North American markets are floundering over renewed fears of a global trade war. Donald Trump’s latest threat of $100 billion in trade tariffs and China’s foreboding response of fierce retaliation is cutting investor appetite for risky equities.
Major tech companies are feeling the burn of nervous investors as the FANG group shares dropped in early trading. Apple is the biggest loser as shares drop 0.4 per cent.
The TSX is down 61 points to 15,294, the Dow is falling 319 points to 24,185.
Gold, becoming an investor safe haven once again, is gaining by $8 to 1,336 an ounce.
The Loonie is back and forth after the latest jobs data was released from March, showing over 30,000 new Canadian jobs and growth in average hourly wages. Traders are waiting to see how the Bank of Canada responds to this news, but analysts believe it’s not enough to make any changes to the interest rate plan.