00:00:58 EDT Thu 03 Jul 2025
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Globe says tariff threats slam TSX, major U.S. indexes

2025-02-24 07:11 ET - In the News

The Globe and Mail reports in its Saturday edition that North American stock indexes all tumbled on Friday, as investors grew more risk adverse amid new tariff threats and worries about softening consumer demand. A Reuters dispatch to The Globe says the S&P/TSX Composite Index ended down 367.05 points at 25,147.03. Wall Street's main indexes also tumbled, closing the door on a holiday-shortened week. "People have gone from looking for reasons to buy to looking for reasons to sell," said Colin Cieszynski at SIA Wealth Management. "All your cyclicals, all your high-momentum, high-beta, high-volatility stocks are getting hammered." Toronto's tech sector fell 3.2 per cent, with Shopify down 6 per cent. The materials group, which includes fertilizer and metal mining shares, lost 3.1 per cent as gold eased from a record high and copper prices fell. The price of oil settled 2.9 per cent lower at $70.40 (U.S.) a barrel, which weighed on energy. The sector was down 2 per cent. Walmart had disappointing guidance on Thursday, which sparked fears of dampening consumer demand. The Dow fell 748.63 points to 43,428.02, the S&P 500 lost 104.39 points to 6,013.13 and the Nasdaq composite lost 438.36 points to 19,524.01.

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