Profit-taking seemed the order of the day Monday, after sharp gains to end last week on the TSX. Health-care and energy concerns appeared the biggest anchors.
The TSX Composite Index lost 77.99 points by the end of Monday to 24,953.52.
The Canadian dollar nosed up 0.06 cents at 72.40 cents U.S.
Trump announced on Sunday a 100% tariff on movies produced outside the U.S., saying the American film industry was dying a “very fast death” due to the incentives offered by other countries to lure filmmakers.
Shares of U.S. film and television production firms were down before the bell.
While the U.S. and China’s talks provided a brief respite on Friday, after Beijing said it was considering Washington’s offer to discuss Trump’s 145% tariffs, the uncertainty around the outcome continues to loom over the markets.
Separately, Prime Minister Mark Carney said on Friday he will be in Washington on Tuesday for what he expects to be “difficult but constructive” talks with Trump.
Investors will also focus on the Fed’s meeting, where the rates are expected to be kept steady.
Meantime, in Canada, Skeena Resources was in the news, on new developments regarding its Eskey Creek Gold-Silver Project.
Skeena shares leaped $1.03, or 6.6%, to $16.55.
Parkland rose two dollars, or 5.5%, to $38.28, after U.S.-based Sunoco LP said it will buy the company in a deal valued at about $9.1 billion, including debt.
Elsewhere, health-care stocks tottered, as Bausch Health Companies faded 57 cents, or 7.8%, to $6.89, while Tilray slid three cents, or 4.8%, to 60 cents.
In energy stocks, Baytex Energy dipped 14 cents, or 6.2%, to $2.13, while Kelt Exploration slipped 25 cents, or 4.4%, to $5.49.
In the real-estate sector, units of Allied Properties REIT gave back 80 cents, or 5.2%, to $14.60, while Northwest Properties REIT lost a dime, or 2%, to $4.82.
Gold tried to right the ship, as Equinox Gold moved 37 cents, or 4.3%, higher, to $9.04, while Eldorado Gold grabbed $1.01, to 4%, to $26.28.
In materials, G Mining Ventures hiked 81 cents, or 4.3%, to $19.56, while SSR Mining progressed 70 cents, or 5.1%, to $14.53.
In consumer staples, Maple Leaf Foods popped 24 cents, or 1%, to $25.16, while Loblaw Companies climbed $1.94 to $226.96.
ON BAYSTREET
The TSX Venture Exchange edged up 0.36 points to 656.04.
Eight of the 12 subgroups were lower Monday, with health-care ducking 3%, energy, off 2.5%, and real-estate down 1%.
Gold led the four gainers, up 3.4%, while materials improved 1.8%, and consumer staples eked higher 0.4%.
ON WALLSTREET
The S&P 500 fell Monday, ending a nine-day rally as investors monitored the latest developments on global trade.
The Dow Jones Industrials slid 98.6 points to 41,218.83.
The much broader index skidded 36.29 points, to 5,650.38, bringing to an end its longest winning streak since November 2004.
The NASDAQ Composite faded 133.49 points to 17,844.24
At its lows, the Dow fell as much as 253.99 points, while the S&P 500 and NASDAQ lost around 1% each before curtailing their losses. Data released on Monday from the Institute for Supply Management reflected stronger-than-expected service sector activity in April, even as company executives reported rising concerns about tariffs.
The major indexes cut losses after a data Monday from the Institute for Supply Management reflected stronger-than-expected service sector activity in April, even as company executives reported rising concern about tariffs.
Trump on Sunday said he authorized relevant government agencies to begin imposing a 100% tariff on films produced abroad, calling efforts from other nations to attract film productions a “national security threat.” It remains unclear if the levies would impact movies shown in theaters or movies on streaming services.
Shares of Walt Disney and Netflix — all companies that film abroad — traded 1.4% and 3.4% lower in early morning trading, respectively. Warner Bros Discovery also shed around 3%.
Trump also told reporters on Sunday that “we’re negotiating with many countries, but at the end of this, I’ll set my own deals — because I set the deal, they don’t set the deal.” Trump added that has no plans to talk to Chinese President Xi Jinping, dashing investors’ hopes that progress is being made to ease U.S.-China trade tensions.
Prices for the 10-year Treasury fell, raising yields to 4.34% from Friday’s 4.31%. Treasury prices and yields move in opposite directions
Oil prices dropped $1.27 to $57.02 U.S. a barrel.
Prices for gold jumped $94.70 to $3,228.00 U.S.