Global Markets
Canadian Markets
Canada’s main stock index climbed on Monday, extending momentum after logging a seventh consecutive weekly gain last week. Investor sentiment was buoyed by the Bank of Canada’s recent interest rate cut, which is widely seen as a move to stimulate the slowing domestic economy.
Economic data, however, highlighted ongoing consumer weakness. Retail sales fell 0.8% in July to $69.6 billion, marking declines in eight of nine subsectors. The only area of growth came from motor vehicles and parts dealers, which edged up 0.2%. Supermarkets, grocery stores, and restaurants led the decline as households tightened discretionary spending. Restaurant sales, in particular, have been under pressure, with new surveys showing that Canadians are cutting back on dining out and seeking value-based options as personal finances come under stress, while Canadians are projected to carry $6.1 billion in post-holiday debt this year—roughly $187 per person— underscoring stretched household balance sheets in a high-interest-rate environment.
American Markets
In the U.S. markets traded higher across all major indexes, following a record-setting rally in the prior session. Gains were tempered by investor caution over President Donald Trump’s visa policies. His administration’s proposed changes to the H-1B program are raising concerns for sectors reliant on skilled foreign labor, particularly U.S. technology companies that source talent from India and China. Gold prices jumped, reflecting heightened risk aversion, while cryptocurrencies such as Bitcoin retreated.
European Markets
In Europe, equity markets fell as losses in automakers overshadowed gains in technology and mining shares. Investors however remained broadly optimistic about European stocks, citing resilient earnings and improving macro conditions.
U.K. stocks posted modest gains, supported by strength in the mining and financial sectors. The British pound rose as fiscal headwinds remain as U.K. taxes are expected to rise to offset mounting public spending pressures. Policymakers are also considering cutting visa fees for highly skilled workers, a move seen as an effort to attract global talent at a time when the U.S. is hiking H-1B visa costs.
Corporate Stock News
Amazon.com Inc (AMZN), Alphabet Inc (GOOGL), Microsoft Corp (MSFT) – Shares of major U.S. technology companies fell after the Trump administration unveiled steep new visa fees of $100,000 per year for H-1B visas, raising concerns over labor costs and access to skilled workers. .
Barrick Mining (ABX:CA) – Jefferies raised its target price to $38 ($52 CAD) from $36, citing strong performance driven by its updated preliminary economic assessment of the Fourmile gold mine.
Berkshire Hathaway Inc (BRK-A, BRK-B) – Warren Buffett’s firm has fully exited its 17-year investment in Chinese automaker BYD, ending a stake that once grew more than 20-fold in value.
Comcast Corp (CMCSA) – Plans to cut jobs at its Xfinity, mobile, and pay-TV division by removing a management layer as part of a reorganization to strengthen its broadband business.
Enbridge Inc (ENB:CA) – The Trump administration backed Enbridge in its Line 5 pipeline dispute with Michigan, supporting the company’s proposal to replace a section with a 4-mile tunnel beneath the Straits of Mackinac.
Iron Mountain Inc (IRM) – Jefferies initiated coverage with a Buy rating and a target of $120, noting its transformation and growth in data centers, digital solutions, and asset lifecycle management.
Marimaca Copper Corp (MARI:CA) – Cormark Securities raised its target price to C$11 from C$10, citing optimism around the company’s Marimaca Oxide Deposit in Chile.
McCormick & Company Inc (MKC) – Jefferies cut its target price to $84 from $90, warning of near-term headwinds and challenges in its Flavor Solutions and EMEA divisions.
Microsoft Corp (MSFT) – Announced a second price hike this year for its Xbox consoles in the U.S., citing macroeconomic pressures, tariffs, and strong competition.
Nvidia Corp (NVDA) – Partnered with Abu Dhabi’s Technology Innovation Institute to launch a joint AI and robotics research lab, the first Nvidia AI Technology Center in the Middle East. Nvidia also announced they are investing $100 billion into OpenAI.
Oklo Inc (OKLO) – Wedbush raised its target price to $150 from $80, reflecting confidence in its nuclear growth strategy tied to AI-driven energy demand.
Oracle Corp (ORCL) & Meta Platforms Inc (META) – In talks for a $20 billion cloud computing deal, with Oracle providing Meta AI computing power.
Pfizer Inc (PFE) & Metsera Inc (private) – Pfizer is nearing a $7.3 billion acquisition of weight-loss drugmaker Metsera, with a cash offer plus milestone-based payments.
Roblox Corp (RBLX) – JPMorgan raised its target price to $160 from $150, citing stronger third-quarter bookings and confidence in Roblox’s plan to capture 10% of the global gaming market.
RTX Corp (RTX) – Hackers disrupted Collins Aerospace check-in systems at several major European airports, affecting flights and passengers since Friday.
Teck Resources Ltd (TECK.B:CA) – Canada’s federal government will review the proposed $53 billion Teck–Anglo American merger to ensure it delivers a net benefit to the country.
Tesla Inc (TSLA) – Approved to test autonomous robotaxi vehicles with safety monitors in Arizona, with trials to begin in the Phoenix metro area.
WEC Energy Group Inc (WEC) – Jefferies raised its target price to $116 from $110, citing upgraded 2027–2029 earnings projections supported by a strong balance sheet.
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Interesting breakdown—what really stands out to me is the contrast between market optimism from the Bank of Canada’s rate cut and the clear signs of consumer weakness, especially in retail and restaurants. It makes me wonder if this rally has legs or if household debt levels will end up pulling the market back down. The shift in consumer behavior toward essentials over discretionary spending feels like a key signal investors shouldn’t overlook.