Canada’s main stock index began trading losing ground on Tuesday as investors as markets deal with uncertainty on the eve of reciprocal tariffs from US President Donald Trump. The telecom sector led an early steep decline for the TSX, but a rebound in tech helped pull the index to a higher close.
US stocks were divided as the market anticipated the President’s clarification on his tariff policy rollout. Tuesday marks the start of Q2 following a turbulent Q1, during which the S&P hit a six-month low. In Q1, the index fell by 4.6 per cent, the NASDAQ dropped by 10 per cent, and the Dow decreased by 1.3 per cent. On Wednesday, the President plans to announce reciprocal tariffs to align US tariffs with those of other countries.
The Canadian dollar traded for 69.85 cents US compared to 69.50 cents US on Monday.
US crude futures traded $0.26 lower at US$71.22 a barrel, and the Brent contract lost $0.31 to US$74.46 a barrel.
The price of gold was up $0.30 to US$ 3,118.30.
In world markets, the Nikkei was up 6.92 points to ¥35,624.48, the Hang Seng was up 87.26 points to HK$23,206.84, the FTSE up 51.99 points to ₤8,634.80, and the DAX was up 376.49 points to €22,539.98.
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(Top image generated with AI.)