Canada's main index extended gains on Tuesday led by mining and technology shares, as investors assessed early clues about U.S. President Donald Trump's trade policies.
The TSX gained 109.17 points to reach noon hour EST Tuesday at 25,280.75
The Canadian dollar descended 0.10 cents at 69.81 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. Teck shares declined 82 cents, or 1.3%, to $62.85.
Elsewhere, Bombardier fell $5.15, or 5.5%, to $89.42, giving back much of previous day's gains.
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 2.47 points to 616.26.
Seven of the 12 TSX subgroups were positive in the early afternoon, with gold soaring 1.7%, while information technology gained 1.1%, and utilities strengthened 0.7%.
The five laggards were weighed most by energy, sagging 1.2%, health-care, sliding 1.1%, and communications, off 0.4%.
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 believed.
The 30-stock index leaped 466.33 points, or 1.1%, to 43.954.16
The S&P 500 took on 44.71 points to 6,041.37
The NASDAQ Composite jumped 99.25 points to 19,729.45.
3M climbed more than 4% after earnings came in better than analysts expected.
S
everal 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.
Prices for the 10-year Treasury nicked up, dropping yields to 4.58% from Friday’s 4.61%. Treasury prices and yields move in opposite directions.
Oil prices declined $1.47 to $76.41 U.S. a barrel.
Prices for gold gained $12.40 an ounce to $2,761.10 U.S.
