Global Markets
Canadian Markets
Canada’s TSX moved higher supported by strength in energy and financial sectors. Canada Goose Holdings forecasted a weaker revenue growth outlook as consumer discretionary spending is softening under macroeconomic pressures. Canada’s housing market showed signs of stabilization as home sales increased modestly in April, while prices edged slightly lower. Data showed Canadian wholesale prices rose 1.9% in March, surpassing expectations.
American Markets
US markets continued their upward trajectory, with the S&P 500 (^GSPC), Nasdaq Composite (^IXIC), and Dow Jones Industrial Average (^DJI) all closing near record highs. The move higher was led by conintued semiconductor strength, being led with a 4% gain from Nvidia. Released figures showed that retail cooled in April, as consumer sales growth slowed.
European Markets
European markets also finished higher, with technology stocks providing the primary lift. The German government downgraded its economic outlook, cutting 2026 GDP growth expectations to +0.5% from +1.0%, reflecting the disruptive economic effects of geopolitical tensions stemming from the war in Iran. Growth for 2027 is projected at +0.9%, though policymakers emphasized that the outlook remains highly conditional.
UK stocks also advanced, as the UK economy expanded by 0.6% in the first quarter, providing a cyclical tailwind for markets and helping offset ongoing political uncertainty. The combination of solid growth data and improving sentiment in cyclical sectors helped underpin risk appetite, even as investors continue to assess the durability of the recovery into the second half of the year.
Corporate Stock News
AbbVie Inc (ABBV): Piper Sandler raised its price target to $298 from $294, citing increased confidence in the company’s immunology pipeline and earlier-stage drug candidates.
Brookfield Asset Management Ltd (BAM) (BAM:CA): The asset manager is set to acquire World Freight Company in a deal valued at about $1.2 billion from EQT and PAI Partners, expanding its global logistics and air cargo exposure across more than 80 countries.
Cheesecake Factory Inc (CAKE): JPMorgan upgraded the stock to neutral from underweight and lifted its price target to $68 from $58, citing improving outlook for the Flower Child concept as a longer-term growth driver into 2027.
Chevron Corp (CVX): Eneos Holdings agreed to purchase Chevron’s 50% stake in Singapore Refining Company along with other Southeast Asian and Australian assets for roughly $2.2 billion, marking Chevron’s continued portfolio rationalization in downstream operations.
Cisco Systems Inc (CSCO): Cisco announced plans to cut nearly 4,000 jobs as part of an AI-focused restructuring while raising its annual revenue outlook, supported by $5.3 billion in hyperscaler AI orders; separately, Melius Research raised its price target to $145 from $100 following strong earnings momentum tied to AI demand.
CVS Health Corp (CVS): Omnicare, a CVS Health unit, received U.S. bankruptcy court approval to sell its business to GenieRx Holdings in a transaction valued at about $250 million, including cash consideration and assumed liabilities.
GameStop Corp (GME) and eBay Inc (EBAY): GameStop CEO Ryan Cohen urged eBay shareholders to consider his $56 billion takeover proposal after eBay rejected it as “neither credible nor attractive,” escalating tensions over engagement and valuation.
Manulife Financial Corp (MFC) (MFC:CA): The insurer reported higher first-quarter profit driven by strong Asia growth, with Asia core earnings up 22% to $598 million, wealth and asset management up 2% to C$448 million, and Canadian profits rising 7% year-over-year.
Meta Platforms Inc (META): In a New Mexico trial over alleged teen mental health harms, Meta argued the state’s $3.7 billion proposed remedy is overly broad and not properly tied to direct harm caused by its platforms.
Microsoft Corp (MSFT): Microsoft is reportedly exploring acquisitions of artificial intelligence startups as it reduces dependence on OpenAI, including past interest in Cursor and ongoing discussions with firms such as Inception focused on alternative AI model development.
Nvidia Corp (NVDA): The U.S. reportedly approved around 10 Chinese firms to purchase Nvidia’s H200 AI chips, though no shipments have occurred yet, leaving the export pathway uncertain amid regulatory constraints.
Sherritt International Corp (S): The company disclosed that its auditor Deloitte resigned and its CFO also stepped down, delaying filings and raising the risk of a potential trading halt, though no accounting disagreements were cited.
Staar Surgical Co (STAA): Piper Sandler raised its price target to $33 from $16 after stronger-than-expected first-quarter results, reflecting improved operational performance.
T-Mobile US Inc (TMUS): Trump Mobile began shipping its delayed $499 T1 smartphones, with pre-ordered devices now being delivered and remaining orders expected to ship over the coming weeks.
Weyerhaeuser Co (WY): JPMorgan lowered its price target to $30 from $32 after the company reduced its earnings outlook for 2026–2027, reflecting softer expectations in timber markets.
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