Global Markets
Canadian Markets
Canada’s main stock index, the TSX, rose almost 1 percent, despite a more than 2% drop in oil prices. Gains were driven primarily by technology companies and base metal miners, which offset weakness in the energy sector. The Canadian mortgage delinquency rate fell for the first time in three years, according to the Canada Mortgage and Housing Corporation (CMHC), suggesting some easing of pressure in the housing market and improving consumer credit conditions.
American Markets
All major U.S. indexes posted gains as investors looked ahead to Nvidia’s earnings later in the day. Nvidia’s report is widely seen as a potential “make-or-break” moment for the AI trade, given the company’s central role in supplying chips for artificial intelligence applications. Traders and Investors are closely watching the Federal Reserve, as a December decision looms on whether the central bank will cut rates or pause, which is being described by analysts as a “coin flip”, reflecting uncertainty over the direction of near-term monetary policy.
European Markets
European stocks traded lower, led by defense-related companies, as the U.S. aims to accelerate steps toward ending the war in Ukraine. Investors appeared to scale back expectations for defense spending or related profits.
In the UK, the FTSE 100 extended its decline, also dragged down by falling defense stocks. On the macroeconomic front, inflation showed signs of easing: the Consumer Prices Index (CPI) declined to 3.6% in October from 3.8% in September, according to the Office for National Statistics, providing some relief to markets concerned about persistent inflation.
Corporate Stock News
Amazon.com Inc (AMZN): The EU General Court dismissed Amazon’s challenge to its designation as a “very large” online platform under the Digital Services Act, meaning the company must comply with stricter rules to tackle illegal and harmful content. Amazon said it will appeal.
Arrowhead Pharmaceuticals Inc (ARWR): Leerink Partners raised the target price to $44 from $23 after FDA approval of the company’s genetic disorder drug, Redemplo.
Brookfield Asset Management Ltd (BAM:CA): The company is targeting $10 billion in equity for a new AI infrastructure fund, planning to build or acquire up to $100 billion of AI-related infrastructure, including data centers, chip manufacturing, and power providers.
Century Aluminum Co (CENX): Glencore cut its stake in Century Aluminum by 10% to 33%, selling 9 million shares for $272.25 million following a rally driven by U.S. tariffs and strong profits for North American smelters.
Constellation Energy Corp (CEG): The Trump administration loaned $1 billion to restart Constellation’s nuclear reactor in Pennsylvania, which will provide power for Microsoft data centers, amid rising U.S. power demand.
Coty Inc (COTY): Berenberg cut the target price to $4.20 from $5.05, citing the end of a boom period for expensive perfumes affecting the company’s business.
Doordash Inc (DASH): Jefferies raised the target price to $260 from $220, citing faster growth in U.S. restaurant delivery over the last year and optimism about the company’s future.
Home Depot Inc (HD) JPMorgan cut the target price to $423 from $444 due to weaker-than-expected third-quarter sales growth.
IGM Financial Inc (IGM:CA): CIBC initiated coverage with a target price of C$61, stating that current economic conditions support sustained improvement in net fund flows.
Lowe’s Cos Inc (LOW): Lowe’s missed third-quarter comparable sales estimates and lowered its annual EPS forecast to $12.25 due to consumer caution on big-ticket home remodels.
Meta Platforms Inc (META): Spain’s government will investigate Meta for potentially violating privacy laws, including GDPR, over tracking of Android users’ web activity.
Nvidia Corp (NVDA): Nvidia plans to use low-power smartphone-style memory chips (LPDDR) in AI servers, which could double server-memory prices by late 2026 amid ongoing chip shortages.
Target Corp (TGT): Target reported a 2.7% drop in third-quarter comparable sales due to reduced consumer discretionary spending but beat EPS estimates at $1.78, aided by strong growth in its advertising business.
Tesla Inc (TSLA): Tesla received a permit to operate a ride-hailing service in Arizona as part of its plan to launch self-driving robotaxis, though driverless operation is not yet allowed.
Universal Health Services Inc (UHS): JPMorgan raised the target price to $240 from $195 following the company’s third-quarter results.
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Interesting to see tech and base metals carry the TSX even with the pullback in oil—feels like a sign that investors are getting more selective rather than simply risk-off. The note about mortgage delinquencies easing is also worth watching, since any improvement in household credit conditions could influence how the Bank of Canada frames its next moves. NVIDIA’s earnings really do feel like a sentiment pivot point for the broader AI trade, especially with the Fed’s December decision still looking like a true toss-up.