The selloff in Canadian equities accelerated on Friday after U.S. president Donald Trump warned China over what he referred to as an “particularly hostile” transfer to impose sweeping export controls on uncommon earth parts and different key industrial supplies. The issues of additional escalation within the U.S.-China commerce struggle, coupled with considerably better-than-expected Canadian employment information, triggered a pointy shift in rate of interest expectations, resulting in a broad market pullback. The S&P/TSX Composite Index dropped 419 factors, or 1.4%, to shut at 29,851– marking its worst one-day efficiency in over six months.
Whereas utility shares witnessed renewed shopping for amid heightened geopolitical tensions and shifting charge expectations, most different TSX sectors, similar to know-how, power, and financials, closed deep within the crimson.
In his social media submit on October 10, Trump accused Beijing of trying to carry the world “captive” by leveraging its dominance in strategic sources. He added that the U.S. is making ready a “huge enhance of tariffs” on Chinese language items and is contemplating “many different countermeasures.”
High TSX Composite movers and lively shares
Baytex Vitality, Curaleaf, Shopify, and BlackBerry dived by at the very least 7.4% every, making them the worst-performing TSX shares for the day.
Regardless of the broader market selloff, nevertheless, Aritzia (TSX:ATZ) stood out because the top-performing TSX inventory with its shares leaping over 8% to $86 apiece. This rally in ATZ inventory got here a day after the style retailer posted strong fiscal 2026 second-quarter (three months led to August) monetary outcomes. Final quarter, its web income surged 31.9% 12 months over 12 months with the assistance of 21.6% comparable gross sales development and distinctive power in its U.S. enterprise, the place income climbed over 40%.
Because of this, Aritzia’s quarterly web revenue soared 263% from a 12 months in the past to $66.3 million. The corporate additionally maintained an upbeat tone for the remainder of the 12 months, citing sturdy momentum throughout its digital and retail channels. These components seemingly acted as key drivers behind ATZ inventory’s sharp transfer greater, extending its year-to-date beneficial properties to over 60%.
Perpetua Assets, Northland Energy, and Richelieu {Hardware} had been additionally among the many session’s high gainers on the Toronto Inventory Alternate, with every leaping by at the very least 2.6%.
Based mostly on their each day commerce quantity, TD Financial institution, Canadian Pure Assets, Baytex Vitality, Cenovus Vitality, and Denison Mines had been the 5 most lively shares on the change.
TSX as we speak
Spot gold costs saved their file rally moving into early Tuesday buying and selling, however most different commodities had been below strain as buyers weighed the financial fallout of rising geopolitical tensions and renewed commerce uncertainty. Given these combined indicators, the resource-heavy TSX might open on a risky observe as we speak.
Whereas no main home financial releases are due this morning, Canadian buyers will intently watch the Federal Reserve chair Jerome Powell’s remarks on financial outlook and financial coverage on the Nationwide Affiliation for Enterprise Economics within the afternoon.
As well as, new developments within the U.S.-China commerce standoff might additional sway market sentiment.
