U.S. data sinks stocks

Allan Tong Posted On March 28, 2025

U.S. inflation in February topped 2.8%, higher than the expected 2.7% while consumer spending rose by 0.4% that month, short of the 0.5% forecast. The numbers rattled markets, stoking fears of stagflation, and sent stocks tumbling. By Friday’s end the S&P stood at -1.97%, the Nasdaq -2.7% and the Dow -1.69%. The S&P and Dow would have been positive for the week, if not for Friday, while the Nasdaq fared the worse, down 2.59%.

Major movers on Friday: Nvidia -1.58%, Tesla -3.51%, Amazon -4.29%, Alphabet (A) -4.88% and Lululemon -14.19%. The U.S. 10-year yield edged down to 4.249% while Bitcoin sank nearly 4% to US$83,875.

The TSX didn’t escape the selling, shedding 1.6% on Friday though only -0.84% for the week. Gold’s continuing record-breaking performance help the Canadian index as the shiny rock rose US$25 to US$3,082. WTI, though, slid more than 1.1% to US$69.15. Only two sectors, including utilities, saw any gains, while tech, healthcare, discretionary and industrials led the sell-off. Key names: Jamieson Wellness 3.63%, CNQ -1.24%, CIBC -1.98%, Aya Gold & Silver -15.76% and B2Gold -8.59%. On the tariff front: Prime Minister Carney spoke to Trump by phone, and both reported a positive meeting. However, all eyes remain on the next phase of tariffs due to land on April 2.

💾 NVIDIA Corporation (NVDA-Q) -1.58%

🚗 Tesla Inc (TSLA-Q) -3.51%

📦 Amazon.com, Inc. (AMZN-Q) -4.29%

🧮 Alphabet Inc (GOOG-Q) -4.88%

🛍 LuLulemon Athletica (US) (LULU-Q) -14.19%

🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -4%

💊 Jamieson Wellness (JWEL-T) +3.63%

🛢 Canadian Natural Rsrcs (CNQ-T) -1.24%

🏛 Canadian Imperial Bank of Commerce (CM-T) -1.98%

⛏ Aya Gold & Silver (AYA-T) -15.76%

🥇 B2Gold Corp. (BTO-T) -8.59%