21:44:00 EDT Fri 04 Jul 2025
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Globe/wire say TSX down slightly; Gap's bad tariff day

2025-06-02 08:27 ET - In the News

The Globe and Mail reports in its Saturday edition that Wall Street closed its winning week and month with a quiet Friday following a mixed set of profit reports from Gap, Ulta Beauty and other companies navigating the challenges created by U.S. President Donald Trump's on-and-off tariffs. A Reuters dispatch to The Globe says the S&P 500, Dow and Nasdaq all ended relatively flat. Gap weighed on the market even though the retailer reported stronger profit and revenue for the latest quarter than analysts expected. The company behind Banana Republic and Old Navy fell 20.2 per cent after saying tariffs on imports from China and other countries could add up to $300-million (U.S.) to its costs this fiscal year. It has strategies set to mitigate up to half of that before it hits its profits. This week and month on Wall Street have been dominated by questions about what will happen with Mr. Trump's tariffs, which investors worry could grind the economy into a recession, slash companies' profits and layer even more challenges on households already sick of inflation. The S&P/TSX Composite Index was down 35.51 points Friday at 26,175.05. The Canadian dollar traded at 72.68 U.S. cents, up from 72.43 U.S. cents Thursday.

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