AFTER THE BELL: NAFTA jitters bring TSX down, Dow slips on trade concerns
Trump’s deadline on a trade deal between Canada and U.S. pushed down markets today.
With negotiations reportedly turning sour this morning, both sides scrambled to meet today’s U.S.- imposed deadline to modernize NAFTA.
The two sides missed the deadline with talks to resume next week.
NAFTA jitters resulted in the TSX plunging 108 points with eight of 11 major sectors suffering losses.
The most significant drop came in the energy sector, which fell 1.2 percent as oil prices slipped 33 cents to $69.92 US a barrel.
Oil slid amid ongoing concerns over U.S./China trade tensions, with Trump set to impose an additional $200 billion worth of tariffs on Chinese goods.
In New York, the Dow edged 22 points lower, due in large part to America’s trade issues with Canada and China.
The Nasdaq was the only North American market to stay above water, lifted once again by gains in Amazon and Apple stocks. The index ended the day 21 in the green.
Rocky trade relations put the loonie in freefall mode, with the dollar losing more than half a cent at one point before finishing the day at $0.7663 cents US.
After earlier gains, it turned out to be a flat day for gold, which moved up 50 cents to $1,200 an ounce.