FX.co ★ TSX Hits 8-Month Low

The S&P/TSX Composite Index plunged by more than 3%, dropping below 22,500 on Monday, marking its lowest point in nearly eight months. This downturn can be attributed to escalating global trade tensions and growing concerns over a potential recession, following increased U.S. tariffs and China's retaliatory 34% levy. The subsequent decline in oil prices has significantly impacted revenue projections for sectors reliant on commodities, with energy and mining stocks facing substantial setbacks. Investors, unprepared for the aggressive nature of Trump's unilateral tariff decisions and the lack of countermeasures, responded with widespread selling, pulling down all nine major sectors. Energy producers were particularly affected, with Canadian Natural, Suncor, Imperial Oil, and Cenovus experiencing losses ranging from 3.3% to 5%. Additionally, Shopify, the mega-cap company, led the decline with a drop of over 6.5%, while key players in the financial and mining sectors also saw substantial decreases.