Equities in Toronto suffered some negative activity Monday, as tech and industrial stocks took it on the chin.
The TSX dropped 41.01 points to conclude Monday at 33,776.50.
The Canadian dollar slid 0.27 cents at 72.98 cents U.S.
Shopify dropped $12.22, or 7.1%, to $160.67. Elsewhere in techs, Descartes sank $5.76, or 6.3%, to $86.02.
In industrials, WSP Global sank $13.30, or 5.8%, to $216.20, while RBA Global handed back $6.78, or 4.8%, to $134.70.
Consumer discretionary stocks also got hit hard, with BRP Inc. losing $5.24, or 4.7%, to $106.53, while Aritzia slid $3.28, or 2.6%, to $123.97.
Gold tried to balance things out, with B2Gold rising 48 cents, or 6.5%, to $7.85, while Equinox Gold took on $1.44, or 6.3%, to $24.48.
In materials, Fortuna Mining captured $1.51, or 9%, to $18.28, while Silvercorp gained 93 cents, or 5.9%, to $16.95.
Consumer staples were also in the green, led by Empire Company, better by $1.92, or 4%, to $49.91, while George Weston hiked $3.28, or 3.3%, to $103.00.
ON BAYSTREET
The TSX Venture Exchange inched up 8.46 points to 1,051.12
Seven of the 12 TSX subgroups were positive by the close, led by gold, popping 3.7%, materials, better by 3,4%, and consumer staples were ahead 2.4%.
The five laggards were weighed most by information technology, off 3.2%, while industrials backed off 1.7%, and consumer discretionary stocks faded 0.8%.
ON WALLSTREET
U.S. equities tumbled on Monday as investors grappled with persistent fears around artificial intelligence disruptions to various industries and President Donald Trump’s decision to raise his global tariffs.
The Dow Jones Industrial Average cratered 821.9 points, or 1.7%, to 48,804.06.
The S&P 500 index dropped 71.76 points, or 1%, to 6,837.75.
The NASDAQ ditched 258.80 points, or 1.1%, to 22,681.96.
The 30-stock Dow was dragged down by IBM shares, which declined 13% on the heels of Anthropic outlining new programming capabilities for its Claude Code product.
Software stocks such as Microsoft and CrowdStrike were under pressure yet again as AI disruption worries hovered over the market.
Microsoft dropped 3%, while CrowdStrike retreated nearly 10%. Software hasn’t been the only sector to be hit due to AI fears recently:
Stocks linked to trucking and logistics, commercial real estate and financial services have similarly suffered losses this month.
Concerns around what AI could mean for the economy were fueled this past weekend after Citrini Research put out a piece of research on how the AI boom could hurt the broader economy, as it would lead to 10% unemployment.
Those moves come after Trump on Saturday said he would increase the global tariff rate to 15%, up from the 10% he announced on Friday.
Trump added that the new duties would go into effect immediately, though it was unclear whether any official documents had been signed regarding the timing. He also said that additional levies would be coming over the next few months.
The president later warned of higher duties for countries that want to “play games” after the high court’s ruling.
“Any Country that wants to ‘play games’ with the ridiculous supreme court decision, especially those that have ‘Ripped Off’ the U.S.A. for years, and even decades, will be met with a much higher Tariff, and worse, than that which they just recently agreed to,” he wrote in a Truth Social post on Monday. “BUYER BEWARE!!!”
In contrast, defensive areas of the market such as consumer staples outperformed. Shares of Walmart and Procter & Gamble led the way there, rising more than 2% each.
Prices for the 10-year Treasury gained ground, lowering yields to 4.03% from Friday’s 4.08%. Treasury prices and yields move in opposite directions.
Oil prices lost four cents to $66.44 U.S. a barrel.
Gold prices popped $169.80 to $5,250.70 U.S. an ounce.
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