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Ontario Halts U.S. Electricity Surcharge Amid Trade Tensions

  Ontario Premier Doug Ford has announced the suspension of a 25% surcharge on electricity exports to three U.S. states—Michigan, New York, and Minnesota—following a diplomatic overture from the White House. The surcharge, introduced just a day earlier, was Ontario's response to U.S. President Donald Trump's decision to double tariffs on Canadian steel and aluminum to 50%. The decision to pause the surcharge came after U.S. Commerce Secretary Howard Lutnick extended an "olive branch" by inviting Ford and Canadian Finance Minister Dominic LeBlanc to Washington for discussions on trade. The meeting, scheduled for Thursday, aims to address the escalating trade tensions and explore a renewal of the Canada-United States-Mexico Agreement (CUSMA). Ford emphasized the importance of diplomacy, stating, "When someone's putting out an olive branch, we sit back, we accept it—graciously, by the way—and let's start moving." While the U.S. has yet to retract its ta...
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S&P/TSX Composite Rises and Nasdaq Leads Wall Street Rally After Tech Earnings


On Friday, the S&P/TSX composite index saw gains, while U.S. markets also rose, driven by strong performances in tech stocks. The Nasdaq surged by two percent, fueled by impressive earnings reports from major tech companies like Microsoft and Alphabet.

Key Highlights:

  1. Tech Stocks Shine: Large tech names played a pivotal role in the rally. Both Microsoft and Alphabet reported solid earnings, boosting investor confidence. Alphabet even announced its first quarterly dividend.

  2. Interest Rates and Shareholder Returns: The higher interest rate environment has benefited companies with substantial cash reserves. These firms are now seeing better returns on their cash, allowing them to reward shareholders.

  3. Fed and Inflation: The U.S. Federal Reserve closely monitors inflation. The recent personal consumption expenditure report indicated that inflation remained stubbornly high in March but was in line with forecasts. Investors are still expecting at least one rate cut from the Fed later this year.

  4. Market Volatility: Despite recent economic reports coming in stronger than expected, the markets experienced volatility. April could potentially be the first down month for Wall Street after a significant rally earlier in the year.

Market Closings:

  • S&P/TSX Composite Index: Closed up 83.86 points at 21,969.24.
  • Dow Jones Industrial Average: Up 153.86 points at 38,239.66.
  • S&P 500 Index: Up 51.54 points at 5,099.96.
  • Nasdaq Composite: Up 316.14 points at 15,927.90.

Commodity Prices:

  • Canadian Dollar (CAD): Traded at 73.16 cents US.
  • Crude Oil (June Contract): Up 28 cents at US$83.85 per barrel.
  • Natural Gas (May Contract): Down three cents at US$1.61 per 1,000 cubic feet.
  • Gold (June Contract): Up US$4.70 at US$2,347.20 per ounce.
  • Copper (May Contract): Up four cents at US$4.56 per pound.

In summary, the tech sector’s strong performance drove market gains, while investors closely monitored inflation and interest rates. Despite recent volatility, the overall market remains resilient.


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