01.08.202520:06:46UTC+00TSX Posts Weekly Losses Amid US Tariffs

The S&P/TSX Composite Index experienced a decline of 0.9%, closing at 27,020 on Friday. This contributed to a weekly decrease of 1.7% following President Trump's unexpected executive order that introduced a 35% tariff on the majority of Canadian exports not protected by the USMCA. This development significantly affected the resource and industrial sectors. Shopify, a major player in the e-commerce sector, saw a substantial drop of 3.4%, mainly due to a weakening demand outlook for its services, exacerbated by Amazon's disappointing earnings report. The financial sector was also under duress, with major firm Brookfield seeing a 2.9% decline, leading the sector's downturn. In parallel, the US reported disappointing figures for July’s nonfarm payrolls, with only 73,000 jobs added and significant downward revisions for previous months. This data painted a bleak picture for growth prospects and raised concerns about the demand for Canadian exports, particularly in the energy sector. Significant players in this sector, including Canadian Natural, Suncor, and Cenovus, experienced losses ranging from 1.5% to 3.1%.