04:16 PM EDT, 05/05/2025 (MT Newswires) -- The Toronto Stock Exchange closed with a modest loss Monday as investors await tomorrow's meeting between Canadian Prime Minister Mark Carney, and U.S. President Donald Trump to see if the groundwork can be laid then for an easing of trade tensions between the two nations.

The S&P/TSX Composite Index closed 77.99 points to 24,953.52. Of sectors, the biggest decliners were Health Care and Energy, down 3.70% and 2.65%, respectively.

Among individual stocks, cinema operator Cineplex ( CPXGF ) closed down $0.50 to $9.85 after President Trump, in an unanticipated development on Sunday, said he wants to place a 100% tariff on films produced outside America. National Bank noted: "It's not clear if this tariff would hit all movies produced abroad or just non-U.S. productions. Given the lead time involved in making films, it remains to be seen if such a tariff would be immediately imposed on product coming to the multiplex in 2025 or yet to be made."

National Bank noted "this odd development" comes after the box office keeps recording gains in Q2 with another solid weekend just past, which has put year to date growth at the North American box office at plus 16.6% per BoxOfficeMojo after a minus 11.6% result for Q1. "This is ahead of optimism for releases through the rest of the year and before the start of the summer season which begins with the long weekend for U.S. Memorial Day," the bank said, while noting Cineplex ( CPXGF ) will report its first-quarter results on May 9.

However the Globe and Mail noted films and other information sources produced outside of the United States are "constitutionally protected" from any sanctions or tariffs under a 1988 law known as the Berman Amendment.

Still on matters related to Trump and tariffs, some investors may have already seen ominous signs ahead of the President's meeting with Carney on Tuesday. Trump in answering a question from a reporter in Washington earlier this afternoon claimed he is not sure what Carney wants to see him about when the pair meet at the White House, although the pair spoke on the phone last week and agreed then to meet on May 6.

Trump, who has not completed one trade deal with another nation in the more than 100 days he has been in office, said: "I guess he [Carney] wants to make a deal. Everybody does."

"My government will fight to get the best deal for Canada," Carney said Friday in his first news conference since the Canadian federal election this day last week. Carney has also called for more respect for Canada given Trump's threats on this nation's sovereignty, and economy.

Meanwhile, S&P in noting that Canada's largest trading partner, the United States., has introduced tariffs on Canadian imports, said the resulting trade tensions will disrupt the country's growth over the next two years. "The geopolitical trade policy environment remains uncertain," it added.

S&P noted: "In the face of heightened uncertainty, Canada's institutions have remained resilient and begun a measured response to tariffs that includes targeted support for affected workers and sectors. The situation is dynamic, and we expect Canada's response will continue evolving."

The ratings agency has revised its base case to reflect growth of 1.4% in 2025, weaker government balances, and higher net debt. S&P Global Ratings affirmed its 'AAA' long-term and 'A-1+' short-term sovereign credit ratings on Canada. The outlook is stable.

Of commodities today, gold was sharply higher late afternoon on Monday as the dollar fell ahead of Wednesday's interest-rate decision from the Federal Reserve. Gold for June delivery was last seen up $96.60 to US$3,339.90 per ounce, rising for a second day, but staying below the April 21 record high of US$3,425.30.

But West Texas Intermediate crude oil closed at a four-year low early on Monday after OPEC+ said it will again speed the return of 2.2-million barrels per day of production cuts with a second-straight monthly supply increase of 411,000 bpd in June, a move likely to push the market into surplus even as the global economy slows amid trade wars. WTI oil for June delivery closed down $1.16 to settle at US$57.21 per barrel, the lowest since February, 2021, while July Brent crude was last seen down $0.93 to US$60.36.