Equity markets in Canada’s largest centre rose on Tuesday, building on the previous day’s gains as optimism about narrower-than-feared tariffs kept investor hopes high.
The TSX Composite Index was ahead 56.44 points to break for lunch Tuesday at 25,360.55
The Canadian dollar edged up 0.04 cents to 69.89 cents U.S.
U.S. President Donald Trump on Monday suggested that not all proposed levies would be enforced by April 2, with some countries potentially receiving exemptions.
Copper prices edged up as markets monitored the metal’s movement to the U.S. due to potential tariff issues. However, a stronger dollar limited the gains.
Shares in Dundee Precious Metals gained 36 cents, or 2%, to $18.80.
ON BAYSTREET
The TSX Venture Exchange hung onto gains of 1.25 points to 645.01.
Eight of the 12 TSX subgroups gained ground in the first hour, led by gold, stronger by 1.7%, materials, better off 1.1%, and consumer staples, climbing 0.8%.
The four laggards were weighed most by industrials, sliding 0.4%, consumer discretionary stocks, down 0.2%, and utilities, easing 0.1%.
ON WALLSTREET
U.S. stocks edged higher Tuesday as investors tried to build on the previous session’s gains, which were largely sparked by hopes of U.S. tariffs being narrower in scope.
The Dow Jones Industrials dipped 46.37 points to 42,536,95.
The S&P 500 Index nicked ahead 0.18 points to 5,767.73
The NASDAQ gained 40.07 points to 19,230.66
Investors largely looked past the March consumer confidence data released Tuesday, which reflected a significant drop in U.S. consumers’ near-term outlook on income, business, and job conditions.
The Conference Board’s monthly confidence index fell to 92.9, below a Dow Jones forecast of 93.5. The measure for future expectations dropped to 65.2, the lowest reading in 12 years and well below the 80 level considered to be a signal for a recession ahead.
Wall Street has been on edge recently over a potential uptick in inflation and slowing economic growth as it awaits President Donald Trump’s reciprocal tariffs expected on April 2. Investors got a reprieve Monday on news that on reports that the White House may narrow the scope of tariffs going into effect.
Trump later told the press that he “may give a lot of countries breaks” on reciprocal tariffs. He added that duties on certain sectors, such as pharmaceuticals and autos, would still be coming in the “near future.”
Prices for the 10-year Treasury inched higher Tuesday, lowering yields to 4.30% from Monday’s 4.33%. Treasury prices and yields move in opposite directions.
Oil prices docked 51 cents to $68.60 U.S. a barrel.
Prices for gold jumped $13.50 an ounce to $3,029.10 U.S.
