Global Markets
Canadian Markets
Canada’s TSX edged higher on energy stocks which tracked rising crude prices, that helped offset continued weakness in financials, stocks which are currently under pressure.
Canada’s trade delegation to the USA is worried its concessions haven’t led to progress especially on tariffs targeting key exports like steel, aluminum, and autos. As the trade agreement review nears, Canada is signaling that resolving these tariffs is a prerequisite for further talks, creating uncertainty that could hurt export sectors and dampen business investment.
Canada’s largest banks remains outwardly optimistic, with their longer-term narrative stating that Canada can position itself as a reliable global energy supplier amid geopolitical instability, particularly as conflicts push oil prices higher and force countries to rethink supply chains.
American Markets
U.S. markets rose broadly as market strength was being driven disproportionately by enthusiasm around artificial intelligence, with expectations of sustained AI-driven earnings growth. This dynamic created a narrow leadership structure with a handful of mega-cap tech nameswhich are doing most of the lifting, while other sectors lag or react more directly to macro risks like oil prices, inflation, and trade disruptions.
Palantir Technologies swung sharply during the session as the stock initially dropped on concerns about rising competition from Anthropic, highlighting how sensitive AI-linked names are to any perceived shift in their competitive positioning. However, sentiment shifted after comments from Donald Trump, who publicly praised the company’s defense capabilities.
European Markets
European markets dropped on rising oil prices, driven by fears of supply disruption tied to tensions involving Iran. Italy cut its growth forecasts while projecting higher deficits and debt levels as energy costs rise and uncertainty weighs on investment.
U.K. stocks dropped as consumer confidence fell to historically low levels, reflecting pressure from persistent inflation and weak real income growth. Data showed inflation moved up 3.3% mostly due to higher energy costs. As a result the combination of weak sentiment and sticky inflation puts policymakers in a difficult position going forward.
Corporate Stock News
Adobe Inc (ADBE) – Announced a $25B share buyback through 2030 and launched new AI tools to support growth and counter competition.
Alphabet Inc (GOOGL) & Vodafone Group PLC (VOD) – Expanding partnership to deliver AI-driven cybersecurity services to small businesses in Europe.
ASML Holding NV (ASML) – Says it will avoid becoming a supply bottleneck, citing capacity and productivity investments.
AT&T Inc (T) – Beat subscriber and revenue estimates, adding 294,000 postpaid users and posting $31.5B in revenue.
Atlantic Union Bankshares Corp (AUB) – Piper Sandler cut target to $45 (from $47.50) after weak Q1 results.
BHP Group Ltd (BHP) – Beat iron ore output estimates and expects copper production in upper guidance range.
BOK Financial Corp (BOKF) – Stephens raised target to $144 (from $132) on strong earnings and loan growth outlook.
Canada Packers Inc (CPKR:CA) – Ventum initiated with Buy, $24 target, citing strong free cash flow and valuation.
Capital One Financial Corp (COF) – Missed earnings estimates as provisions for credit losses rose.
Chubb Limited (CB) – Q1 profit surged 81% on strong investment income and lower catastrophe losses.
East West Bancorp Inc (EWBC) – Jefferies raised target to $150 (from $135) after solid Q1 results.
Elevance Health Inc (ELV) – Raised full-year profit outlook on improving claims experience.
EQT Corp (EQT) – Beat earnings estimates on higher gas prices and production growth.
Ford Motor Co (F) – Recalling over 140,000 vehicles due to fire risk from wiring issues.
General Motors Co (GM) – Delaying next-gen electric truck program indefinitely, shifting toward hybrids.
GE Vernova Inc (GEV) – Raised revenue outlook as strong data center demand boosts orders.
Halliburton Co (HAL) – TD Cowen raised target to $48 (from $40) after strong Q1 results.
Interactive Brokers Group Inc (IBKR) – Profit rose 25% on higher trading volumes and commissions.
Intuitive Surgical Inc (ISRG) – Beat earnings and revenue estimates on strong demand for surgical robots.
Maple Leaf Foods Inc (MFI:CA) – Ventum initiated with Buy, $37 target, on margin improvement outlook.
Meta Platforms Inc (META) – Building $1B+ AI data center in Oklahoma; also facing legal complaint over ads.
Moderna Inc (MRNA) – Began late-stage trials for mRNA-based bird flu vaccine.
National Healthcare Properties Inc (NHP) – Raised $462M in IPO amid demand for healthcare real estate.
Rogers Communications Inc (RCI-B:CA) – Beat Q1 revenue estimates and added 28,000 postpaid subscribers.
Saputo Inc (SAP:CA) – Ventum initiated with Buy, $47 target, citing margin and growth potential.
Savaria Corp (SIS:CA) – National Bank raised target to $37 (from $30.50) on strong growth.
TE Connectivity (TEL) – Forecast Q3 profit above estimates but warned on rising input costs.
Tesla Inc (TSLA) – Launched new six-seater Model Y variant in India.
TMX Group Ltd (X:CA) – Buying Cboe Canada and Australia for $300M, pending approvals.
T-Mobile US Inc (TMUS) – Deutsche Telekom exploring potential $400B merger structure.
United Airlines Holdings Inc (UAL) – Forecast profits below expectations due to higher fuel costs.
UnitedHealth Inc (UNH) – Oppenheimer raised target to $405 (from $385) after strong results.
W. R. Berkley Corp (WRB) – Reported higher Q1 profit on solid underwriting and investment income.
Yesway Inc (YSWY) – Raised $280M in IPO, valuing company at $1.21B.
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