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Daily Markets Update: Nasdaq Hits Record as Yields Top 5.3%, TSX Flat, Loonie Near 70¢

  S&P/TSX 35,518.55 +0.04% S&P 500 7,773.99 +0.66% Nasdaq 27,477.31 +1.05% Brent US$100.42 -1.8% USD/CAD 1.4250 Flat US 10-yr 5.315% +3.8 bp Monday, October 5 close, with Asia’s Tuesday session. Wall Street’s tech rally pushed the Nasdaq to a fresh record on Monday even as long-term bond yields kept climbing: the U.S. 10-year Treasury yield settled at 5.315%, a new 52-week high. Canada’s TSX barely moved, with tech gains offsetting a slide in energy and financials, and Cenovus fell after unveiling a C$5.7-billion takeover of Athabasca Oil. Oil dropped nearly 2% as G7 emergency stock releases and rising Middle East exports eased supply fears, and the loonie hovered near 70 U.S. cents, close to its weakest level in about 18 months. Canada: TSX Flat as Tech Offsets Energy Index / Stock Close Change S&P/TSX Composite 35,518.55 +0.04% Shopify (SHOP) — +5.7% Athabasca Oil (ATH) — +13.5% Cenovus Energy (CVE) C$44.86 -3.0% Suncor Energy (SU) — -1.2% The TSX added 15.90 points ...
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Trump Vows New Tariffs on Canada, Mexico, and China, Threatening Global Trade

 

U.S. President-elect Donald Trump announced on Monday that he will impose new tariffs on products from Canada, Mexico, and China as part of his strategy to address illegal immigration and drug trafficking, particularly fentanyl. Trump stated that he will sign an executive order on his first day in office to implement a 25% tariff on all products entering the United States from Canada and Mexico, and an additional 10% tariff on goods from China.

Trump's announcement has sparked concerns among economists and trade experts, who warn that such measures could lead to higher prices for American consumers and potential retaliatory actions from the affected countries. The tariffs are expected to impact a wide range of products, including automobiles, electronics, and agricultural goods.

Canadian and Mexican officials have yet to respond to Trump's announcement, but the move is likely to strain trade relations between the three countries. The tariffs could also complicate the implementation of the United States-Mexico-Canada Agreement (USMCA), which was designed to facilitate trade and economic cooperation in North America.

As the January 20th inauguration date approaches, businesses and consumers are bracing for the potential economic fallout from these tariffs.


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