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Canadian stocks dropped in morning trading, falling with global markets after US President Donald Trump applied tariffs to most of its trading partners.
Author of the article:
Bloomberg News
Stephanie Hughes and Geoffrey Morgan
Published Apr 03, 2025 • 1 minute read
(Bloomberg) — Canadian stocks dropped in morning trading, falling with global markets after US President Donald Trump applied tariffs to most of its trading partners.
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Despite the tumble, Canadian equities outperformed their peers in the US. The S&P/TSX Composite Index fell as much as 3.4%, its biggest intraday drop since January 2022. The S&P 500 Index, meanwhile, fell as much as 4.2%.
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The Canadian benchmark went as low as 24,448.82, weighed by information technology names like Shopify Inc. and Celestica Inc. Canada’s outperformance against US benchmarks Thursday is likely driven by the fact the country was spared additional Trump tariffs.
“The negative impacts of the trade wars was clearly priced into Canada more than the United States,” said Colin Cieszynski, chief market strategist at SIA Wealth Management. “It’s really interesting that we’re not down as much as the US even though resources are getting crushed.”
Dollarama Inc. was the top performer on the TSX, rising as much as 9.3% as the Quebec-based discount retailer defied trade-induced uncertainty with its fourth-quarter results on Thursday morning. Dollarama’s adjusted earnings beat analyst estimates, sending the stock to an all-time high.
As of 10:42 a.m. in Toronto, eight out of 11 sectors were lower and 187 of 218 stocks rose, while 30 fell.
Canadian equities were upgraded two notches from underweight to overweight by Scotiabank analysts including Hugo Ste-Marie, who said the country “dodged the bullet” on more US tariffs. US equities, meanwhile, were downgraded two notches.
The Canadian dollar rose 1.4% to C$1.4038 per US dollar as of 10:45 a.m. Toronto time, reaching its highest level since December.
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English (US)