Tech and financials drag TSX as investors assess tariff threats
Feb 19 (Reuters) - Canada's primary stock index fell on Wednesday, dragged by technology and financials, as investors evaluated U.S. President Donald Trump's threat of tariffs on automobiles, semiconductors and pharmaceutical products.
At 10:03 a.m. ET (1503 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE), opens new tab was down 0.7% at 25,461.84.
At least ten major sectors fell; the technology sector (.SPTTTK), opens new tab was the worst performer after dropping 1.6%.
Financials (.SPTTFS), opens new tab, which has the heaviest weighting on the index, lost 0.9% and materials (.GSPTTMT), opens new tab declined 0.8%.
The only sector trading in the green was energy (.SPTTEN), opens new tab, rising 0.6%, tracking crude oil prices bolstered by worries about potential supply disruptions in Russia and the U.S.
"This isn't a decline that's specific to Canada today. It's part of a general pull back in global markets. Today's feels more like a day of consolidation, perhaps some profit-taking," said Colin Cieszynski, chief market strategist at SIA Wealth Management.
On Tuesday, Trump said he intends to impose auto tariffs "in the neighborhood of 25%," along with similar duties on semiconductor and pharmaceutical imports.
Since his inauguration just four weeks ago, Trump has enforced a 10% tariff on all imports from China, adding to the existing levies. He also declared a 25% tariff on goods from Mexico and non-energy imports from Canada, before suspending the levies for a month.
On Wednesday, investors were awaiting minutes from the U.S. Federal Reserve's policy meeting, set for release at 2 p.m. ET.
Among individual stocks, Loblaw (L.TO), opens new tab lost 1.1% after the retailer said it plans to invest C$2.2 billion ($1.55 billion) to renovate existing stores, open new ones and create about 8,000 jobs this year.
Hudbay Minerals (HBM.TO), opens new tab slumped 13.5% after the copper miner posted lower fourth-quarter profit.
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