Canadian Market Down Sharply, Set To Snap 7-day Winning Streak

(RTTNews) - After seven successive days of gains, the Canadian market looks headed for a weak close on Tuesday, with stocks from technology, consumer discretionary and materials sectors reeling under sustained selling pressure.

Real estate and industrials stocks are among the other notable losers. Healthcare, energy and financials stocks are turning in a mixed performance.

The focus is on the meeting between U.S. President Donald Trump and Canadian Prime Minister Mark Carney in the Oval Office.

Trump said the pair would discuss tariffs, but did not specify whether he would remove those currently in place on Canada. However, he added that Canada would "walk away very happy" after the talks, and that "the people of Canada will love us again"

Trump also suggested that a free trade agreement between Canada, the US and Mexico could be renegotiated

The benchmark S&P/TSX Composite Index was down 211.72 points or about 0.7% at 30,320.16 a few minutes ago. The index had settled at 30,531.88 on Monday after posting a fresh record high of 30,686.96.

The Consumer Discretionary Capped Index is down 1.65%. Magna International, down nearly 5%, is the biggest loser in the index. Linamar Corp is down nearly 3%, Aritzia is down 2.1% and BRP Inc is lower by about 1.6%.

In the tech sector, BlackBerry, Constellation Software, Firan Technology Group, Shopify and Lightspeed Commerce are down 2 to 3%.

Materials stocks Torex Gold Resources, Alamos Gold, Aya Gold & Silver, Skeena Resources, Sandstorm Gold and Iamgold Corp are down 3 to 4%. Lundin Gold, Eldorado Gold, Barrick Mining Corp and Agnico Eagle Mines are also notably lower.

On the economic front, Canada's trade deficit widened to C$6.3 billion in August from the downwardly revised C$3.8 billion in the previous month and firmly above market expectations of C$5.6 billion to mark the second-widest trade deficit on record.

Exports fell by 3% from the previous month to $60.6 billion, the first drop since April. Meanwhile, imports rose by 0.9% to C$66.9 billion.

Canada's Ivey Purchasing Managers Index jumped to 59.8 in September 2025 from 50.1 in August, marking a 16-month high and beating market expectations of 51.2, according to a report from Ivey Business School.