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“I think the market just needed a bit of a breather,� said Stephen Duench, vice-president and portfolio manager for AGF Investments Inc.

“It is going to be very important to see if this recent sell off in the market winners ... will continue or not.�

In New York, the Dow Jones industrial average was up 33.19 points at 43,461.21. The S&P 500 index was down 29.88 points at 5,983.25, while the Nasdaq composite was down 237.08 points at 19,286.93.

The S&P/TSX composite index closed up 4.23 points at 25,151.26.

Earnings season is coming to a close, but this week will bring reports from market-movers on both sides of the border. Canada’s major banks start reporting earnings Tuesday, and investors will be watching to see whether they can continue their recent positive trajectory, said Duench.

But the star of the show will be semiconductor giant Nvidia, which reports after the bell on Wednesday. 

It’s been central to the artificial intelligence rally that’s swept technology stocks higher over the past two years. Companies like Nvidia make the hardware that’s central to AI technology.

But recently investors have been questioning whether the huge spending companies are announcing on AI might be overkill, a worry that was compounded by the recent announcement of a Chinese AI model created for a much lower cost than the ones being developed in the U.S.

The latest Canadian GDP print also comes this week. Recent economic data have been stronger than expected, said Duench, but that outlook is muddied by the potential tariffs coming around the corner from the U.S.

“The tariff is a bigger overhang than what we could potentially see from the GDP,� he said. 

Those looming tariffs will also be a focus this week, added Duench, as a month-long pause on the duties and Canada’s retaliation comes to an end March 4. 

However, “the market has been taking Trump’s threats in stride,� said Duench. 

The Canadian dollar traded for 70.30 cents US compared with 70.39 cents US on Friday.

The April crude oil contract was up 30 cents at US$70.70 per barrel and the April natural gas contract was down 15 cents at US$3.98 per mmBTU.

The April gold contract was up US$10.00 at US$2,963.20 an ounce and the May copper contract was down six cents at US$4.56 a pound.

— With files from The Associated Press

This report by °µÍø½ûÇø was first published Feb. 24, 2025.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)