Mixed messages from the Trump Administration on the U.S./China trade war translated into an uneven trading day across North America.
U.S. President Donald Trump had threatened to hike tariffs on $200 billion worth of Chinese goods from 10 percent to 25 percent, starting on Jan. 1.
Trump also hinted that he would impose a 10 percent tariff on iPhones and laptops imported from China.
However, markets rose after Trump’s top economic adviser Larry Kudlow expressed optimism of a potential deal between the global economic superpowers, according to CNBC.
Even so, trade tensions had a ripple effect on the TSX, which was off by 68 points with eight of 11 sectors trading lower.
The materials sector took the biggest hit, dropping 1.9 percent as trade-sensitive mining stocks fell and the price of gold tumbled.
Gold dropped $7.80 to $1,214 an ounce.
The heavyweight energy sector also slipped 1.6 percent despite a roller-coaster day for oil prices.
Oil rallied in afternoon trading, moving 48 cents higher to $52.11 US a barrel.
Driving the price of oil was the prospect of the world’s major oil exporters considering cutting output to curb the price plunge.
In New York, investors shrugged off tariff tensions as the Dow gained 94 points after jumping 354 points on Cyber Monday.
The Nasdaq was flat, despite Apple’s stock edging 0.2 percent lower.
Meanwhile, Amazon continues to thrive in the online shopping age.
Amazon announced this morning that Cyber Monday once again became the single biggest shopping day in the company’s history with the most products ordered worldwide.
Even with the news, Amazon’s stock only managed to edge up 0.5 percent.
The Canadian dollar weakened considerably today, down 24/100ths of a cent to $0.7521 US.