Global Markets
Canadian Markets
Canada’s TSX traded flat on weakness in the energy sector, which was offset by a rebound in financials following several sessions of declines. Investor positioning suggests a wait-and-see approach, with macro uncertainty and valuation sensitivity limiting directional conviction. On the economic front, February retail sales rose 0.7% to $72.1 billion, missing expectations of 0.9%, while core sales excluding autos increased 0.5%, indicating that consumer demand remains resilient but is beginning to moderate at the margins. Strength in vehicle purchases helped support headline growth, but underlying spending trends point to early signs of fatigue, as rising gasoline prices are are distorting the retail data in the near term ,while eroding real purchasing power, creating downside risk for future consumption.
American Markets
U.S. markets traded mostly higher, with the S&P 500 and Nasdaq Composite reaching fresh all-time highs, driven primarily by continued strength in mega-cap technology stocks where investor appetite remains concentrated amid strong earnings momentum and AI-related growth narratives. Semiconductor names led gains following a positive eanrings report from Intel Corporation, reinforcing confidence in the chip cycle recovery and broader tech demand outlook.
The Dow Jones Industrial Average lagged and traded lower, reflecting its heavier weighting toward cyclical and industrial names that are more sensitive to macroeconomic conditions such as interest rates, inflation expectations, and global growth risks, highlighting an increasingly bifurcated market where leadership remains narrowly concentrated in high-growth sectors.
European Markets
European markets fell as investors priced in rising stagflation risks, bases on persistent energy supply disruptions stemming from Middle East tensions. Germany’s business sentiment deteriorated to its weakest level since 2020, underscoring mounting recession risks in the region’s industrial core.
UK markets also fell as inflation concerns intensified, with firms warning that food price inflation could reach as high as 7%, according to Bank of England data. Policymakers, including Deputy Governor Sarah Breeden, signaled that global equity markets may not fully reflect downside risks, reinforcing a cautious outlook.
Corporate Stock News
AbbVie Inc. (ABBV) – FDA declined approval of its wrinkle treatment due to manufacturing issues, though safety and efficacy were not questioned; global reviews continue.
Ameriprise Financial Inc. (AMP) – Strong first-quarter earnings with profit rising on higher asset management fees and AUM reaching $1.7T (+12% YoY).
Baker Hughes Co. (BKR) – Beat earnings estimates, driven by strong industrial and energy technology demand, offsetting oilfield services weakness.
Blackstone Inc. (BX) – JPMorgan lowered price target to $136 from $142 due to weaker-than-expected management fees after Q1 results.
Cisco Systems Inc. (CSCO) – Introduced quantum switching chip designed to connect different types of quantum computers across networks.
Citigroup Inc. (C) – Named Klaus Hessberger to co-lead its Financial and Strategic Investors division amid investment banking restructuring.
Digital Realty Trust Inc. (DLR) – Raised full-year FFO and revenue outlook on strong AI-driven demand for data center capacity.
Edwards Lifesciences Corp. (EW) – Beat earnings and raised guidance on strong demand for cardiac valve procedures.
Erie Indemnity Co. (ERIE) – Reported higher profit driven by strong investment income and increased fee revenues.
FirstService Corp. (FSV) – Scotiabank cut price target to $190 from $205 due to weaker-than-expected Q2 revenue guidance.
Hartford Insurance Group Inc. (HIG) – Reported 36% profit growth driven by premium increases and strong business insurance earnings.
Intel Corp. (INTC) – Raised Q2 revenue and profit outlook on strong AI server chip demand; data center segment outperformed expectations.
Monolithic Power Systems Inc. (MPWR) – Oppenheimer raised price target to $1,600 from $1,500 on strong AI data-center demand outlook.
Nasdaq Inc. (NDAQ) – JPMorgan raised price target to $111 from $110 following strong revenue growth and earnings beat.
Newmont Corporation (NEM) – Beat profit estimates on record gold prices, despite warnings of higher costs and lower production ahead.
Nike Inc. (NKE) – Announced 1,400 job cuts as part of restructuring to address prolonged sales weakness.
Palantir Technologies Inc. (PLTR) – Faced criticism over government contracts; Swiss National Bank urged to divest its stake.
Principal Financial Group Inc. (PFG) – Strong profit growth driven by retirement and investment management segments; returned $374M to shareholders.
Roper Technologies Inc. (ROP) – Piper Sandler raised price target to $540 from $530 following solid quarterly performance.
Teck Resources Ltd. (TECK) – TD Cowen raised target to C$82 from C$80 after strong Q1 earnings.
Tesla Inc. (TSLA) – Analysts noted slower-than-expected robotaxi rollout and cautious execution on autonomy expansion.
VeriSign Inc. (VRSN) – Revenue and profit rose on strong domain registration demand; new registrations increased year-over-year.
West Pharmaceutical Services Inc. (WST) – Jefferies raised target to $365 from $295 on strong earnings and improving margins.
X-Energy (XE) – Raised $1.02B in IPO at $23/share, above expected range; begins trading on Nasdaq.
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