Canadian and U.S. inventory markets on Friday had been deep within the crimson for a second day on the continued fallout from U.S. President Donald Trump’s tariff plans.
The S&P/TSX composite index was down round 4 per cent after additionally shedding 4 per cent Thursday, whereas U.S. indexes had been down over three per cent after additionally seeing large drops a day earlier.
“The market doesn’t see commerce wars as being good for anyone,” mentioned Colin Cieszynski, chief market strategist at SIA Wealth Administration Inc.
Trump’s rollout of steep world tariffs after the shut of markets Wednesday has despatched shock waves and fears over how a lot they are going to disrupt commerce and financial development.
In New York, the Dow Jones industrial common was down 1,396.34 factors at 39,149.59. The S&P 500 was down 214.75 factors at 5,181.77, whereas the Nasdaq was down 676.32 factors at 15,874.29.
“There was lots of backwards and forwards and guessing and hypothesis — will he, gained’t he, and the way a lot? And, effectively, he did, and he did fairly forcefully,” mentioned Cieszynski.
“What we’re going ahead is, effectively, now what?”
The market will possible take just a few days to digest the extra instant implications, however the issue with such extreme commerce actions is there’s no fast decision, he mentioned.
“These sort of disputes don’t resolve themselves shortly or simply. So this might drag on for some time.”
Commodities had been taking the most important hit Friday as even the perceived secure haven of gold fell.
Know-how shares, which took the brunt of Thursday’s losses because the Nasdaq fell six per cent, weren’t getting hit fairly so badly, whereas utility and different extra conservative shares had been holding up higher, mentioned Cieszynski.
“The extra historically defensive sectors, they haven’t been doing so dangerous, it’s the sources which might be actually getting clocked at this time.”
Bonds had been one of many few classes seeing beneficial properties, he mentioned.
“We’re seeing a flight into bonds, significantly within the states the place treasury yields have been coming down.”
The Canadian greenback, which obtained a lift Thursday because the U.S. greenback fell in opposition to a variety of currencies, was buying and selling decrease round 70.47 cents US.
The Might crude oil contract was down US$4.72 at US$62.23 per barrel and the Might pure fuel contract was down 20 cents US at US$3.93 per mmBTU.
The June gold contract was down US$60.10 at US$3,061.60 an oz. and the Might copper contract was down 31 cents US at US$4.52 a pound.
This report by The Canadian Press was first printed April 4, 2025.
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Final modified: April 4, 2025
