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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 Considers 25% Tariffs on Canadian and Mexican Goods Starting February 1

In a significant move, U.S. President Donald Trump has suggested the possibility of imposing a 25% tariff on goods imported from Canada and Mexico as early as February 1. This announcement comes shortly after his inauguration as the 47th President of the United States.

During his first day in office, Trump signed a series of executive orders and hinted at the potential tariffs while addressing concerns about the borders with Canada and Mexico. Although he did not impose the tariffs immediately, he directed federal agencies to investigate and address trade deficits and unfair trade practices by other nations, including Canada and Mexico.

The proposed 25% tariff could have severe economic repercussions for Canada, potentially leading to a recession and requiring government intervention to stabilize the economy. In response, Canada has prepared a plan to impose retaliatory tariffs on $37 billion worth of American goods if Trump proceeds with the trade action.

Finance Minister Dominic LeBlanc expressed cautious optimism, noting that the threat of tariffs might be suspended for now, but emphasized the importance of being prepared for any scenario. The situation remains fluid, and both countries are closely monitoring developments as they unfold.


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