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US-UK trade deal lifts markets

Allan Tong Posted On May 8, 2025
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Markets in New York and Toronto rallied Thursday on word from Washington that a trade deal between the U.S. and U.K. was in the works. Investors hoped that this marked a turning point in the global trade war that Trump unleashed. The S&P gained 0.58%, the Nasdaq 1.05% and the Dow 0.62%.

Major names included Palantir jumping 7.86%, Warner Bros. Discovery 5.08%, Match Group -9.71%, Fortinet -8.44% and Enphase Energy 12.17%. The U.S. 10-year yield edged up to 4.386% while Bitcoin jumped US$4,500 to US$101,320.

In Toronto, the TSX rose 0.54% as eight sectors rallied, led by health care, tech and telcos. Staples lagged the most. Key gainers included CNQ up 5.02%, Cenovus 9.15%, Algoma Steel 10.52%, and BCE which rallied 5.38% after announcing a long-awaited dividend cut. On the losing end was Fortuna Mining at -12.53%. Gold declined US$56 to US$3,308 while WTI leapt 3.3% to US$60.

💾 Palantir Technologies (PLTR-Q) +7.86%

📺 Warner Bros. Discovery (WBD-Q) +5.08%

💾 Match Group (MTCH-Q) -9.71%

💻 Fortinet Inc (FTNT-Q) -8.44%

⚡ Enphase Energy (ENPH-Q) +12.17%

🛢 Canadian Natural Rsrcs (CNQ-T) +5.02%

🛢 Cenovus Energy (CVE-T) +9.15%

⛓ Algoma Steel Group Inc (ASTL-T) +10.52%

📱 BCE Inc. (BCE-T) +5.38%

⛏ Fortuna Silver Mines (FVI-T) -12.53%

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