The Global market meltdown continues to escalate on US tariff war.
In the North American markets, the TSX plunged over 1100 points to start the trading week, down over 4 and a half percent. The Dow plummeted over 2200 points and the Nasdaq dropped nearly 6 percent at the opening bell. Tech stocks continue to sell off after China’s tariff retaliation. Year to date, apple is down 25 percent, Nvidia is down 20 percent, and Microsoft has declined over 14 percent.
Market Numbers (Futures)
TSX : Down (4.69%) 23,193.47
TSXV: Down (6.25%) 575.92
DOW: Down (5.50%) 38,314.86
NASDAQ: Down (5.82%) 15,587.79
FTSE: Down (3.99%) 7,735.46
In the Headlines
As U.S. tariffs press a potential recession, Ontario Premiere Doug Ford is pledging C$11B in tax deferment and rebate measures for Ontario employers and workers. Ford will be temporarily deferring select provincially administered taxes for 6 months until Oct 1st, creating approximately C$9B worth of cash flow.
In the wake of the economic disruptions shaking the labour market, investors will be paying close attention to the Bank of Canada business outlook survey, due out today.
The TMX Group price target has been boosted to C$55, up from C$53 and Barrick Gold is proposing a rebrand to Barrick Mining to reflect its push towards copper operations.
Currencies Update: (Futures)
In currencies today, The Canadian dollar is down 3 tenths of a percent against the greenback, trading at 69 cents U.S. The loonie is up half a percent against the pound as the Markets are pricing in roughly 85 basis points of rate reductions by the Bank of England by December. In addition the likelihood of a 25-basis point rate cut in May is up around 90 percent. Bitcoin is down over 6 percent, dropping around 75 hundred Canadian from its price.
Commodities: (Futures)
Natural Gas: Up (1.27%), 3.88
WTI: Down (1.96%), 60.77
Gold: Down (0.18%), 3031.30
Copper: Down (2.38%) 4.26
To stay up-to-date on all of your market news head to stockhouse.com
Join the discussion: Find out what everybody’s saying check out the rest of Stockhouse’s stock forums and message boards.
The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here
