Global Markets
Canadian Markets
Canadian markets fell on macro economic concerns even though Statistics Canada reported that the Canadian economy added 60,400 jobs in September, far exceeding consensus expectations for a loss of 2,500 positions. The unemployment rate remained unchanged at 7.1%, suggesting that labour force participation increased alongside job creation. Economists at the Bank of Montreal noted that the robust employment gain contrasts with other soft economic indicators, potentially complicating expectations for further interest rate cuts by the Bank of Canada (BoC).
American Markets
American markets tumbled as trade tensions with China reignited, sparking a broad sell-off across major indices. Reports indicated that China is restricting U.S. shipments of certain goods and targeting Qualcomm and Nvidia, prompting President Trump to threaten massive retaliatory tariffs on Chinese imports. The Nasdaq Composite led the decline, plunging more than 3%, as high-growth artificial intelligence and semiconductor stocks came under heavy pressure. The renewed trade uncertainty weighed on investor confidence ahead of the upcoming third-quarter earnings season, where technology sector performance is expected to play a critical role in overall market direction.
European Markets
European markets also sold off, with major indices dropping over 1% as investors de-risked portfolios amid fears of a new tariff war. The French central bank projected 0.3% GDP growth for the third quarter, but flagged that political instability is dampening both consumer and business confidence.
In the United Kingdom, the FTSE 100 suffered its worst single-day loss since April, extending its retreat from recent record highs. The sell-off was driven by heightened global trade concerns and weakness in export-oriented sectors. Meanwhile, the British pound rebounded to close above $1.33, although it remained on track for a weekly decline, reflecting continued uncertainty over monetary policy and fiscal outlooks.
Corporate Stock News
Alphabet Inc (GOOGL) — The U.K.’s Competition and Markets Authority designated Google with “strategic market status” in online search, giving regulators new powers to oversee its operations and enforce changes if necessary. The designation, which covers a market where Google holds over 90% share, is not a finding of wrongdoing but could lead to future interventions.
Applied Digital Corp (APLD) — Shares gained after the company beat Q1 revenue estimates, posting $64.2 million versus expectations of $50 million, driven by strong demand for AI data center services. Applied Digital finalized a new 150MW lease with CoreWeave, bringing total contracted lease revenue to $11 billion. The firm reported a smaller-than-expected adjusted loss of $0.03 per share.
Aritzia Inc (ATZ:CA) — Jefferies raised its target price to C$92 from C$87 following a stronger-than-expected fiscal Q2, where the retailer beat analyst expectations on both revenue and earnings.
Chevron Corp (CVX) — Greece aims to finalize a contract with Chevron and Helleniq Energy for offshore gas exploration by year-end. The agreement covers deep-sea blocks off Crete and the Peloponnese, with seismic research expected to start in 2026 and potential drilling by 2030–2032.
Ensign Energy Services Inc (ESI:CA) — RBC Capital Markets downgraded the stock to Sector Perform from Outperform, citing limited upside after recent gains, a subdued U.S. rig market, and elevated financial leverage despite improved liquidity.
Ford Motor Co (F) — Ford withdrew its EV lease incentive program that had allowed dealers to apply a $7,500 tax credit after the U.S. federal subsidy expired. The move mirrors GM’s decision earlier this week. Ford Credit continues to offer 0% financing for 72 months on certain EVs.
Levi Strauss & Co (LEVI) — Shares slipped after the denim maker’s annual profit forecast disappointed, with tariff-related costs offsetting strong demand in Europe and the Americas. The company expects FY EPS of $1.27–$1.32, slightly above its prior forecast but below investor hopes. Analysts at Barclays called guidance “conservative,” noting stable trends in September.
Nvidia Corp (NVDA) — China tightened enforcement of chip import restrictions, reportedly targeting Nvidia’s AI processors such as the H20 and RTX Pro 6000. Customs inspections have expanded to include all advanced semiconductor products that may breach U.S. export controls, escalating U.S.–China tech tensions.
Papa John’s International Inc (PZZA) — The pizza chain announced India as a global priority market, relaunching operations with four stores in Bengaluru and plans for 650 outlets nationwide over the next decade. The company unveiled a majority-vegetarian menu to tailor offerings to local preferences, aiming to drive long-term growth in Asia.
Qualcomm Inc (QCOM) — China’s antitrust regulator launched an investigation into Qualcomm’s acquisition of Israel’s Autotalks, probing whether it violated disclosure rules under Chinese law. The move follows recent accusations against Nvidia under similar statutes, intensifying regulatory scrutiny of U.S. chipmakers in China.
Tesla Inc (TSLA) — Sales of China-made EVs rose 2.8% year-over-year in September to 90,812 units, ending a two-month decline as the company began deliveries of its new six-seater model. Third-quarter Chinese production reached 241,890 vehicles, the fourth highest on record, with European sales also showing a partial rebound.
Venture Global Inc — Shares fell after BP won an arbitration case over Venture Global’s failure to deliver LNG under a long-term contract. The International Chamber of Commerce found the company breached its obligations to begin operations at the Calcasieu Pass plant in a timely manner. The ruling is a setback after Venture Global previously prevailed in a similar case against Shell.
STA Research (StockTargetAdvisor.com) is a independent Investment Research company that specializes in stock forecasting and analysis with integrated AI, based on our platform stocktargetadvisor.com, EST 2007.
The renewed trade tensions with China are definitely shaking things up in the U.S. market, especially for companies like Qualcomm and Nvidia. It’s going to be interesting to see how these uncertainties affect investor sentiment ahead of earnings season.
It’s interesting to see how the Canadian job data, while strong on surface level, seems to be creating more uncertainty around the BoC’s next move. The contrast between employment gains and softer economic indicators really highlights the complexity of the current macro environment. Meanwhile, the renewed trade tensions with China are adding a lot of volatility, especially in tech stocks where investor sentiment is already fragile heading into earnings season.