FX.co ★ TSX Plunges to Near 8-Month Low

The S&P/TSX Composite Index experienced a significant drop of over 3% on Friday, falling below the 23,600 threshold. This decline continues a broader downward trend, sending the index to a multi-month low. The market is grappling with escalating domestic economic issues and deepening trade disputes. A recent report revealed that Canada lost 32,600 jobs in March, pushing the unemployment rate up to 6.7%, highlighting the economy's fragility. The situation was exacerbated by a steep decline in crude oil prices, which plummeted by more than 7% to levels unseen since August 2021, negatively affecting energy stocks. Additional pressures came from the reintroduction of U.S. tariffs, uncertainties about exemptions on auto tariffs, and China's upcoming 34% retaliatory tariff set to begin on April 10th. Energy sector leaders saw significant losses, with Canadian Natural, Suncor, Imperial Oil, and Cenovus dropping 7.2%, 7.2%, 5.4%, and 9.5% respectively. Other sectors also faced hefty declines, notably technology, finance, and mining, with major companies like Shopify, Brookfield, and Wheaton Precious Metals suffering losses of 7.8%, 5.2%, and 3.8% respectively.