Global Markets
Canadian Markets
Canada’s TSX Composite Index declined nearly 1% after crude oil prices surged roughly 4% intraday, a move that raised fears that higher energy costs could rekindle inflation pressures, with investors hoping price growth would cool. Canada’s labour market showed signs of severe softening, with the economy losing 83,900 jobs in February and the unemployment rate climbing to 6.7%, largely due to a sharp drop in full-time employment according to Statistics Canada. The weak employment data added to concerns that Canada’s economic momentum may be slowing, even as higher oil prices boost revenues for the country’s energy sector.
American Markets
US stocks initially opened higher but reversed course during the trading session as investors digested inflation data and slower economic growth. The Personal Consumption Expenditures (PCE) price index, released by the Bureau of Economic Analysis, showed headline prices rising 0.3% month-over-month in January, while the core measure, closely watched by the Federal Reserve, increased 0.4%. The data reinforced fears that inflation may remain persistent, complicating the Fed’s ability to cut interest rates in the near term. Data showed the U.S. economy losing momentum, as fourth-quarter real GDP growth was revised down to 0.7% from an earlier estimate of 1.4%. Consumer confidence also deteriorated, with March sentiment falling to its lowest level of the year, suggesting households are becoming more cautious amid rising prices and economic uncertainty.
Currency and commodity markets reflected the growing risk-off mood. The U.S. dollar strengthened for a second straight week as investors moved toward safer assets, while energy-sensitive currencies such as the euro and Japanese yen weakened to multi-month lows. Gold prices remained relatively stable, balancing safe-haven demand against expectations that interest rates could remain elevated if inflation persists.
European Markets
European markets extended their decline and were on track for a second consecutive weekly loss as the surge in oil prices fueled fears of another inflation wave. Economists expect the European Central Bank to keep interest rates steady for much of the year as policymakers assess the impact of higher energy costs on the region’s fragile economy. Economic data in the region also highlighted inflation pressures and slowing growth. German wholesale prices rose 1.2% in February.
UK stocks dropped with inflation concerns dampening hopes for interest-rate cuts. The U.K. economy also showed signs of stagnation, with growth unexpectedly flat in January, raising worries that the global energy shock could further weaken economic activity across the country.
Corporate Stock News
Adobe Inc. (ADBE): Longtime CEO Shantanu Narayen will step down once a successor is named, sending shares down 7% amid concerns about strategy during the AI transition. Adobe also reported quarterly results with double-digit revenue and subscription growth. Separately, JPMorgan Chase & Co. cut its price target to $420 from $520 due to softer ARR, a decline in its stock-image business, and CEO transition uncertainty.
Amazon.com Inc. (AMZN): The company plans to move its annual Prime Day to late June, shifting the major promotional event into Q2, as it faces growing competition from Walmart and Target expanding e-commerce and same-day delivery.
Apple Inc. (AAPL): Apple will lower App Store fees in mainland China to 25% from 30%, and small business/mini-app fees to 12% from 15%, benefiting Chinese developers and major platforms like Tencent and ByteDance.
BE Semiconductor Industries NV (BESI): Receiving takeover interest due to demand for advanced chip-packaging technology; working with Morgan Stanley to evaluate offers. Lam Research is among potential suitors.
BuzzFeed Inc. (BZFD): Declined to provide 2026 guidance while evaluating strategic options; warned it may lack sufficient cash over the next 12 months, ending 2025 with $8.5M in cash.
Dollar General Corp. (DG): Jefferies cut its price target to $170 from $178 due to moderated FY26 guidance, persistent cost pressures, and limited near-term margin upside.
JPMorgan Chase & Co. (JPM): Marked down the value of certain loans to private credit funds, potentially reducing leverage and lending in the ~$2T private credit market amid rising investor withdrawals.
Lucid Group Inc. (LCID): Expects positive cash flow late this decade; unveiled affordable EV roadmap and a two-seater robotaxi concept. Plans 50–60% unit-cost reduction and ~100,000 annual deliveries with a new midsize EV platform.
LyondellBasell Industries NV (LYB): Fire at Bayport Choate site in Texas; all personnel safe, no threat to surrounding community.
Meta Platforms Inc. (META): Delayed AI model “Avocado” launch to May–June as performance currently trails leading systems such as Google’s Gemini AI models.
Nvidia Corp. (NVDA): ByteDance deploying ~36,000 Nvidia B200 chips in Malaysia via Aolani Cloud for AI computing, likely costing over $2.5B.
SentinelOne Inc. (S): JPMorgan Chase & Co. lowered price target to $16 from $17 citing cautious outlook and CFO transition uncertainty.
Ulta Beauty Inc. (ULTA): Forecasts FY26 profit below estimates due to higher costs and geopolitical risks; shares down 8% after hours. Jefferies cut price target to $635 from $720 due to weak guidance and elevated Selling, General, and Administrative expenses
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