TSX hits new record after Victoria Day while Tesla rises and Trump tax push stalls in Congress
On Tuesday, US stocks fell as the tech-driven rally lost steam, ending a six-day run for the S&P 500.
Accoridng to CNBC, the index declined 0.39 percent to close at 5,940.46.
The Nasdaq Composite slipped 0.38 percent, finishing at 19,142.71, and the Dow Jones Industrial Average dropped 114.83 points, or 0.27 percent, to 42,677.24.
Technology shares, which had led the recent surge, fell 0.5 percent on the day.
Nvidia lost 0.9 percent, while Advanced Micro Devices, Meta Platforms, Apple, and Microsoft also traded lower.
The broad market’s six-day winning streak marked its longest since an earlier nine-day stretch this month.
Despite only marginal gains on Monday, the S&P 500 has rebounded sharply over the past five weeks, climbing more than 20 percent from its April low.
The gains followed US President Donald Trump’s tariff announcement and the subsequent easing of those measures. The index now sits approximately three percent below its all-time high.
Bill Northey, investment director at US Bank Wealth Management, said the market had gone through a drop due to tariff introductions, followed by a strong rally when implementation eased, and now investors were waiting for clarity as negotiations continued.
He described the current investor mood as one of “optimism without clarity,” in an interview with CNBC.
Tesla shares rose 0.5 percent after CEO Elon Musk confirmed his intent to stay with the company for the next five years.
“Yes, no doubt about that at all,” Musk said during an interview at Bloomberg’s Qatar Economic Forum in Doha.
On the policy front, US President Trump failed to persuade key House Republicans to abandon their objections to a major tax bill.
Their resistance, centred on a cap on state and local tax deductions, poses a threat to the bill’s passage ahead of the Memorial Day weekend.
While US markets ended lower, BNN Bloomberg repots that Canada’s main stock index closed at another record high. The S&P/TSX Composite Index gained 83.70 points on Tuesday to reach 26,055.63.
Markets in Canada had been closed the previous day for Victoria Day, as reported by BNN Bloomberg.
Commodities saw mixed movements. The July crude oil contract declined by 11 cents US to US$62.03 per barrel. The June natural gas contract rose 32 cents US to US$3.43 per mmBTU.
Gold prices increased, with the June contract gaining US$51.10 to settle at US$3,284.60 an ounce. Meanwhile, the July copper contract slipped two cents US to US$4.65 a pound.
The Canadian dollar strengthened, trading at 71.76 cents US compared with 71.54 cents US on Friday.
