Stocks in Canada found some upward momentum Monday, as metals provided much of the strength.
The TSX leaped 217.32 points to close Monday
at 25,660.23.
The Canadian dollar regained 0.04 cents at 69.81 cents U.S.
Among commodities, gold prices gained more than 1%, as the latest tariff plans fueled demand for the safe-haven metal.
Oil prices also ticked higher, rebounding after declines last week.
Trump on Sunday said he will introduce a 25% tariff on all steel and aluminum imports into the U.S, starting from Monday.
Canada, Brazil and Mexico are the largest sources of U.S. steel imports, according to U.S. government and American Iron and Steel Institute data.
Canada is also the top supplier of primary aluminum to the U.S., contributing 79% of total imports in the first 11 months of 2024.
Trump on Sunday also said he will announce reciprocal tariffs on Tuesday or Wednesday, to take effect almost immediately, applying them to all countries and matching the tariff rates levied by each country.
In corporate news, global investment firm Brookfield confirmed it will invest 20 billion euros to develop artificial intelligence-related projects in France. Brookfield shares eked up eight cents to $85.02.
In corporate news, Toronto-Dominion Bank's shares advanced 3.6% after the bank said it will sell its 10.1% stake in U.S. financial services firm Charles Schwab as part of a strategic review following a landmark U.S. fine. TD shares zoomed $3.19, or 3.9%, to $86.00.
MDA Space climbed $2.84, or 13%, to $24.76, after the space technology company expanded its contract with telecom infrastructure provider Globalstar to develop the next generation of low Earth orbit satellites, bringing the total contract value to about $1.1 billion.
Gold occupied the top spot, with Eldorado Gold climbing 95 cents, or 4.8%, to $20.83, while New Gold acquired 18 cents, or 4.2%, to $4.48.
Among materials, Ero Copper grabbed 86 cents, or 4.5%, to $19.94, while shares in Ivanhoe Mines gained 80 cents, or 5.1%, to $17.00.
Energy stocks celebrated, too, with Baytex Energy taking on 17 cents, or 4.9%, to $3.65, while shares in Vermilion Energy gained 57 cents.
Health-care concerns did not fare so well, though, with Bausch Health Companies sliding 31 cents, or 3.4%, to $8.92, while Tilray shares dwindled four cents, or 2.8%, to $1.40.
Among consumer staples, Alimentation Couche-Tard faltered $1.57, or 2.1%, to $72.95, while Empire Company dropped 33 cents to $42.67.
ON BAYSTREET
The TSX Venture Exchange gained 3.66 points to 642.94.
All but two of the 12 subgroups were in the green on the day, with gold brighter by 2.9%, materials were up 2.1%, and energy prospered 1.9%,
Health-care dropped 1.8%, while consumer staples proved the other subgroup in the red, down 0.3%.
ON WALLSTREET
Stocks rose Monday as major tech names outperformed to start the week, while traders looked past the latest U.S. tariff threat from President Donald Trump.
The Dow Jones Industrials jumped 167.01 points, to 44,470.41.
The S&P 500 took on 40.45 points to 6,066.44
The tech-heavy NASDAQ popped 190.87 points, or 1%, to 19,714.27.
Trump told reporters on Sunday that he’s planning to announce a blanket 25% tariff on all steel and aluminum imports on Monday. Trump did not specify when the tariffs would be imposed and noted that he would also issue retaliatory tariffs on countries that tax U.S. imports.
The news comes as Trump’s previously announced duties on China are set to go into effect at midnight on Sunday.
Steel and aluminum stocks popped. U.S. Steel and Nucor were up more than 3.5% and 5.5%, respectively. Cleveland-Cliffs climbed more than 17%, and Alcoa traded 3% higher.
Shares of chipmakers also traded higher as sentiment appeared to improve after the late January selloff in technology stocks, fueled by the concerns around the emergence of Chinese AI startup DeepSeek. Nvidia gained 3.5%, while Broadcom and Micron rose by 4.5% and roughly 4%, respectively. Megacap tech names Alphabet, Amazon and Microsoft were also each higher.
The threat of more tariffs comes ahead of a slew of economic data this week.
The January consumer price index report is due out Wednesday at 8:30 a.m. ET, followed by initial weekly jobless claims and the producer price index on Thursday. Federal Reserve Chair Jerome Powell will also speak before Congress on Tuesday morning.
Investors will also look toward more major corporate earnings out this week, including Coca-Cola. McDonald’s on Monday reported disappointing quarterly revenue, but still saw its shares gain more than 4.5%.
Prices for the 10-year Treasury sagged, raising yields to 4.5% from Friday’s 4.49%. Treasury prices and yields move in opposite directions.
Oil prices tacked on $1.45 to $72.45 U.S. a barrel.
Prices for gold gained $47.30 an ounce to $2,934.90 U.S.
