Rumblings of more tariffs on Canadian goods promised by U.S. President Donald Trump shook the nerves of investors throughout North America, driving indexes much lower Thursday.
The TSX Composite Index finished downward 112.08 points to conclude Thursday at 25,514.08.
The Canadian dollar restored 0.34 cents to 70.56 cents U.S.
Trump announced plans to unveil fresh tariffs within the next month or sooner, targeting lumber and forest products in addition to previously announced duties on imported cars, semiconductors and pharmaceuticals.
This announcement is particularly significant for Canada, one of the globe's leading producers and exporters of softwood lumber, with the lion's share of these exports destined for the United States.
In corporate developments, Cenovus Energy reported a decline in fourth-quarter profits, while Teck Resources exceeded analysts' expectations for profit in the same period.
Shares in Cenovus dipped 62 cents, or 2.8%, to $21.65. while those for Teck gained 76 cents, or 1.3%, to $61.46.
The technology sector was the worst performer, dragged by a drop of 42 cents, or 5%, in Blackberry to $7.91.
Top potash producer Nutrien fell short of Wall Street's forecasts for its fourth-quarter earnings, while Manulife Financial saw a 6% increase in quarterly profit.
Nutrien traded higher 70 cents to $75.30.
Manulife Financial gained $2.82, or 6.7%, to $45.14 after the company saw a 6% increase in quarterly profit.
TFI International slumped $37.73, or 20.8%, to $143.78, after the transportation and logistics service provider reported its fourth-quarter results.
Consumer staples dawdled, as Jamieson Wellness lost $1.02, or 3.1%, to $31.63, while Loblaw Companies slid $4.71, or 2.6%, to $174.75.
Health-care stocks tried to pick up the slick, as Bausch Health Companies gained 88 cents, or 9.5%, to $10.18, while Sienna Senior Living increased 38 cents, or 2.4%, to $16.37.
First Majestic Silver jumped 55 cents, or 7.2%, to $8.18, while Ivanhoe Mines increased in price $1.09, or 6.9%, to $16.87.
On the economic calendar, Statistics Canada’s new housing price index edged down 0.1% on a month-over-month basis in January, following the same decline in the previous month.
Prices were unchanged in 15 out of the 27 surveyed census metropolitan areas (CMAs). Meanwhile, nine CMAs saw an increase, while three CMAs were down.
Elsewhere, the Industrial Product Price Index rose 1.6% month over month in January and increased 5.8% year over year.
Meanwhile, the Raw Materials Price Index grew 3.7% on a monthly basis and increased 11.8% year over year.
ON BAYSTREET
The TSX Venture Exchange recovered 5.3 points to 644.10.
Six of the 12 subgroups were in the green by the close, with health-care ahead 2.8%, materials better by 1.2%, and gold surging 0.9%.
Information technology weighed most on the five laggards, skidding 2.2%, while consumer staples lost 1.3%, and industrials fell 0.9%. Consumer discretionary were unchanged at the close.
ON WALLSTREET
Stocks retreated Thursday, following two days of all-time highs for the S&P 500, as investors dumped some popular names in the wake of a lackluster forecast from retail giant Walmart that prompted questions about the outlook of the economy.
The Dow Jones Industrials slumped 450.94 points, or 1%, Thursday to 44,176.65
The much-broader index shed 26.63 points to 6,117.52
The NASDAQ fell 83.89 points to 19,962.36.
Dow member Walmart dropped 6.5% after the company said it expects fiscal year sales to grow between 3% and 4%. The company’s fiscal 2026 earnings outlook, meanwhile, was below analyst expectations. The weak guidance overshadowed fiscal fourth-quarter earnings that topped estimates.
Target and Costco each fell about 2%, following Walmart’s move, amid rising worries about the health of earnings moving forward.
Retail investor favorite Palantir also pulled back more than 5%, adding to a decline of more than 10% so far this week.
The move comes after a report said Defense Secretary Pete Hegseth told department officials to brace for budget cuts. A new trading plan for CEO Alex Karp also drove the stock lower.
Worries over the state of the economy also weighed on the market after The Conference Board said its Leading Economic Index unexpectedly contracted in January
U.S. data showed weekly jobless claims for the week ended February 15 stood at 219,000, compared with an estimate of 215,000
Prices for the 10-year Treasury gained slightly, lowering yields to 4.51% from Wednesday’s 4.53%. Treasury prices and yields move in opposite directions.
Oil prices progressed 28 cents to $72.53 U.S. a barrel.
Prices for gold moved higher $17.50 an ounce to $2,953.60 U.S.
