Stocks throughout North America went into the stratosphere Monday, on hope the Trump administration planned to cut back on some of its proposed tariffs.
The TSX Composite Index recovered 335.62 points, or 1.3%, to close Monday at 25,304.11, its highest level in three weeks.
The Canadian dollar moved north 0.09 cents to 69.86 cents U.S.
Copper miners gained as traders increased shipments to the U.S. in response to Trump’s tariff threats on industrial metal imports. Teck Resources captured 53 cents to $60.02, while First Quantum Minerals climbed 61 cents, or 2.7%, to $22.84. Hudbay Minerals gained 18 cents, or 1.5%, to $11.85.
Peyto Exploration & Development advanced 63 cents, or 3.6%, to $18.04, after BMO upgraded its rating to “outperform” from “market perform”.
Among techs, Bitfarms tacked on 19 cents, or 6.8%, to $1.58, while Celestica grew $5.41, or 3.9%, to $143.10.
Among financials, ONEX Corporation climbed $3.30, or 3.4%, to $99.78, while Brookfield Asset Management grabbed $2.64, or 3.7%, to $73.69.
Energy stocks rumbled, primarily, Enerflex, up 41 cents, or 3.8%, to $11.25.
Telecoms lost out, though, as Quebecor fell 60 cents, or 1.7%, to $35.22, while TELUS dropped 29 cents, or 1.4%, to $19.72.
In gold stocks, Alamos Gold subsided 68 cents, or 1.8%, to $36.72, while Novagold dipped 19 cents, or 3.9%, to $4.66.
This week’s economic calendar features domestic January GDP figures and the Federal Reserve’s preferred inflation reading, though markets will likely be driven by updates on Trump’s global reciprocal tariff plans set for April 2.
ON BAYSTREET
The TSX Venture Exchange hiked 5.97 points to close Monday at 643.76.
All but two of the 12 TSX subgroups were solid on the day, with information tech sprinting 2,4%, while energy and financials each surged 1.5%.
Telecoms docked 1%, while gold lost 0.9%.
ON WALLSTREET
Stocks jumped Monday on optimism that President Donald Trump may hold back from implementing some of his wide-ranging tariff plans and so the U.S. could skirt an economic slowdown from a protracted trade war.
The Dow Jones Industrials barreled higher 597.99 points, or 1.4%, to 42,583.32.
The S&P 500 Index climbed 100.01 points, or 1.8%, to 5,767.57
The NASDAQ leaped 404.54 points, or 2.3%, to 19,188.59
Shares of Tesla, which have fallen nine straight weeks, were up more than 10%, adding to its Friday gains. Meta and Nvidia each climbed more than 3%.
Investors remain jittery over a potential slowdown in U.S. economic growth, as Trump’s April 2 start date for reciprocal tariffs approaches.
Trump has said the tariffs are aimed at any country that imposes duties on U.S. imports. But the Wall Street Journal reported the tariffs are expected to be more narrow in scope and will likely exclude some industry-specific duties, citing an administration official.
Trump will also exclude some nations from the tariffs, Bloomberg News reported. Both the WSJ and Bloomberg News reports noted that the situation remains fluid and the plans could change.
Investors remain jittery over a potential slowdown in U.S. economic growth, as Trump’s April 2 start date for reciprocal tariffs approaches.
Prices for the 10-year Treasury dropped sharply Monday, sending yields up to 4.33% from Friday’s 4.25%. Treasury prices and yields move in opposite directions.
Oil prices improved 97 cents to $69.25 U.S. a barrel.
Prices for gold fell $8.60 an ounce to $3,012.80 U.S.
