S&P/TSX drops nearly 400 points in early trading, U.S. stocks also fall

TORONTO — Canada’s main stock index dropped nearly 400 points in early trading, while U.S. markets also fell as the U.S. imposed broad tariffs on goods coming from Canada and Mexico.

The move at the start of trading follows a drop in markets late-afternoon Monday after U.S. President Donald Trump confirmed the tariffs were coming.

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The S&P/TSX composite index was down 386.72 points at 24,614.85.

In New York, the Dow Jones industrial average was down 409.58 points at 42,781.66.

The S&P 500 index was down 40.78 points at 5,808.94, while the Nasdaq composite was down 95.81 points at 18,254.38.

The Canadian dollar traded for 69.16 cents US compared with 69.31 cents US on Monday.

This report by The Canadian Press was first published March 4, 2025.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press