Market View

President Trump announced a baseline 10% tariff across various countries on Liberation Day - April 2, 2025, with some higher “reciprocal tariffs” on some trading partners, especially in Asia. Gold hit a new all-time high amid a highly uncertain global trade war situation and volatile capital market, with the current U.S. tariff rate at the highest level in more than 100 years. The Canadian dollar was 70.34 cents USD. The U.S. S&P500 ended the week down 6.3%, while the TSX was down 4.9%.

Most sectors ended the week in red. Energy gave up 12.6%, while materials slid 9.2%. Technology edged lower by 8.0%, while financials and real estate slipped by 4.0% and 3.3%, respectively. Consumer discretionary gave up 2.0% and industrials edged lower 1.2%. Consumer staples ended the week up 3.5%. The most heavily traded shares by volume were Toronto-Dominion Bank (TD), Power Corporation of Canada (POW), and Royal Bank of Canada (RY).

5 from 5i

Here are five reads we found interesting last week:

• Presidential Partisan Portfolios, published by Ben Carlson of Ritholtz Wealth Management LLC
• Tariffs Are a Self-Inflicted Economic Catastrophe, by Preston Caldwell of Morningstar.
• How to Use Private Equity in Your Portfolio, by Amy C. Arnott of Morningstar.
• Trump’s new tariff math looks a lot like ChatGPT’s, written by Dominic Preston of The Verge
• When Will Housing Prices Fall?, written by Ben Carlson of Ritholtz Wealth Management LLC

Happy Reading & Stay Safe!

Disclosure: The analyst(s) responsible for this report do not have a financial or other interest in securities mentioned.