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In New York, the Dow Jones industrial average was up 208.01 points at 44,901.92. The S&P 500 index was up 25.29 points at 6,388.64, an all-time high, while the Nasdaq composite was up 50.36 points at 21,108.32, adding 0.2 per cent to its own record set the day before.

“The market has done very well despite everyone’s fears about tariffs, recession and costs being passed on to consumers,” said Jillian Bryan, senior investment adviser and portfolio manager at TD Wealth. 

A pause on a slew of U.S. tariffs on global trading partners is set to expire on Aug. 1. Deals have been announced with Japan and the Philippines, but U.S. President Donald Trump said Friday his administration “hasn’t had a lot of luck with Canada” on negotiations and “we haven’t been focused” on a deal. 

“I think Canada could be one where they just pay tariffs — not really a negotiation,” Trump told reporters before departing on Marine One from the South Lawn of the White House.

Trump sent a letter to Prime Minister Mark Carney threatening to impose 35 per cent tariffs if Canada doesn’t make a trade deal by the end of next week. The White House has said those duties would apply only to goods not compliant with the Canada-U.S.-Mexico Agreement on trade.

Bryan said it’s a challenge for investors to navigate the evolving tariff saga. 

“The goalpost is constantly being moved on us,” she said. “Trying to predict what Trump will do is obviously very difficult.”

She said it’s all about choosing the right asset allocation for clients, like fixed income and bonds for the more risk-averse ones. 

She said one reason for optimism this earnings season is a “pull forward” in demand, with consumers opting to pull the trigger on major purchases like a computer or vehicle before the brunt of tariffs hits. But that could mean a slowdown later in the year, with consumers having already made their big-ticket purchases. 

In the U.S., Deckers, the company behind Ugg boots and Hoka shoes, jumped more than 11 per cent after reporting stronger profit and revenue for the spring than analysts expected. 

Edwards Lifesciences rose 5.5 per cent after likewise topping Wall Street’s expectations for profit in the latest quarter. 

They helped offset a drop of 8.5 per cent for Intel, which fell after reporting a loss for the latest quarter, when analysts were looking for a profit. The struggling chipmaker also said it would cut thousands of jobs and eliminate other expenses as it tries to turn around its fortunes.

The Canadian dollar traded for 72.97 cents US compared with 73.37 cents US on Thursday. 

The September crude oil contract was down 87 cents US at US$65.16 per barrel. 

The August gold contract was down US$37.90 at US$3,335.60 an ounce.

This report by The Canadian Press was first published July 25, 2025.

— with files from The Associated Press

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