TORONTO — Canada's main stock index closed at a record high on Monday on strength in industrials and technology, while U.S. markets also rose.
The S&P/TSX composite index was up 175.60 points at 27,198.85.
U.S. stock indexes hung near their records on Monday after U.S. President Donald Trump’s latest updates to his tariff plans, as speculation continues on Wall Street that he may ultimately back down. The S&P 500 edged up to pull within 0.2 per cent of its all-time high set on Thursday, finishing the day up 8.81 points at 6,268.56.
The Dow Jones industrial average was up 88.14 points at 44,459.65, while the Nasdaq composite was up 54.80 points at 20,640.33.
Trump announced plans over the weekend for 30 per cent tariffs on goods from Mexico and the European Union. They won’t take effect until Aug. 1, the same date that Trump announced last week for updated tax rates on imports from Japan, South Korea and other countries — including Canada.
"Over the weekend, we heard the U.S. administration was talking about tariffs again. Which in the old days used to get people riled up," said Michael Currie, senior investment adviser at TD Wealth.
He added that it's important to note that many market-watchers aren't expecting tariffs to disappear, but there is "more of a sense" that there will be negotiations and deals will occur.
The latest postponements for Trump’s tariffs allow more time for him to reach trade deals with other countries that could lower the rates and prevent some pain for international trade. They also feed into speculation that Trump may ultimately back down on his tariffs if they end up creating too much damage for the economy and for financial markets.
"About two (or) three months ago, when the U.S. came out and announced a certain amount of tariffs, instantly the EU was saying, 'Here's our counter tariffs.' And this time, they just said, 'No counter tariffs, let's just chat and negotiate," Currie said.
"So it's a very, very different sentiment out there."
As the tech sector helped to power the TSX to new highs, shares of Thomson Reuters Corp. finished 7.74 per cent higher.
Currie said it was unclear what was driving the share moves, since the Toronto-based company isn't scheduled to report earnings until Aug. 6.
"I'll just take it as very happy positive news, driving the TSX up, and it's a very widely held retail stock," he said.
Companies are also lining up to report how they performed during the spring. J.P. Morgan Chase and several other major U.S. banks will report their latest quarterly results on Tuesday.
The Canadian dollar traded for 73.03 cents US compared with 73.08 cents US on Friday.
The August crude oil contract was down US$1.47 at US$66.98 per barrel. The August gold contract was down US$4.90 at US$3,359.10 an ounce.
This report by The Canadian Press was first published July 14, 2025.
— With files from The Associated Press.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD, TSX: TRI)
Daniel Johnson, The Canadian Press
