Canada's main stock index opened lower on Monday, dragged by losses in energy shares, while U.S. President Donald Trump's renewed criticism of Federal Reserve Chair Jerome Powell raised concerns about the central bank's independence and exacerbated risk-off sentiment.
The TSX Composite Index declined 129.56 points to 24,063.25.
The Canadian dollar added 0.25 cents to 72.47 cents U.S.
China on Monday accused Washington of abusing tariffs, and its warning to other countries followed a report that U.S. President Donald Trump's administration was pressuring countries to curb trade with the world's second-largest economy.
The Canadian stock market also takes cues from Wall Street, where index futures down after Trump's scathing attack against Federal Reserve Chair Jerome Powell sparked worries about the central bank's independence.
At home, Canada enters the final week of election campaigning before voters head to poll on April 28.
Prime Minister Mark Carney's campaign platform plans released on Saturday include tax cuts and new spending on infrastructure and defence, as he pledges a new economic order that is less reliant on the U.S.
Among sectors, Canadian gold mining companies could get support from the yellow metal hitting record highs, buoyed by safe-haven flows.
Markets throughout North America were closed Friday for Good Friday.
ON BAYSTREET
The TSX Venture Exchange inched higher 0.61 points to 634.44.
Eight of the 12 subgroups were lower in the first hour of trade, as health-care dwindled 2.7%, information technology ticked lower 2%, and energy proved 1% less energetic.
The four gainers were led by gold, better by 1.8%, materials were stronger by 1.4%, and telecoms were up 0.3%.
ON WALLSTREET
Stocks fell again on Monday as President Donald Trump ramped up his attacks on Federal Reserve Chair Jerome Powell, raising questions about the central bank’s independence, while traders received little signs of progress on global trade talks.
The Dow Jones Industrials weakened 741.18 points, or 1.9%, to 38,401.05.
The much broader index slid 110.55 points, or 2.1%, to 5,172.15.
The NASDAQ Composite bumbled 427.53 points, or 2.6%, to 15,858.92.
he “Magnificent Seven” tech titans traded lower, with Tesla and Nvidia respectively losing 7% and 5%. Amazon shed 4%, while Advanced Micro Devices and Meta Platforms slipped 3%. Equipment manufacturer Caterpillar also declined 3%.
In a Truth Social post, Trump claimed that the economy would slow unless Powell — who he referred to as “Mr. Too Late, a major loser” — lowered interest rates immediately. This follows another post last week in which Trump also called for the Fed to lower rates, even hinting at Powell’s “termination” — something White House economic advisor Kevin Hassett said the president’s team was studying.
Stocks fell to their session lows after Trump’s post on Monday. The dollar was also under pressure, hitting a three-year low as the threats ramped up. Gold, meanwhile, soared to record highs above $3,400 per ounce.
Prices for the 10-year Treasury were down Monday, raising yields to 4.34% from Thursday’s 4.33%. Treasury prices and yields in opposite directions.
Oil prices tumbled $1.65 to $63.03 U.S. a barrel.
Prices for gold popped $110.60 to $3,439 U.S.
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