12:18 PM EDT, 09/02/2025 (MT Newswires) -- The Toronto Stock Exchange is down 110 points at midday, with most sectors lower.

The biggest decliners are miners (-1.6%) and technology (-1.5%).

Healthcare, up 1.3%, is the biggest gainer, followed by energy (+0.6%).

BMO Economics in its morning note, said late Friday the U.S. Court of Appeals for the Federal Circuit deemed the IEEPA tariffs illegal, though President Trump has already signalled he will take the case to the Supreme Court. "That adds yet another layer of tariff uncertainty to kick off September," BMO said.

BMO noted jobs reports will be the key releases this week, scheduled for Friday on both sides of the border. With Canada, BMO is looking for employment to rise 10k in August. BMO said that likely won't be enough to keep up with labour force growth, which is itself cooling. so it is expecting the unemployment rate to tick back up to 7.0%.

Before that, BMO is looking for Canada's goods trade shortfall (on Thursday) to narrow to $4.5 billion in July. That would be the sixth straight month in deficit as goods exports face significant headwinds amid ongoing negotiations for a trade deal with the United States.

Elsewhere, Rosenberg Research noted we are heading into the most "seasonally challenging time of the year", but it said the stock market also has "quite a bit of momentum behind it" as summer shifts to fall. Since 1990, the research noted, September has ranked as the worst-performing month of the year for the S&P 500, an average decline of -0.8% and down more than half the time, and the only month of the year to have these seasonal characteristics.