Sightful Invest
  • Business
  • Investing
  • Politics
  • Stock
Top Posts
Flashback: Top five wildest moments from Elon Musk’s...
Less than half of DOGE-terminated contracts can be...
Jill Biden should have to answer for ‘cover...
DOGE staffing shakeup as Elon Musk hangs up...
State Dept says DOGE’s changes will be permanent...
President Trump teases ‘last day, but not really’...
Trump denounces court’s ‘political’ tariff decision, calls on...
I’m a physician and I’m worried that our...
Inside the late-night drama that led to Trump’s...
Alleged attempt to impersonate White House chief of...
  • Business
  • Investing
  • Politics
  • Stock

Sightful Invest

Investing

Trudeau Resigns, Canadian and US Markets React

by admin January 8, 2025
January 8, 2025
Trudeau Resigns, Canadian and US Markets React

Canadian markets showed mixed reactions following Prime Minister Justin Trudeau’s resignation.

The S&P/TSX Composite Index (INDEXTSI:OSPTX) closed lower on Monday (January 6), while the Canadian dollar gained strength against the US dollar, reflecting diverging investor sentiment.

The index dropped by 142.14 points to settle at 24,995.93, marking a 0.57 percent decline from its starting point for the day. Meanwhile, the Canadian dollar rose to 69.7 cents US, reaching a near three week high.

Overall, the market’s performance was uneven across sectors. Eight of the 10 major sectors on the TSX experienced declines, with consumer staples seeing the most significant drop at 1.6 percent.

Gold wrapped up the day at the US$2,640 per ounce level, while copper futures climbed to US$4.16 per pound.

Energy stocks gained modestly, reflecting higher oil prices earlier in the day. West Texas Intermediate crude futures ultimately ended Monday at the US$73.50 per barrel level, while Brent crude finished around US$76.20 per barrel.

Meanwhile, the technology sector showed resilience, buoyed by the absence of further developments on the Canadian capital gains tax proposal introduced last year. The proposed tax changes, criticized by parts of the business community, remain stalled due to Trudeau’s resignation and the subsequent suspension of parliamentary activities.

South of the border, US markets demonstrated mixed results. The Dow Jones Industrial Average (INDEXDJX:.DJI) dipped by 25.57 points, closing at 42,706.56, while the S&P 500 (INDEXSP:.INX) gained 32.91 points to end at 5,975.38. The Nasdaq Composite (INDEXNASDAQ:.IXIC) rose by 243.3 points, driven by gains in large-cap technology stocks.

Microsoft’s (NASDAQ:MSFT) announcement of an US$80 billion investment in artificial intelligence infrastructure contributed to the Nasdaq’s rise, boosting semiconductor companies, including NVIDIA (NASDAQ:NVDA).

Trudeau resignation a result of ‘political infighting’

Trudeau’s decision to step down comes amid mounting pressure from within his party and declining public approval ahead of a Canadian federal election, which will be held later this year.

‘This country deserves a real choice in the next election, and it has become clear to me that if I’m having to fight internal battles, I cannot be the best option in that election,’ he said during a press conference on Monday.

Trudeau confirmed that he will remain in office until the Liberal Party selects a new leader. Parliament will be suspended until March 24, pending the leadership transition.

The news places Canada’s political landscape in limbo. While some analysts view the prospect of a Conservative-led government as a catalyst for more business-friendly policies, others see the interim period as a source of risk.

‘The (expected) change in government could usher in a policy agenda that stimulates economic growth,’ Ian Chong, portfolio manager at First Avenue Investment Counsel, told Reuters.

Sachit Mehra, president of the Liberal Party, confirmed that the party’s board of directors will convene this week to outline the leadership selection process. ‘Liberals across the country are immensely grateful to Justin Trudeau for more than a decade of leadership to our Party and the country,” he said in a statement.

Trudeau was elected to head the party in 2013 and won the role of prime minister in 2015. His leadership has spanned nine years, during which his government prioritized climate policy, social programs and pandemic response measures.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

previous post
Perpetua Gets US Forest Service Approval for Stibnite Gold-Antimony Project
next post
Investing in Graphene Companies

You may also like

Lode Gold Launches Exploration Program at One of...

October 19, 2024

New RAD202 data confirms positive tumor uptake

March 17, 2025

NVIDIA Q2 Stock Earnings: What Investors Need to...

August 29, 2024

Prismo Metals Announces $3 Million Private Placement

December 2, 2024

Altech – CERENERGY Environmental and Construction Approval

March 17, 2025

Hydrogen Stocks: 9 Biggest Companies in 2024

August 31, 2024

West High YieldResources Ltd. Announces Proceeds from Exercise...

November 23, 2024

Jindalee Secures Strategic Agreement with US Department of...

September 16, 2024

Cobalt Market Update: Q3 2024 in Review

November 5, 2024

Placement to Support Next Phases of Grandis Project

July 25, 2024

Recent Posts

  • Flashback: Top five wildest moments from Elon Musk’s DOGE tenure as it comes to an end
  • Less than half of DOGE-terminated contracts can be publicly tracked, only about a quarter of grants: watchdog
  • Jill Biden should have to answer for ‘cover up’ of former president’s decline, White House says
  • DOGE staffing shakeup as Elon Musk hangs up his hat, White House confirms
  • State Dept says DOGE’s changes will be permanent amid Musk’s departure

    Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Categories

    • Business (751)
    • Investing (2,211)
    • Politics (2,729)
    • Stock (4)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sightfulinvest.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 Sightful Invest. All Rights Reserved.