Global Market News
Canadian Markets
Canada’s stock markets moved higher, supported by strength in oil and gold prices that lifted the commodities sector. Energy and materials stocks outperformed as crude prices firmed and gold attracted renewed safe-haven interest, improving overall investor sentiment.
That optimism was tempered by disappointing Canadian retail sales figures, which pointed to ongoing pressure on household spending. Statistics Canada reported that retail sales fell 0.2 per cent in October to $69.4 billion, driven primarily by a decline in food and beverage sales. Core retail sales, which exclude gasoline stations, fuel vendors, and motor vehicle and parts dealers, declined 0.5 per cent, marking the second consecutive monthly drop and reinforcing concerns that higher interest rates and elevated living costs are weighing on discretionary spending. In volume terms, overall retail sales fell 0.6 per cent, highlighting that the weakness was not merely price-related but reflected lower purchasing activity.
American Markets
U.S. stock indexes moved sharply higher, driven primarily by a rebound in large-cap technology shares as Nvidia (NVDA) and Oracle (ORCL) recovered from recent selling pressure. The advance reflected renewed investor confidence in artificial intelligence–related spending trends, with buyers stepping back into the sector after concerns around valuation and near-term capital intensity had weighed on sentiment. Strength in these bellwether technology names provided broad-based support to the major indexes, underscoring the continued influence of mega-cap growth stocks on overall market direction.
Nike (NKE) shares declined after the company reported weaker-than-expected sales in China, which pressured quarterly results and raised concerns about demand conditions in one of its most important international growth markets. The softness in China reinforced broader worries about uneven global consumer demand, heightened competition, and the impact of macroeconomic uncertainty on discretionary spending, particularly for global consumer brands with significant exposure to Asia.
U.S. consumer sentiment data showed a substantial decline compared with last year, highlighting persistent strain on household spending and confidence. Elevated prices across essential goods and services, tighter financial conditions stemming from elevated interest rates, and a more challenging labor market environment have collectively weighed on consumer outlooks.
European Markets
European markets also traded higher, supported by gains in banking stocks as investors responded positively to signals from major central banks suggesting that the current interest-rate cutting cycle is nearing its end. The prospect of more stable policy rates improved confidence in financial sector earnings and balance-sheet strength.
UK stocks also advanced as mining and energy stocks benefited from higher commodity prices, while retailers reported a fall in sales heading into the Christmas season, underscoring ongoing pressure on consumer spending and the continued slow weeking of the economy.
Corporate Stock News
Apple Inc. (AAPL) – A U.S. appeals court will review whether millions of Apple customers can pursue a class-action lawsuit alleging the company monopolized the app market and inflated prices through App Store rules, after a lower court decertified the class earlier this year.
BlackBerry Ltd. (BB:CA) – BlackBerry raised the lower end of its fiscal 2026 revenue outlook, citing strong demand for its cybersecurity software. Third-quarter revenue beat expectations, QNX segment revenue grew 10%, and fourth-quarter guidance was broadly in line with consensus.
CarMax Inc. (KMX) – JPMorgan lowered its price target following third-quarter results, citing margin pressure and limited visibility on near- and medium-term volume recovery.
DTE Energy Co. (DTE) – Michigan regulators conditionally approved special power contracts for a data center, while imposing safeguards to protect other customers and requiring DTE to absorb unrecovered costs.
Energy Transfer LP (ET) – The company suspended development of its Lake Charles LNG export project due to rising costs and concerns about global LNG oversupply, shifting capital allocation toward natural gas pipeline projects.
FedEx Corp. (FDX) – FedEx raised its profit and revenue outlook after reporting stronger-than-expected quarterly earnings, despite planning for higher peak-season costs tied to grounded cargo aircraft.
Ford Motor Co. (F) – Ford recalled more than 272,000 vehicles in the U.S. due to a software issue that could result in a loss of park function and increase rollaway risk.
FuelCell Energy Inc. (FCEL) – TD Cowen raised its target price, citing continued momentum in the company’s data-center pipeline and engagement with hyperscalers and infrastructure players.
Lundin Mining Corp. (LUN:CA) / Talon Metals Corp. (TLO:CA) – Lundin plans to sell its Eagle nickel-copper mine and Humboldt Mill to Talon Metals in exchange for shares, creating a U.S.-focused nickel-copper producer and leaving Lundin with roughly a 20% stake in Talon.
Nvidia Corp. (NVDA) – The U.S. administration launched a review that could allow shipments of Nvidia’s H200 AI chips to China, drawing political scrutiny over national security and competitive concerns.
Paccar Inc. (PCAR) – JPMorgan upgraded the stock to Overweight and raised its target price, expecting pricing and volume growth to offset tariff-related headwinds next year.
Toyota Motor Corp. (TM) – Toyota plans to begin selling certain U.S.-made vehicles in Japan next year as part of efforts to improve U.S.–Japan trade relations, alongside continued investment in U.S. manufacturing and battery production.
Victoria’s Secret & Co. (VSCO) – Jefferies raised its target price, pointing to a higher mix of full-price purchases and expectations that the trend will continue into the fourth quarter.
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