Markets in Canada plunged in the first hour on Tuesday, as market worries overtook traders concerning U.S. President-elect Donald Trump’s tariff pledges on top U.S. trading partners, including Canada.
The TSX tumbled 119.46 points to open Tuesday at 25,290.89
The Canadian dollar was up 0.04 cents at 71 cents U.S.
In corporate news, Financial Times reports Canaccord Genuity is working with bankers to review its British wealth management business, with potential outcomes ranging from a sale to bringing in another investor. Canaccord shares edged up two cents to $10.60.
ON BAYSTREET
The TSX Venture Exchange recovered 1.53 points to 604.46
All but three of the 12 subgroups were lower, weighed most by energy, down 2%, industrials, falling 1.3%, and real-estate, weaker by 1.2%.
The three gainers proved to be information technology, up 0.5%, gold, brighter 0.4%, and communications, nosing up 0.03%.
ON WALLSTREET
The S&P 500 rose slightly on Tuesday as investors assessed the threat of new tariffs from President-elect Donald Trump.
The Dow Jones Industrial index let go of 276.82 points to 44,459.75.
The much-broader index moved forward 10.45 points to 5,997.82.
The NASDAQ Composite gained 84.22 points to 19,139.05.
Trump on Monday night called for a 25% tariff on products from Mexico and Canada, as well as an additional 10% levy on Chinese goods. He has already said he would impose a tariff of up to 20% on all imports, and an additional duty of at least 60% on products from China.
To be sure, Wall Street appeared to be taking the news in stride.
While stocks were mixed, some individual names and funds moved as investors analyzed potential impacts from the policies Trump discussed. Automakers Ford gave back 2% and General Motors slid more than 7%.
Prices for the 10-year Treasury eased back, raising yields to 4.32% from Monday’s 4.26%. Treasury prices and yields move in opposite directions.
Oil prices recouped 55 cents to $69.49 U.S. a barrel.
Prices for gold perked $9.10 an ounce to $2,627.60 U.S.