Canada\u2019s main stock index traded lower on Thursday as investors reacted to a mix of corporate earnings and rising trade tensions following new U.S. tariffs. By 12:05 p.m. ET, the S&P\/TSX 60 futures index was down 13.7 points, or 0.82%, while the S&P\/TSX Composite Index slipped 152 points, or 0.55%, to 27,768.07.<\/p>\n
The losses came just a day after the Composite Index hit a fresh record high, largely driven by a surge in Shopify shares, which became the most valuable company on the Canadian exchange.<\/p>\n
Market sentiment turned cautious as the U.S. introduced fresh tariffs on several countries. Canada now faces a 35% levy on goods shipped to the U.S., with ongoing uncertainty surrounding Ottawa\u2019s trade negotiations with the White House. Investors are closely watching how this move could impact cross-border trade and corporate profits.<\/p>\n
South of the border, U.S. markets also opened lower despite a solid earnings season. As of midday, the Dow Jones Industrial Average had fallen 308 points, or 0.7%, while the S&P 500 was down 14 points, or 0.2%. The NASDAQ Composite, however, was up 54 points, or 0.25%, supported by tech gains.<\/p>\n
Apple remained a standout performer after announcing an additional $100 billion investment in U.S. manufacturing, bringing its total domestic commitment to $600 billion. Its shares jumped over 5% on Wednesday and continued to climb in premarket trading, boosting sentiment in the tech sector.<\/p>\n
Trade concerns, however, dominated headlines. President Donald Trump imposed a 25% tariff on Indian goods, raising total levies on the country to 50%, citing its continued imports of Russian oil. He also signalled a 100% tariff on imported semiconductors, with exemptions for companies that manufacture chips in the U.S.<\/p>\n
These aggressive moves added to investor uncertainty, especially as the broader market grapples with inflation concerns and a weakening labour market.<\/p>\n
Back in earnings, Airbnb shares dropped in extended trading after the company issued a weaker growth forecast for the rest of the year. Meanwhile, DoorDash reported strong second-quarter earnings, lifting its stock as demand for food and grocery delivery services held firm despite economic headwinds.<\/p>\n
In another after-hours move, shares of materials manufacturer Rogers climbed after the Wall Street Journal reported that activist investor Starboard Value had taken a more than 9% stake in the company.<\/p>\n
Meanwhile, economic data remains in focus. Weekly U.S. jobless claims are expected to rise slightly, with analysts predicting a small increase to 221,000 for the week ending August 2. Last week\u2019s disappointing payroll report has increased market expectations for a Federal Reserve interest rate cut in September. According to CME Group\u2019s FedWatch Tool, traders are now pricing in a 94% chance of a rate cut next month, up from 48% a week ago.<\/p>\n
Commodities markets showed mixed signals. Oil prices rose modestly after the Energy Information Administration reported a larger-than-expected drop in U.S. crude inventories, suggesting strong domestic demand. Brent crude gained 0.6% to $67.26 a barrel, while West Texas Intermediate rose 0.5% to $64.70. Still, prices remained under pressure due to ongoing speculation about the return of Russian oil and potential secondary sanctions from the U.S., including on Chinese companies.<\/p>\n
Gold prices also edged higher as investors sought safe-haven assets amid the uncertainty. Spot gold rose 0.3% to $3,378.05 an ounce, while December gold futures climbed 0.5% to $3,451.30.<\/p>\n
With earnings season nearing its end and geopolitical risks rising, markets are expected to remain volatile in the coming sessions.<\/p>\n","protected":false},"excerpt":{"rendered":"
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