Global Markets
Canadian Markets
Canada’s S&P/TSX Composite Index,traded to fresh all-time highs, supported primarily by strength in gold-related stocks as gold prices extended their rally. The move underscores the index’s heavy weighting toward materials and energy producers, with precious metals miners benefiting from sustained safe-haven demand amid moderating global growth expectations and persistent inflation pressures. Statistics Canada reported that retail sales declined 0.4% month-over-month to $70 billion in December, largely due to weaker volumes at new and used vehicle dealerships. The pullback suggests some cooling in discretionary consumer spending at year-end, potentially reflecting elevated borrowing costs and tighter household financial conditions.
American Markets
US stocks moved higher despite a softer-than-expected fourth-quarter GDP print. The economy expanded at an annualized rate of 1.4% in Q4 2025, missing the 2.9% consensus estimate. While the growth slowdown points to deceleration in aggregate demand, markets appeared to interpret the data constructively, possibly viewing weaker growth as reducing the likelihood of further rate cuts by the Federal Reserve.
However, the inflationary data complicated that narrative, with te Personal Consumption Expenditures (PCE) Price Index rising over 2.9% year-over-year in December. Core PCE, which excludes food and energy, increased 3.0% annually and 0.4% month-over-month, indicating renewed price pressures beneath the headline level. The stickiness in core inflation suggests that disinflation progress may be stalling, potentially constraining the Fed’s ability to pivot toward easing policy in the near term.
European Markets
European markets also trended higher and were on course for weekly gains. Sentiment improved on the back of stronger-than-expected corporate earnings and reduced fears of AI-related disruption across traditional industries.
Germany’s business activity accelerated to a four-month high in February, with manufacturing showing signs of stabilization after a prolonged contraction. The improvement signals tentative recovery momentum in the eurozone’s largest economy.
In the United Kingdom, markets advanced as economic data indicated strengthening private-sector activity. The S&P Global UK Composite PMI rose to 53.9 in February from 53.7 in January, marking the strongest reading since April 2024. A level above 50 indicates expansion, suggesting that business activity continues to recover. Consumer spending also increased at its fastest pace in four years, reflecting improved household confidence at the start of 2026. However, despite rising activity, firms remain cautious, with ongoing job cuts highlighting uneven labour market conditions.
Corporate Stock News
Akamai Technologies Inc (AKAM): Forecast first-quarter adjusted EPS of $1.50–$1.67, below the $1.75 consensus, citing sharply higher memory costs that may lead to selective price increases.
Alliant Energy Corp (LNT): Reported Q4 earnings of $0.60 per share, beating estimates, driven by strong electric and gas segment performance; reaffirmed 2026 EPS guidance of $3.36–$3.46 and outlined $3.13 billion in annual capex.
Blue Owl Capital Inc (OWL): Announced an asset sale strategy to return significantly more capital to investors in Blue Owl Capital Corp II, though the move unsettled shareholders.
Canadian Tire Corporation Ltd (CTC.A:CA): National Bank of Canada raised its price target to C$211 from C$201 following stronger-than-expected Q4 results.
Century Aluminum Co (CENX): Expects to restart Iceland’s Grundartangi smelter Line 2 by late April—six months earlier than planned—despite a 14% Q4 shipment decline due to outages.
Consolidated Edison Inc (ED): Missed Q4 earnings estimates due to higher operating and interest expenses; reaffirmed long-term 6–7% annual EPS growth target and outlined multi-year capital investment plans.
Copart Inc (CPRT): Reported lower Q2 profit and revenue amid reduced vehicle volumes and softer insurance demand; EPS declined to $0.36 from $0.40 year-over-year.
Epam Systems Inc (EPAM): JPMorgan cut its price target to $183 from $215 due to weaker FY26 revenue guidance despite a solid Q4 earnings beat.
Extra Space Storage Inc (EXR): Forecast full-year FFO below estimates amid softening self-storage demand and declining occupancy, though Q4 results modestly beat expectations.
GoPro Inc (GPRO): Named Brian Tratt as CFO effective March 17, with current CFO Brian McGee transitioning to president while retaining COO responsibilities.
HSBC Holdings PLC (HSBC): Cut approximately 10% of its U.S. debt capital markets team as part of cost-reduction efforts following a strategic revamp.
Newmont Corporation (NEM): Beat Q4 earnings estimates on strong gold prices; plans $1.4 billion investment in acquired Newcrest assets but forecasts lower 2026 production.
Nvidia Corp (NVDA): Nearing a $30 billion investment in OpenAI as part of a broader funding round exceeding $100 billion.
Praxis Precision Medicines Inc (PRAX): Jefferies raised its price target to $525 from $450, citing anticipated clinical and regulatory milestones.
Suncor Energy Inc (SU:CA): Downgraded to neutral from buy by Gerdes Energy Research due to high capital intensity and comparatively lower return profile.
United Airlines Holdings Inc (UAL): Jefferies lowered its price target to $148 from $154, citing aircraft delivery delays, higher capital requirements, and rising labor costs.
Walmart Inc (WMT): Roth MKM raised its price target to $138 from $108, highlighting stronger long-term growth prospects and expanding advertising revenue.
Yeti Holdings Inc (YETI): B. Riley upgraded the stock to Buy from Neutral, citing improved growth momentum and a rebound in drinkware sales.
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