Canada’s main stock index fell on Thursday, in broad-based declines, coming off the previous session’s rally spurred by U.S. President Donald Trump’s temporary tariff relief.
The TSX Composite Index flopped 702.64 points, or 3%, Thursday noon, to 23,024.39.
The Canadian dollar gained 0.55 cents to 71.44 cents U.S.
Information technology fell 4.7%, with shares of e-commerce company Shopify slipping $11.90, or 9.2%, to $117.19.
Bucking the trend, materials gained 1.7% as gold prices rose more than 1%, extending the previous session’s sharp rise on safe-haven demand.
Meanwhile, shares of Canadian gold miners found support from higher bullion prices, as traders sought the safe-haven asset with a weaker dollar and the rising prospect of U.S. rate cuts.
Iamgold shares captured 40 cents, or 4.4%, to $9.59, while those for Lundin Gold gained $2.04, or 4.5%, to $47.85.
Meanwhile, copper and other base metals prices rebounded sharply. Capstone Copper dropped 41 cents, or 6.7%, to $5.68, while shares in Ero fell $1.19, or 7.9%, to $13.86.
ON BAYSTREET
The TSX Venture Exchange reversed 6.05 points, or 1%, to 592.61.
All but two of the 12 TSX subgroups lost ground, as energy plummeted 6.3%, health-care docked 5.6%, and real-estate, off 3.7%.
The two gainers were gold, up 3.1%, and materials, prospering 0.7%.
ON WALLSTREET
Stocks fell Thursday, giving back half of the gains from the historic rally seen in the previous session after President Donald Trump announced a 90-day reprieve on some of his “reciprocal” tariffs. Investors worried that even with the short reprieve on some of the duties, economic activity will be slowed by Trump’s singling out of China with a much higher rate.
The Dow Jones Industrials lost 1,862.19 points, or 4.6%, to pause for lunch Thursday at 39,746.36
The S&P 500 sank 298.25 points, or 5.4%, to 5,158.65
The NASDAQ lost 1,066.19 points, or 3% to 16,056.91
Leading the declines were Apple, which docked more than 2%, and Tesla, which pulled back more than 5%.
Nvidia lost 3.6%, while Meta Platforms slipped 3.8%.
The moves come after a historic surge on the Street, where the S&P 500 soared more than 9% for its third-largest gain in a single day since World War II. The Dow also saw its biggest percentage advance since March 2020, while the Nasdaq scored its biggest one-day gain since January 2001 and second-best day on record.
The latest consumer price index report showed inflation eased to 2.4% year-over-year in March, lower than the Dow Jones consensus estimate of a 2.6% rise.
Prices for the 10-year Treasury trailed midday, pushing yields back up to 4.37% from Wednesday’s 4.34%. Treasury prices and yields move in opposite directions.
Oil prices slid $2.93 to $59.42 U.S. a barrel.
Prices for gold spiked $94.30 to $3,173.90 U.S.