Canada's main stock index opened higher on Tuesday, led by metal mining shares, as investors reacted to U.S. President Donald Trump's hint at possible flexibility in his tariff policies despite looming reciprocal measures.
The TSX Composite Index chugged along, gaining 79.46 points to open Tuesday at 25,383.57
The Canadian dollar edged up 0.05 cents to 69.90 cents U.S.
Copper prices edged up as markets monitored the metal's movement to the U.S. due to potential tariff issues. However, a stronger dollar limited the gains.
Shares in Dundee Precious Metals gained 40 cents, or 2.2%, to $18.84.
ON BAYSTREET
The TSX Venture Exchange tacked on 3.27 points to begin the session at 647.03.
Eight of the 12 TSX subgroups gained ground in the first hour, led by gold, stronger 1.9%, materials, better off 1.5%, and energy, gushing 0.7%.
The four laggards were weighed most by consumer discretionary stocks, down 0.6%, utilities, sliding 0.4%, and industrials, off 0.3%.
ON WALLSTREET
U.S. stocks wavered Tuesday, as investors tried to build on the strong gains from the previous session that were sparked by hopes of U.S. tariffs being narrower in scope.
The Dow Jones Industrials grew 89.52 points to 42,672.84.
The S&P 500 Index gathered 16.72 points to 5,784.29
The NASDAQ climbed 81.32 points to 19,269.91
Investors largely looked past the March consumer confidence data released Tuesday, which reflected a significant drop in U.S. consumers’ near-term outlook on income, business, and job conditions.
The Conference Board’s monthly confidence index fell to 92.9, below a Dow Jones forecast of 93.5. The measure for future expectations dropped to 65.2, the lowest reading in 12 years and well below the 80 level considered to be a signal for a recession ahead.
Wall Street has been on edge recently over a potential uptick in inflation and slowing economic growth as it awaits President Donald Trump’s reciprocal tariffs expected on April 2. Investors got a reprieve Monday on news that on reports that the White House may narrow the scope of tariffs going into effect.
Trump later told the press that he “may give a lot of countries breaks” on reciprocal tariffs. He added that duties on certain sectors, such as pharmaceuticals and autos, would still be coming in the “near future.”
Prices for the 10-year Treasury inched higher Tuesday, sending yields up to 4.32% from Monday’s 4.33%. Treasury prices and yields move in opposite directions.
Oil prices improved 24 cents to $69.35 U.S. a barrel.
Prices for gold fell $18.80 an ounce to $3,034.40 U.S.
