Canada’s primary stock index fell on Thursday, dragged by concerns that U.S. President Donald Trump’s fresh tariff threats could stoke a global trade war.
The TSX Composite Index plunged 154.84 points to greet noon Thursday at 25,471.32.
The Canadian dollar restored 0.23 cents to 70.44 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 95 cents, or 4.3%, to $21.32.
The technology sector was the worst performer, dragged by a drop of 64 cents, or 7.7%, in Blackberry to $7.69.
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 56 cents to $75.16.
Manulife Financial gained $3.60, or 8.5%, to $45.92 after the company saw a 6% increase in quarterly profit.
TFI International slumped $28.22, or 15.6%, to $153.29, after the Canadian transportation and logistics service provider reported its fourth-quarter results.
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 2.99 points to 641.79.
All but three of the 12 subgroups were lower midday, with information technology collapsing 2.6%, while consumer discretionary and industrials each lost 1.1%.
The three gainers were health-care, up 2.6%, gold, shining 1.6% brighter, and materials, stronger 1.4%.
ON WALLSTREET
Stocks dropped Thursday, a day after the S&P 500 hit a fresh all-time high, after retail giant Walmart issued a lackluster forecast. Investors also appeared to dump some favorites as they weigh the outlook of the economy.
The Dow Jones Industrials fainted 653.09 points, or 1.5%, Thursday to 43,974.50
The much-broader index dumped 54.79 points to 6,089.76
The tech-heavy NASDAQ dropped 184.55 points to 19,871.70.
Dow member Walmart dropped more than 6% 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 traded more than 1% lower, following Walmart’s move, which seemingly sparked a risk off session for stocks tied to worry about earnings moving forward.
Retail investor favorite Palantir also pulled back more than 12%, adding to a 17% decline 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, lowering yields to 4.50% from Wednesday’s 4.53%. Treasury prices and yields move in opposite directions.
Oil prices progressed 58 cents to $72.83 U.S. a barrel.
Prices for gold moved higher $22.20 an ounce to $2,958.30 U.S.
