at US$84,300, the U.S. 10-year yield inched down to 4,281%.

🛢 Cenovus Energy (CVE-T) +2.21%

🛢 Canadian Natural Rsrcs (CNQ-T) +2.25%

🥇 Torex Gold Resources (TXG-T) +9.86%

🚚 Finning Int (FTT-T) -4.32%

🏛 Brookfield Business Partners LP (BBU.UN-T) -4.14%

💾 NVIDIA Corporation (NVDA-Q) -6.87%

💾 Intel (INTC-Q) -3.12%

🚗 Tesla Inc (TSLA-Q) -4.94%

💾 Palantir Technologies (PLTR-Q) -5.78%

🚚 J.B. Hunt Transport Services, Inc. (JBHT-Q) -7.68%