Canada’s main stock index struggled to find direction on Friday as investors wondered how their government would respond to U.S. President Donald Trump imposition of tariffs on Canada and Mexico this weekend.
The TSX fell sharply, 275.15 points, or 1.1%, to 25,533.10, for a gain on the week of 64.1 points, or 0.25%.
The Canadian dollar faded 0.14 cents at 68.85 cents U.S.
With just the deadline set for tomorrow for Trump to issue trade duties on trading partners, including Canada, investors factored in the potential implications on both economies.
Companies, consumers and farmers across North America could be impacted by the punitive duties, potentially disrupting nearly $1.6 trillion in annual trade.
Algonquin Power said on Friday Rod West will succeed Chris Huskilson as its new chief executive officer, effective March 7. Algonquin shares climbed 22 cents, or 3.5%, to $6.47.
In consumer stocks, BRP shed four dollars, or 5.5%, to $69.04, while Spin Master folded $1.42, or 4.5%, to $30.56.
In health-care issues, Tilray handed over 10 cents, or 6.1%, to $1.54, while Sienna Senior Living lost 22 cents, or 1.4%, to $15.62.
Imperial Oil shares fell $6.82, or 6.6%, to $96.67, as the oil producer posted a fall in fourth-quarter profit. Elsewhere in energy, Birchcliff Energy forked over 20 cents, or 3.4%, to $5.75.
Tech stocks tried to even things out, with Celestica hiking $14.27, or 8.6%, to $180.05, while Quarterhill added a nickel, or 3.1%, to $1.65.
Utilities trod water, as Brookfield Renewable Partners gained $1.94, or 6.5%, to $31.84, while Boralex shares took on 80 cents, or 3.2%, to $25.85.
On the macroeconomic front, Statistics Canada told us GDP decreased 0.2% in November with decreases in both services-producing and goods-producing industries.
ON BAYSTREET
The TSX Venture Exchange skidded 4.18 points to 623.75, restricting gains for the week to 2.5 points, or 0.4%.
All but two of the 12 subgroups were in the red by the close, weighed most by health-care, down 2.4%, consumer discretionary stocks, settling 2.1%, and energy, off 1.8%.
The lone gainers were information technology, edging up 0.2%, and utilities, up 0.04%.
ON WALLSTREET
The S&P 500 slid Friday as the market reacted to news that President Donald Trump’s aggressive tariffs against major U.S. trading partners would begin on Saturday.
The Dow Jones Industrials plummeted 337.53 points to 44,544,60, weighed by a decline in Chevron
The much-broader index faded 30.71 points to 6,040.46
The NASDAQ Composite slumped 54.31 points to 19,627.40.
After tumbling 3.1% on Monday, the NASDAQ Composite has since clawed back some of its losses and was last down 1.7% on the week.
The S&P 500 and blue-chip Dow are poised to finish the week 1% lower and 0.2% higher, respectively. Nvidia, which plunged nearly 17% on Monday, has since trimmed its weekly losses to about 14%.
Friday also marks the last day of what has been a rocky January for traders. Nevertheless, the three major averages are on pace for monthly gains, with the S&P 500 up 2.6% and the NASDAQ on pace for a 1.5% advance. The Dow outperformed in the period, on track for a 4.7% jump.
Stocks gave up their earlier gains after White House press secretary Karoline Leavitt announced on Friday afternoon that the president’s tariffs will be available for public inspection at some point Saturday. Trump will be leveling 25% tariffs on Canada and Mexico, alongside a 10% duty on China. At its session highs, the blue-chip Dow had risen around 170 points.
Stocks with exposure to these markets reacted such as Corona brewer Constellation Brands and Mexican food chain Chipotle, which respectively shed 2% and 1% upon the news.
Investors also honed in on Apple, which saw shares rise after the company exceeded fiscal first-quarter expectations. While Apple reported disappointing sales tied to the iPhone, services revenue appeared to take the spotlight. The stock was last trading 1% lower. Shares of Chevron and Exxon Mobil respectively dipped 4% and 3% on the back of disappointing fourth-quarter results.
Friday’s action follows a winning — but volatile — trading session for the three major indexes. Technology has been a major focus of investors this week given Monday’s big sell-off sparked by developments out of China’s DeepSeek artificial intelligence startup and earnings reports from key players over recent days.
Prices for the 10-year Treasury faded, raising yields to 4.55% from Thursday’s 4.52%. Treasury prices and yields move in opposite directions.
Oil prices nicked lower five cents to $72.68 U.S. a barrel.
Prices for gold slid $15.30 an ounce to $2,829.90 U.S.
