Canadian stocks experienced a downturn on Monday due to growing apprehensions regarding tariffs and diminishing expectations for a Federal Reserve interest rate cut this month, contributing to a bearish market sentiment.
The S&P/TSX Composite Index fell by 231.41 points, or 0.93%, closing at 24,536.32. This marks the second consecutive day of losses for the index, following a 1.22% decline on Friday.
Notable declines were observed in healthcare, energy, materials, utilities, and technology stocks, while consumer staples and real estate also struggled.
Among healthcare stocks, Bausch Health Companies and Tilray Inc saw losses of 6.4% and 2.3%, respectively.
In the energy sector, MEG Energy Corp dropped 5.6%, with Canadian Natural Resources, PrairieSky Royalty, Whitecap Resources, International Petroleum Corp, and Kelt Exploration closing 2% to 4% lower.
Materials sector losses were led by Orla Mining, Novagold, Aya Gold & Silver, SSR Mining, First Majestic Silver, Silvercrest Metals, Equinox, and Eldorado Gold, all falling between 4% and 7%.
Nutrien saw a notable gain of approximately 5.5% following an upgrade in its rating by Piper Sandler. Meanwhile, Transcontinental witnessed a near 1.5% increase.
In the technology sector, Celestica Inc, Coveo Solutions, BlackBerry, Dye & Durham, Lightspeed Commerce, and Shopify Inc recorded declines ranging from 2% to 3.4%.
Conversely, Parkland Corporation recorded a substantial gain of nearly 4%. Other notable gains of 1% to 2.5% were observed in TWC Enterprises, Canadian Tire Corporation, Magna International, Pollard Banknote, Boyd Group Services, Rogers Communications, and Linamar Corporation.
