A broad market decline took equities in Canada down significantly on Thursday. Heavyweight sectors lost a lot of ground following the previous session’s rally thanks to a temporary relief from tariff drama for some countries.
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US markets also declined, erasing half of the gains from the previous day’s historic rally. This drop followed President Donald Trump’s announcement of a 90-day delay on some tariffs. Despite the temporary relief, investors were concerned that the higher tariffs targeting China would still slow economic activity. The previous session saw significant gains, with the S&P 500 rising over 9 per cent, marking its third-largest single-day increase since World War II. The Dow experienced its biggest percentage gain since March 2020, and the NASDAQ had its best one-day performance since January 2001, making it the second-best day on record.
The Canadian dollar traded for 71.42 cents US compared to 70.20 cents US on Wednesday.
US crude futures traded US$2.02 lower at US$60.33 a barrel, and the Brent contract lost US$1.88 to US$63.60 a barrel.
The price of gold was up US$89.97 to US$3,172.55.
In world markets, the Nikkei was up 2,894.97 points to ¥34,609.00, the Hang Seng was up 417.29 points to HK$20,681.78, the FTSE up 233.77 points to ₤7,913.25, and the DAX was up 891.85 points to €20,562.73.
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(Top image generated with AI.)