US stock markets closed higher on Tuesday. At the end of trading in New York, the Dow stood at 53,577 points, marking a 0.3 percent gain over the previous day. Indicators across the board were up: the broader S&P 500 reached 7,677 points (up 0.3 percent), while the Nasdaq 100, the technology-focused exchange, was calculated at approximately 29,209 points (up 0.6 percent) just minutes before closing.
During the day, investors were awaiting Nvidia’s quarterly earnings to gain insights into the trajectory of the ongoing AI rally, but attention was sharply drawn to the escalating trade conflict between the US and Canada. The Canadian government responded to US tariffs by announcing a series of retaliatory duties.
Canadian Finance Minister Francois-Philippe Champagne stated that the countermeasures, which he described as “dollar for dollar and tariff rate for tariff rate,” combined with a multi-billion dollar aid package, would safeguard workers, farmers, families, and businesses while assisting in the creation of a stronger, more diversified, and resilient Canadian economy. He further criticized the US government, accusing it of asking for too much and offering too little during the tariff negotiations.
These newly announced Canadian retaliatory tariffs are set to take effect on September 8 and have a total declared value of $27.6 billion. Goods subject to 50 percent duties include steel and aluminum products, as well as furniture, apparel, and clothing. Additionally, 25 percent tariffs will be implemented on specific items, including household appliances, dairy products like cheese, fish and seafood, and select steel and aluminum derivatives.
Meanwhile, global commodity and currency markets showed varied movements. The European common currency strengthened slightly on Tuesday evening, with the Euro trading at 1.1678 US dollars, meaning the dollar was valued at 0.8563 Euros.
Gold prices saw a modest increase; a fine ounce was priced at $4,667 in the evening, a rise of 0.3 percent, which translates to €128.50 per gram. In contrast, oil prices fell sharply. A barrel of North Sea Brent crude cost $87.17 late Tuesday evening (around 10 PM CET), representing a decrease of 5.4 percent-equivalent to 500 cents-compared to the previous day’s close.
