Canada's main index opened higher on Tuesday, even as falling energy shares overshadowed gains in technology stocks, while uncertainties over U.S. President Donald Trump's trade policies kept investors on edge.
The TSX gained 72.76 points to begin Tuesday at 25,244.34
The Canadian dollar descended 0.05 cents at 69.37 cents U.S.
Trump did not immediately impose tariffs on Canada and Mexico after taking office on Monday, but later said he was thinking of imposing 25% duties starting Feb. 1, citing concerns over illegal immigration and fentanyl smuggling.
Canada sends a majority of its exports south of the border, including energy products.
In corporate news, Teck Resources reported a 50% increase in its annual copper production for 2024 to 446,000 tonnes.
Tuesday, Statistics Canada reported the Consumer Price Index rose 1.8% on a year-over-year basis in December, down from a 1.9% increase in November. On a seasonally adjusted monthly basis, the CPI rose 0.2% in December.
ON BAYSTREET
The TSX Venture Exchange lost 3.61 points to 615.12.
All but three of the 12 TSX subgroups were positive to begin the day’s trading, with
ON WALLSTREET
The Dow Jones Industrial Average advanced on Tuesday as Wall Street viewed President Trump’s comments and first-day actions around international trade as a bit softer than initially feared.
The 30-stock index leaped 259.57 points to 43,747.40
The S&P 500 took on 23.90 points to 6,020.56
The NASDAQ Composite tacked on 13.71 points, or 1.5%, to 19,643.51.
3M climbed more than 4% after earnings came in better than analysts expected. Tuesday’s rally also included small-cap names, driving the Russell 2000 nearly 1% higher.
Several big technology stocks also took a leg up, with Amazon and Alphabet each gaining more than 1%. But a drop of more than 3% in Apple on the back of two Wall Street downgrades weighed on the tech-heavy NASDAQ.
Trump said he was considering 25% tariffs on Mexico and Canada on Feb. 1 because of their border policies while signing first-day executive orders in the White House Monday night. He also mentioned China, noting that the U.S. could put tariffs on the country if it doesn’t approve a TikTok deal.
In his inaugural address, the president labeled his return to the White House as the beginning of a period of growth and success for the country, while largely condemning the Biden Administration. Trump also on Monday declared a national energy emergency to increase fossil fuel production.
Markets in the U.S. were shuttered Monday for Martin Luther King Day.
Prices for the 10-year Treasury nicked up, dropping yields to 4.57% from Friday’s 4.61%. Treasury prices and yields move in opposite directions.
Oil prices declined $1.69 to $76.19 U.S. a barrel.
Prices for gold edged up $2.40 an ounce to $2,751.10 U.S.
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