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    TSX climbs on BoC, tariffs sink Wall Street

    Allan Tong Posted On April 16, 2025
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    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%

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