Stocks Pull Ahead Before Tariff Word
Equities in Toronto put some distance between themselves and Tuesday’s close, in the final hours before tariffs are set to launch south of the border.
The TSX Composite Index recovered 75.16 points to break for lunch Wednesday at 25,108.44
The Canadian dollar stepped back 0.01 cents to 69.86 cents U.S.
Trump is set to announce sweeping reciprocal tariffs on global trading partners at 4 p.m. ET in what the White House has dubbed "Liberation Day," threatening to disrupt decades of established trade practices.
The tariffs, which will take effect immediately upon announcement, are expected to trigger price increases and prompt retaliatory measures from affected countries.
Prime Minister Mark Carney’s office said he and Mexican President Claudia Sheinbaum spoke on Tuesday about Canada's plan to "fight unjustified trade actions" by the U.S.
U.S. companies say a "Buy Canadian" movement is already making it harder for their products to reach that country's shelves.
In corporate news, investment firm Brookfield has resumed takeover talks with Spanish pharmaceuticals company Grifols, news website El Confidencial reported on Wednesday.
Brookfield shares docked 52 cents to $76.44.
Blackberry fell 44 cents, or 8.2%, to $4.91 after the cybersecurity firm forecast a revenue decline in fiscal 2026 as it anticipated weak spending on its cybersecurity products.
ON BAYSTREET
The TSX Venture Exchange cruised 5.9 points to 632.09.
The 12 TSX subgroups were evenly divided as afternoon overtook morning, as information technology soared 1.1%, while consumer stapes and consumer discretionary stocks each climbed 0.9%.
The half-dozen laggards were weighed most by telecoms, dropping 1.7%, while gold and health-care issues each let go of 0.5%.
ON WALLSTREET
Stocks turned higher on Wednesday in yet another volatile session as Wall Street readied for the expected rollout of President Donald Trump’s tariffs.
The Dow Jones Industrials surged 134.08 points to 47,123.97
The broader index regained 24.21 points to 5,657.28
The NASDAQ reversed course and climbed 119.12 points to 17,569.01.
Shares of Tesla climbed 3%, similarly turning around from earlier on the heels of weak quarterly delivery figures, after Politico reported that President Donald Trump has signaled to his cabinet that Elon Musk will be stepping back from his advisory role in the coming weeks.
The moves come ahead of the implementation of a raft of Trump’s reciprocal tariffs that will “start with all countries,” the president said Sunday.
The White House revealed Tuesday that the levies “will be effective immediately” after being unveiled at an event in the Rose Garden slated for 4 p.m. ET.
Details are still scarce, which has fueled concerns about which industries will be most impacted and whether the economy could slow down as a result.
The administration as of Tuesday had yet to decide on the tariff levels and was still considering several options, according to a report from Bloomberg News, citing people familiar.
Prices for the 10-year Treasury lost ground, raising yields to 4.19% from Tuesday’s 4.17%. Treasury prices and yields move in opposite directions.
Oil prices grabbed 26 cents to $71.46 U.S. a barrel.
Prices for gold brightened $21.30 to $3,167.30 U.S.
