After rising in the previous two sessions, the Canadian stock market turned negative on Wednesday after U.S. president Donald Trump signed a proclamation imposing a 25% tariff on imported automobiles and key auto parts. As trade tensions resurfaced, the S&P/TSX Composite Index plunged by 178 points, or 0.7%, to settle at 25,161.
All key sectors ended the session in red, but the TSX selloff was mainly led by heavy losses in technology, healthcare, and mining stocks.
Notably, Trump’s new auto tariffs target passenger vehicles, light trucks, and components like engines and transmissions, with implementation set to begin on April 3.
Top TSX Composite movers and active stocks
Celestica, Teck Resources, First Quantum Minerals, Lundin Mining, and Shopify were the worst-performing TSX stocks, with each sliding by at least 5.1%.
Despite the broader market selloff, BRP (TSX:DOO) climbed by 7.4% to $54.55 per share, making it the top-performing TSX stock for the day. This rally came after the Valcourt-based powersports products maker announced its better-than-expected earnings for the fourth quarter of its fiscal year 2025 (ended in January).
Last quarter, BRP’s revenue fell 19.7% year over year to $2.1 billion due to softer consumer demand and its focus on proactive inventory reduction. Nevertheless, the company’s adjusted quarterly earnings of $0.98 per share managed to beat Bay Street analysts’ expectations of $0.88 per share. In the fiscal 2025, it also generated $740.1 million in operating cash flow. On a year-to-date basis, BRP stock is still down 26%.
NuVista Energy, New Gold, and Stella-Jones were also among the top gainers on the Toronto Stock Exchange, with each rising by at least 2.6%.
Based on their daily trade volume, TC Energy, Canadian Natural Resources, TD Bank, Scotiabank, and South Bow were the five most active stocks on the exchange.
TSX today
Crude oil and metals prices were largely mixed in early morning trading on Thursday, pointing to a flat opening for the resource-heavy main TSX index today.
While no major domestic economic releases are due, Canadian investors may want to keep an eye on the quarterly U.S. GDP (gross domestic product) growth data this morning. Overall, market sentiment may remain cautious as investors digest the implications of U.S. trade policy shifts and await fresh cues from economic data.
Market movers on the TSX today
