Canadian Market Remains Firmly Down In Negative Territory

(RTTNews) - The Canadian market remains sharply down in negative territory a little past noon on Monday despite coming off early low. A sell-off in global markets amid rising fears of a recession due to the impact of U.S. tariffs and a sharp reaction by China, has rendered the mood bearish on Bay Street as well.

The benchmark S&P/TSX Composite Index was down 474.01 points or 2.04% at 22,719.46 a little while ago. Earlier, the index had tumbled more than 700 points to 22,227.74.

UK Prime Minister Keir Starmer spoke with international leaders at the weekend to discuss the repercussions and future course of action in the wake of reciprocal tariffs announced by the United States.

In separate calls Sunday, Starmer spoke with Canadian Prime Minister Mark Carney, European Commission President Ursula von der Leyen, German Chancellor Olaf Scholz and leader of the German Christian Democratic Union party Friedrich Merz.

During the call between Starmer and Canadian PM Mark Carney, the leaders discussed their commitment to working together to maintain global economic stability in the wake of the announcement from U.S. President Donald Trump.

Healthcare, communications, energy, real estate, industrials, financials, consumer staples, consumer discretionary and utilities stocks are down sharply. Technology stocks are finding modest support after recent battering. A few stocks from the materials space have moved higher on firm metal prices.

Ngex Minerals, Parex Resources, ATS Corporation, Tilray, Methanex, Bausch Health Companies, Great-West Lifeco, First Quantum Minerals, Magna International, TFI International, Canadian Natural Resources, Cargojet and ARC Resources are down 4 to 7%.

CAE Inc., Empire Company, BCE Inc., Imperial Oil, Pet Valu Holdings, Enghouse Systems, Canadian Imperial Bank of Commerce, Kinaxis, Enbridge, Bank of Nova Scotia, Aritzia, Gfl Environmental, Linamar, Canadian Pacific Kansas City, BlackBerry and Toronto-Dominion Bank are down 3 to 4%.

Among the gainers, Ivanhoe Mines and Endeavour Silver are up 6.5% and 5.4%, respectively. Celestica Inc., Bird Construction, NFI Group, BRP Inc., Pan American Silver, SSR Mining, Kinross Gold, TerraVest Industries and TransAlta Corp are advancing 1 to 3%.