Equities in Canada’s largest centre escaped the cellar by the end of Tuesday’s session, on the strength of consumer and real-estate issues, despite the shadow of tariffs due to take effect next week.
The TSX Composite Index had regained 52.72 points to close Tuesday at 25,203.98
The Canadian dollar shed 0.16 cents to 69.88 cents U.S.
Bank of Montreal’s first-quarter profit rose on strong capital markets business, while Bank of Nova Scotia’s quarterly profit fell due to an impairment loss from its deal to transfer Latin American operations to Colombian bank Davivienda.
BMO shares ballooned $6.74, or 4.7%, to $149.09.
Elsewhere in financials, Bank of Nova Scotia beat analysts’ expectations for quarterly profit, driven by strong income from capital markets and wealth management businesses. Scotiabank moved backwards 83 cents, or 1.2%, to $71.40.
Consumer staples carried the day, with Maple Leaf Foods jumping $2.37., or 10.7%, to $24.59, while Loblaw Companies hiked $5.76, or 3.3%, to $186.46.
Real-estate issues moved higher as well, as Colliers soared $4.59, or 2.6%, to $182.27, while First Service shares muscled up $5.91, or 2.4%, to $253.26.
Health-care also strengthened with Bausch Health Companies better by 58 cents, or 5.7%, to $10.81, while Sienna Senior Living gathered 20 cents, or 1.3%, to $15.60.
Energy let the side down, though, with Baytex Energy regressing 20 cents, or 5.9%, to $3.18, while Birchcliff Energy settled 27 cents, or 4.7%, to $5.54.
Gold dulled in price, primarily Equinox Gold, sliding 43 cents, or 4.4%, to $9.27, while Iamgold lost 27 cents, or 3.3%, to $7.97.
Tech stocks were also weak, with Dye & Durham down $1.55, or 10.6%, to $13.13, while Bitfarms sagged 15 cents, or 8.5% to $1.61.
U.S. President Donald Trump stated on Monday tariffs on Canadian and Mexican imports remain “on time and on schedule”. The statement was made despite both countries’ efforts to enhance border security and curb fentanyl flow into the U.S. before the March 4 deadline.
ON BAYSTREET
The TSX Venture Exchange faded 10.2 points, or 1.6%, to 616.63.
Eight of the 12 subgroups were in positive territory by the closing bell, led by consumer staples, up 1.8%, while real-estate moved up 1.7%, and health-care gained 1.2%.
The four laggards were weighed most by energy, fading 1.5%, while gold and information technology, each retreated 1.2%.
ON WALLSTREET
Stocks fell broadly on Tuesday, with the S&P 500 on pace for its fourth consecutive losing session, as traders weighed concerns around economic growth and global trade.
The Dow Jones Industrials zoomed higher 159.95 points or 1.4%, to close at 43,621.16
The much-broader index handed over 28 points to 5,955.25
The NASDAQ Composite jettisoned 260.54 points, or 1.4%, to 19.026.39, with Nvidia’s pullback of 2.3% leading the index lower.
Nvidia is set to report earnings Wednesday after the bell. Shares are down more than 5% in 2025, underperforming the broader market.
Bitcoin prices fell below $90,000 to a three-month low. The blue-chip coin is trading almost 20% below its all-time high reached on President Donald Trump’s inauguration day.
The major averages took a leg lower after the most recent consumer confidence survey from the Conference Board came in much weaker than economists’ estimates. This follows a series of weak data releases last week, including lackluster manufacturing and retail sales numbers.
Cautious forward guidance from Walmart added to worsening sentiment on consumer health and the economy.
Shares of major bank stocks rolled over on Tuesday on rising recession concerns. Goldman Sachs, Wells Fargo and JPMorgan Chase fell more than 1% each.
Momentum stocks that have powered the market’s gains also slipped. In addition to Nvidia, Palantir lost 4%, bringing the stock down around 14% for the week.
Meta Platforms declined 1.4%. Electric vehicle maker Tesla, another favorite among retail investors, fell more than 9%. The slide brought Tesla’s market capitalization below the $1 trillion threshold.
Investors are also mulling Trump’s latest remarks on trade. On Monday, Trump announced that tariffs on imports from Canada and Mexico “will go forward” after the current 30-day moratorium ends. The White House is also preparing for tighter curbs over China’s semiconductor exports, according to a report from Bloomberg News.
Prices for the 10-year Treasury gained sharply, lowering yields to 4.29% from Monday’s 4.40%. Treasury prices and yields move in opposite directions.
Oil prices subtracted $1.61 to $69.09 U.S. a barrel.
Prices for gold dropped $38.00 an ounce to $2,925.20 U.S.
S&P Skid Continues on Weak Consumer Confidence
