FX.co ★ TSX Tumbles on Thursday

The S&P/TSX Composite Index retreated by 3%, closing at 23,015 on Thursday. This decline erased the previous day's gains, caused by pressures on commodity-sensitive industries and the tech sector. Investors are reassessing the implications of the United States' trade barriers on global economic growth. President Trump's decision to reduce tariffs for major trading partners who have not imposed retaliatory measures for the next 90 days sparked a rally yesterday. However, ongoing concerns regarding the trade conflict with China and unpredictable economic policies have tempered growth expectations. Fears about global economic health led to benchmark oil prices dropping to near four-year lows, significantly impacting companies like Canadian Natural, Suncor, Imperial Oil, and Cenovus, which saw declines ranging from 6.7% to 8.4%. Additionally, tech and consumer discretionary sectors felt the effect of market pessimism, with e-commerce giant Shopify experiencing an 8.4% dip.