Global Markets
Canadian Markets
Canada’s TSX rose, led by gains in the mining and financial sectors, even as oil prices dropped by 15%. Investors drew relief from a two?week ceasefire agreement between the United States and Iran, easing fears of a broader Middle East conflict that had been pressuring global markets.
Looking ahead, economists forecast a modest rebound in the Canadian labor market for the March 2026 jobs report, projecting around 15,000 new jobs, following a sharp slowdown earlier in the year when the economy lost a combined 109,000 jobs in January and February. The forecasted unemployment rate is expected to settle around 6.7–6.8%, reflecting a tentative stabilization after the “soft patch.”
American Markets
In the U.S., stocks surged, with the Nasdaq climbing more than 3% intraday, led by the technology sector. Notably, Micron jumped 7% after UBS analyst Timothy Arcuri raised his price target from $510 to $535, maintaining a Buy rating and citing the stock as a high-conviction AI play. Meanwhile, Bitcoin spiked as Iran reportedly demanded a cryptocurrency toll for ships passing the Strait of Hormuz, adding geopolitical intrigue to crypto markets.
Commodities showed mixed signals: Gold climbed to a near three-week high, as investors remained cautious amid geopolitical uncertainty, while the U.S. dollar weakened broadly against major currencies including the euro, yen, and sterling, supporting commodity prices.
European Markets
In Europe, equities rallied strongly: the STOXX 600 was on track for its largest daily gain since April 2025, with the DAX and CAC rising around 5%, buoyed by easing geopolitical tensions. German exporters reported continued optimism despite global uncertainty. The FTSE 100 rose 2.5%, driven by UK builders’ report of record cost inflation, even as UK house prices declined in March and PMI data reflected mixed economic conditions.
Corporate News
Blue Owl Capital Inc. (OWL:CA): Moody’s cut its outlook on the $36-billion Blue Owl fund to “negative” from “stable” due to redemption requests that were significantly higher than peers in Q1. The change also reflects concentration in the equity holder base for Blue Owl Credit Income Corp (OCIC), one of the larger funds.
Colgate-Palmolive Co. (CL:US): Piper Sandler cut the target price to $92 from $96, citing higher resin and oil-derivative costs.
Deere & Co. (DE:US): Jefferies upgraded the stock rating to Hold from Underperform, citing reduced risk after recent share retraction.
Delta Air Lines Inc. (DAL:US): Forecast lower-than-expected Q2 profit and removed all planned capacity growth for the June quarter, citing soaring jet fuel costs linked to the Iran conflict. Capacity growth plans now have a “downward bias” until fuel prices stabilize.
Delta Air Lines Inc. (DAL:US) & Southwest Airlines Co. (LUV:US): Both carriers announced increases to checked bag fees—$10 for first and second bags—to offset rising jet fuel costs, now $45 for the first bag and $55 for the second.
General Motors Co. (GM:US): Recalling 271,770 vehicles in the U.S., including Chevrolet Malibu sedans, due to rearview camera issues that may distort or blank the display. Dealers will inspect and replace cameras.
LPL Financial Holdings Inc. (LPLA:US): JPMorgan lowered the target price to $396 from $439, citing weaker markets, lower yields, fee pressures, and higher tax assumptions.
Novavax Inc. (NVAX:US): Activist investor Shah Capital plans to vote against board re-election and executive compensation at the upcoming annual meeting, pushing for cost-cutting, share buybacks, and strategic changes. Shah Capital owns 9% of the company.
PepsiCo (PEP:US): JPMorgan cut the target price to $172 from $176 due to potential margin pressure from commodity inflation and geopolitical impacts on EMEA consumption.
SLB NV (SLB:US): SLB’s OneSubsea unit and Subsea7 signed a strategic collaboration with Petronas Suriname to support offshore subsea oil and gas projects, providing integrated engineering, procurement, construction, installation, and commissioning services.
Stella-Jones Inc. (SJ:CA): National Bank of Canada downgraded the stock rating to Sector Perform from Outperform, citing static earnings expectations and cautious equity market sentiment.
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.
