TORONTO — A shocking plunge rocked stock markets across Canada and the United States on Monday, as fears about an escalating trade war between the two countries sent investors into a panic. The Toronto Stock Exchange (TSX) experienced a significant drop, losing nearly 400 points, while the Dow Jones in New York saw a staggering decrease of almost 900 points. Meanwhile, tech stocks were hit particularly hard, with the Nasdaq composite plummeting by four percent.

By the closing bell, the S&P/TSX composite index finished down 378.05 points, totaling 24,380.71. Earlier in the day, it had dipped as much as 500 points before a slight recovery. In New York, the Dow Jones industrial average fell 890.01 points to close at an alarming 41,911.71, representing a loss of over two percent. The S&P 500 index followed suit, declining by 155.64 points or 2.7 percent to settle at 5,614.56, showcasing the widespread impact of the trade chaoticity.

The technology sector faced the worst effects, with the Nasdaq composite closing down 727.90 points, marking a four percent drop to 17,468.32.

Currency markets also reacted dramatically, with the Canadian dollar slipping to 69.30 cents U.S., compared to 69.58 cents U.S. at the end of last week. This decline indicates a heightened level of uncertainty regarding cross-border trade relations.

In commodities, oil prices slipped, with the April crude oil contract down $1.01 to $66.03 per barrel. Natural gas, however, saw a slight uptick, with the April contract rising 10 cents to $4.49 per mmBTU. Precious metals followed the downward trend as well, with April gold contracts dropping by $14.70 to $2,899.40 an ounce, and May copper contracts falling four cents to $4.67 per pound.

As analysts and economists scramble to understand the implications of these market fluctuations, it’s vital to ask: what does this mean for the future of Canadian and U.S. trade relations? Will these alarming trends lead to broader economic consequences? Investors are on high alert, as the situation remains fluid and capricious.

Stay informed as this story develops, and find out how you can protect yourself and your investments during these turbulent times!