Stocks in Toronto continued their negative trend, despite gains by one of the country’s major banks, as jitters continue to affect investors over the prospect of tariffs from the U.S., due next week.
The TSX Composite Index had lost 122.18 points by noon EST to 25,029.08
The Canadian dollar shed 0.07 cents to 69.97 cents U.S.
Bank of Montreal’s first-quarter profit rose on strong capital markets business, while Bank of Nova Scotia’s quarterly profit fell due to an impairment loss from its deal to transfer Latin American operations to Colombian bank Davivienda.
BMO shares ballooned $6.97, or 4.9%, to $149.32.
Elsewhere in financials, Bank of Nova Scotia beat analysts’ expectations for quarterly profit, driven by strong income from capital markets and wealth management businesses. Scotiabank moved backwards $1.48, or 2.1%, to $70.75.
U.S. President Donald Trump stated on Monday tariffs on Canadian and Mexican imports remain “on time and on schedule”. The statement was made despite both countries’ efforts to enhance border security and curb fentanyl flow into the U.S. before the March 4 deadline.
ON BAYSTREET
The TSX Venture Exchange faded 15.44 points, or 2.5%, to 611.39.
Seven of the 12 subgroups were in positive territory in the first hour, led by consumer staples, up 1.4%, while real-estate moved up 1.1%, and telecoms gained 1%.
The five laggards were weighed most by gold, faltering 2.7%, information technology, retreating 2.1%, while energy slid 2%.
ON WALLSTREET
Stocks fell broadly on Tuesday, with the S&P 500 on pace for its fourth consecutive losing session, as traders weighed concerns around economic growth and global trade.
The Dow Jones Industrials dropped 59.36 points by noon hour to 43,401.85
The much-broader index lost 59.98 points to 5,923.27
The NASDAQ Composite jettisoned 355.81 points, or 1.9%, to 18,931.12, with Nvidia’s pullback of 3.4% leading the index lower.
Nvidia is set to report earnings Wednesday after the bell. Shares are down more than 5% in 2025, underperforming the broader market.
Bitcoin prices fell below $90,000 to a three-month low. The blue-chip coin is trading almost 20% below its all-time high reached on President Donald Trump’s inauguration day.
The major averages took a leg lower after the most recent consumer confidence survey from the Conference Board came in much weaker than economists’ estimates. This follows a series of weak data releases last week, including lackluster manufacturing and retail sales numbers.
Cautious forward guidance from Walmart added to worsening sentiment on consumer health and the economy.
Investors are also mulling Trump’s latest remarks on trade. On Monday, Trump announced that tariffs on imports from Canada and Mexico “will go forward” after the current 30-day moratorium ends. The White House is also preparing for tighter curbs over China’s semiconductor exports, according to a report from Bloomberg News.
Prices for the 10-year Treasury gained sharply, lowering yields to 4.30% from Monday’s 4.40%. Treasury prices and yields move in opposite directions.
Oil prices subtracted $1.96 to $68.74 U.S. a barrel.
Prices for gold dropped $59.20 an ounce to $2,904 U.S.
