Canada’s main stock index flatlined on Monday, impacted by losses in information technology and energy sectors, as investors remained cautious ahead of potential US tariffs. The telecom sector led gains on the TSX, while technology stocks were the biggest losers.
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This week, Canada and Mexico are expected to ramp up negotiations to avoid 25 per cent tariffs on their exports to the US They aim to persuade President Donald Trump’s administration that their measures to enhance border security and reduce fentanyl trafficking are effective, ahead of the March 4 deadline.
The S&P 500 inched higher on Monday as the market attempted to recover from Friday’s significant selloff. Major tech companies’ shares faced pressure, causing the NASDAQ to dip and briefly enter negative territory for 2025.
The upcoming week features important updates on corporate earnings and the economy. Earnings reports from Home Depot on Tuesday and Lowe’s on Wednesday will provide insights into the state of US consumer spending. Nvidia’s earnings report on Wednesday evening could have an even greater impact, as the AI-linked chipmaker remains one of the largest stocks by market capitalization.
The Canadian dollar traded for 70.12 cents US compared to 70.27 cents US on Friday.
US crude futures traded $0.44 higher at US$70.84 a barrel, and the Brent contract rose $0.38 to US$74.81 a barrel.
The price of gold was up US$14.39 to US$ 2,951.50.
In world markets, the Nikkei remained at ¥38,776.94, the Hang Seng was down 136.31 points to HK$23,341.61 the FTSE was down 0.39 point to ₤8,658.98, and the DAX was up 138.37 points to €22,425.93.
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(Top image generated with AI.)