TSX fluctuates as traders respond to jobs data

Investing.com -- The Canadian stock market was volatile on Friday, as investors gauged President Donald Trump’s tariff policies and February’s U.S. and Canada jobs reports came in.

By 12:50 ET, S&P/TSX 60 index was up by 3 points, or 0.2%. The S&P/TSX Composite was up 56 points, or 0.23%. Throughout the day, the indexes have fluctuated between -0.5% and +0.5%.

On Friday, U.S. president Donald Trump made remarks in the Oval Office, in which he indicated reciprocal tariffs on Canada for dairy and lumber were coming soon.

Friday’s report revealed that the Canadian labor market remained mostly steady, adding only 1,100 jobs, significantly lower than consensus expectation of 20,000 new jobs.

The U.S. economy added 151,000 jobs, up from January’s 125,000, but missing economist expectations of 159,000 new jobs.

Canada’s main stock index slipped in the prior session, as rapid fluctuations in Trump’s tariff plans exacerbated investor uncertainty.

Trump temporarily suspended levies on most goods coming from Canada and Mexico until April 2 on Thursday, reversing a decision days earlier to allow the duties to come into effect because of a perceived lack of action by these countries to help stem the flow of illegal drugs and migrants into the U.S.

Trump’s approach to trade relations with Canada and Mexico -- the two biggest U.S. trading partners -- has whipsawed since his return to office, clouding the outlook for the highly-integrated North American economy. In February, Trump slapped 25% tariffs on non-energy Canadian goods and all Mexican products, but later delayed them for 30 days.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads.

U.S. stocks slightly lower

U.S. stocks edged higher Friday, bouncing after February’s jobs report and Thursday’s selloff amid uncertainty around President Donald Trump’s tariff policies.

By 12:50 ET, the Dow Jones Industrial Average had fallen by 9 points or 0.02%, S&P 500 had decreased by 14 points or 0.24%, and NASDAQ Composite was down by 81 points or 0.46%.

The main Wall Street indices dropped sharply Thursday, with investors increasingly concerned the volatility surrounding the White House’s tariff policies will hamper consumer spending and add uncertainty to business decisions.

Crude gains, but set for weekly losses

Oil prices rose, but were on track for their biggest weekly decline since October, as a murky outlook around U.S. tariff policy mingled with an anticipated output increase from major producers.

By 12:50 ET, Brent futures increased by 0.8% to $70.30 a barrel, while U.S. West Texas Intermediate futures rose 1% to $67.04 a barrel.

However, for the week Brent is down over 4%, set for its largest weekly decline since the week of October 14. WTI is set to drop almost 5%, also its biggest weekly fall since that week.

Gold falls

Gold prices were down 0.4% as the U.S. dollar lingered near a four-month low amid the ongoing trade policy uncertainty.

(Scott Kanowsky also contributed to this article)

Which stock should you buy in your very next trade?

With valuations skyrocketing in 2024, many investors are uneasy putting more money into stocks. Unsure where to invest next? Get access to our proven portfolios and discover high-potential opportunities. In 2024 alone, ProPicks AI identified 2 stocks that surged over 150%, 4 additional stocks that leaped over 30%, and 3 more that climbed over 25%. That's an impressive track record. With portfolios tailored for Dow stocks, S&P stocks, Tech stocks, and Mid Cap stocks, you can explore various wealth-building strategies.

Unlock ProPicks AI