Welcome back to Canada Daily, the newsletter on business, economics and politics from Vancouver to Montreal and beyond. If this was forwarded to you, please sign up here . There was one sure way to make money in the Canadian stock market in the first quarter: buy energy companies . And there was one sure way to lose it: own tech. That’s how it goes for investors in the turbulent rapids of American economic and foreign policy. The S&P/TSX Information Technology subindex has tumbled more than 22% this year, its worst quarter since the rate shock of 2022. The US-led revolution in artificial intelligence is eroding confidence in the business models of some old stalwarts. “If we’re to believe this consensus narrative that AI is such a transformative technology and a disruptive one, then it’s fair to ask who’s being disrupted,” Brian Madden, chief investment officer at First Avenue Investment Counsel, told us. “And so I think investor sights have been trained sharply on the software sector.” The TSX tech subgroup is little more than a software index, and the selling pressure was broad: Open Text was down 31% in the quarter, while Shopify and Constellation Software each dropped more than 25%, even after Tuesday’s monster rally. For Constellation — which made a lot of portfolio managers look smart by generating an 8,000%-plus return over 15 years — there’s the added complication of trying to replace a legend. Founder Mark Leonard, the company’s driving force, left his executive role last year for health reasons and isn’t staying on the board . Meanwhile, Canadian energy shares have extended their extraordinary run, rising 29%. That’s the seventh straight quarter in the green, the longest such winning streak since the 2003 to 2005 period, when China’s prodigious economic growth sparked a commodities supercycle. Energy stocks rose in the weeks after the US ousted Venezuelan President Nicolás Maduro and now war in the Middle East has forced analysts to put their start-of-year ...

Famed short seller Carson Block is placing bearish bets on some of the biggest corporate credit ETFs as a way to hedge the risk of economic malaise caused by AI. In a Bloomberg Television interview Tuesday, the Muddy Waters Capital founder doubled down on his view that credit spreads could widen as a result of artificial intelligence-led job losses. Block said his firm is placing bearish options bets on funds including BlackRock’s high-yield and investment-grade corporate bond ETFs. His wager comes after the investor told a crowd of conference attendees earlier in March that he was setting up trades shorting credit spreads and betting on dislocations in ETFs with liquidity mismatches. Read More: Carson Block Goes From Sanguine to Skeptic on S&P 500 Due to AI “AI is going to change everything,” Block said Tuesday. “Within a lot of the leading-edge companies and technology, their best users of AI have been able to replace seven of their colleagues.” Some on Wall Street have been arguing tight credit spreads suggest investors are complacent and not fully pricing in a market shock, though some of the air has started to come out of the debt market as the conflict in the Middle East escalates. Block added that markets will price in AI-related job losses before the displacement actually occurs. It’s a pivot from where the short seller stood just a few months ago, where he was sanguine on the economy and said he’s rather be long than short the US equity market. “I do think this will be kind of global financial crisis-type fallout in the markets ultimately,” he said.

sankai/iStock via Getty Images By Geoff Bysshe Where Persistence Has Become A Big Problem If you’ve been following this article over the last several weeks, you may have noticed a theme that focuses on the importance of time as an influence on market behavior. The market's time in a trend period has an effect. Investors' patience with the trend period has an effect. Investors’ reactions to time are often gradual, then excessive. Time in a trend affects sentiment, positioning, and more. The fundamental factors behind the market’s trend are also likely to be affected over time, as is the case with the persistence of the Iran war and the elevated price of oil, both together and independently. Few would argue that the higher price of oil, driven by the war, has depressed stock prices and expectations for global economic growth, but how quickly the market and economies will recover should the war come to an end in the next week, month, quarter, or longer is debatable. However, the longer the war goes on, keeping oil prices elevated, oil production declining, and the flow of oil to importing countries curtailed, the bigger the problem becomes. Higher oil prices are an obvious problem, so when the war ends, the next obvious question will be, "When and for how long will oil prices fall?" There’s never one reason for a price trend, but below you’ll find a visual analysis of the relationship between the changes and levels of OECD Oil Inventory Data and the price of crude oil. Note that this data excludes strategic reserves, in order to put more focus on the open market source of oil. As you can see, there are three measures. The top chart shows the level of commercial stocks (inventory excluding strategic reserves) and the price of oil. It’s clear that the price of oil is inversely correlated with the level and trend of inventories. The middle chart shows month-to-month changes in inventory along with a three-month average of the monthly changes and the price of oil. Again, t...

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Anthropic 于周二证实，该公司旗下广受欢迎的人工智能代码助手 Claude Code 发生了部分内部源代码泄露事件。 Anthropic 一位发言人在声明中称：“本次事件未涉及或泄露任何敏感的客户数据及凭证信息。这是由人为失误导致的发布打包问题，并非安全入侵事件。我们正出台相关措施，防止此类情况再次发生。” 源代码泄露对这家初创公司而言是一次打击，因为这可能让软件开发人员和 Anthropic 的竞争对手洞悉这款爆款代码工具的开发逻辑。美国东部时间周二凌晨 4：23，社交平台 X 上一条附带 Anthropic 代码链接的帖子发布后，浏览量已突破 2100 万次。 这也是 Anthropic 在一周内遭遇的第二起重大数据失误事件。据《财富》杂志周四报道，有媒体近期在一个公开可访问的数据缓存中，发现了 Anthropic 即将推出的 AI 模型相关说明及其他文件资料。 Anthropic 由一批前 OpenAI 高管与研究人员于 2021 年创立，最为人熟知的产品是 Claude 系列 AI 大模型。 该公司于去年 5 月面向公众推出 Claude Code，这款工具可帮助软件开发人员搭建功能模块、修复漏洞并实现任务自动化。 过去一年里，Claude Code 获得了大规模普及，截至今年 2 月，其年度化营收已飙升至 25 亿美元以上。 这款工具的成功，也促使 OpenAI、谷歌以及 xAI 等企业纷纷投入资源研发同类竞争产品。 责任编辑：丁文武

Peter Atwater, president of Financial Insyghts, said that fallout from the Iran war is 'disproportionately' impacting those at the bottom of the 'K-shaped economy' as Americans feel the crunch of higher energy prices. Atwater says that the US has a 'Downton Abbey' economy, where those at the top can get anything delivered and prepared by others and don't see what is happening below. (Source: Bloomberg)

富时中国A50指数期货夜盘收涨1.23%，报14715点。

Today, March 31, 2026, a $2 billion Nvidia stake spotlights Marvell’s expanding role at the core of AI data centers.

Marvell Technology (NASDAQ:MRVL), data infrastructure semiconductor provider, closed Tuesday at $99.05, up 12.8%. The stock jumped after Nvidia (NASDAQ:NVDA) announced a $2 billion equity investment and expanded AI infrastructure partnership. Investors will be watching how the ti

New Veo 3.1 Lite aims to lower costs and attract more developers to video AI tools

Dycom Industries ( DY ) on Tuesday said that it appointed James “Bo” Gresham as its first chief revenue officer, effective March 30. Gresham, who joined the company’s corporate leadership team in 2023 as VP of strategy, will lead Dycom’s unified revenue organization and focus on market expansion and stakeholder relationships. He will report to Chief Executive Officer Dan Peyovich . Gresham began his career in 1997 at Ervin Cable Construction, a Dycom subsidiary, and has held multiple operational leadership roles over nearly three decades, most recently serving as VP of operations before moving to the corporate team. DY +1.52% after hours to $344.0. Source: Press Release More on Dycom Industries Dycom Industries: Strong Visibility Into Near-Term Growth Dycom Industries: Fiber Provides Growth Path For Next Decade Dycom Industries, Inc. 2026 Q4 - Results - Earnings Call Presentation Dycom projects up to $7.15B revenue for FY 2027 as Power Solutions acquisition drives diversification Dycom Industries jumps after record Q4 results, tops Street revenue, EPS views

Amazon (AMZN) Finally Ends Its Long Running Battle With the Teamsters Union TipRanks

财联社4月1日讯（编辑 牛占林） 美东时间周二，美股三大指数大幅飙升，均创下去年5月以来最大单日涨幅，道指暴涨1125点，美伊两国均释放了冲突缓和言论，这提振了投资者情绪。此前，这一冲突推动油价走高，并在近几周加剧了全球通胀担忧。 分析人士表示，市场乐观情绪源于隔夜消息——美国总统特朗普此前已向助手表示，即便霍尔木兹海峡仍大体关闭，他也愿意结束对伊朗的军事行动。 据悉，美政府官员评估认为，强行重新开放该水道将使军事行动超出原定4至6周的时间框架。基于此，特朗普决定在实现削弱伊朗海军及其导弹能力等主要目标后，逐步结束当前军事行动。 到了周二盘中，伊朗总统佩泽希齐扬表示，伊朗愿意结束战争，但前提是其诉求得到满足，尤其是获得不再遭受侵略的保证。这一缓和言论引发黄金和风险资产直线拉升。 美国银行财富管理高级投资总监Bill Northey评论称：“今天资本市场反映的是对冲突早日结束或停火的预期。” 他补充称：“虽然细节仍不明朗，但资本市场正在寻找任何迹象，表明霍尔木兹海峡的能源运输有望恢复正常。” 美股还受益于债券市场压力缓解，美国国债收益率继续回落。10年期美债收益率从周一的4.35%降至4.31%，较上周末的4.44%明显下降，这在债券市场属于较大幅度波动。 经济数据方面，美国2月职位空缺降幅超预期，招聘人数降至近六年来最低水平。 "任何迈向结束战争的步骤，股市都喜闻乐见，因此你看到的是这轮缓解性反弹，"The Wealth Alliance总裁Eric Diton表示，"但我们尚未脱离险境，归根结底，如果我们没有解决石油供应问题，那就会持续带来压力。" 市场动态 截至收盘，道指涨1125.19点，涨幅为2.49%，报46341.33点；纳指涨795.99点，涨幅为3.83%，报21590.63点；标普500指数涨184.80点，涨幅为2.91%，报6528.52点。 标普500指数的11个板块中，电信板块收涨4.42%，信息技术/科技板块涨4.24%，可选消费板块涨3.28%表现第三，能源板块跌1.12%。 美股行业ETF中，半导体ETF收盘反弹5.76%，全球科技股指数ETF、生物科技指数ETF、科技行业ETF、全球航空业ETF至多涨4.40%，能源业ETF跌1.13%。 热门股表现 大型科技股普涨，Meta涨6.67%，英伟达涨5.59%，谷歌A涨5.14%，特斯...

MSFT Stock Today: 36% Slide Tests AI ROI; Bulls See Value — March 31 Meyka

Jushi Holdings Inc. (JUSHF) delivered earnings and revenue surprises of -33.33% and +1.39%, respectively, for the quarter ended December 2025. Do the numbers hold clues to what lies ahead for the stock?

RFK Jr. Says Hospitals Must Serve Healthier Food Authored by Zachary Stieber via The Epoch Times (emphasis ours), U.S. health officials on March 30 informed hospitals they must provide patients with more nutritious food. The Centers for Medicare and Medicaid Services (CMS) stated in a memorandum to hospitals across the country that they must comply with certain conditions to receive federal funding , including making sure that menus and diets meet the nutritional needs of patients. Health Secretary Robert F. Kennedy Jr. in Washington on Jan. 29, 2026. Dimitrios Kambouris/Getty Images Officials noted the January release of new dietary guidelines, which emphasize limiting ultra-processed foods, refined carbohydrates, and sugar-laden products in favor of whole foods such as whole milk and meat. Hospitals “should review and revise food and nutrition service policies, standard menus, therapeutic diet protocols, and food procurement practices to align with the [guidelines], which support contemporary evidence on diet quality and health outcomes,” the letter stated. A good diet for a patient might feature steel-cut oats with berries and nuts for breakfast, grilled salmon with quinoa and roasted vegetables for lunch, and a lentil-based entree with a side salad later in the day, according to the document. Health Secretary Robert F. Kennedy Jr., at an event in Florida that was held in part to coincide with the memo, said that it was “essentially a federal mandate” that would help incentivize hospitals to serve better food. “ The food at hospitals is so uniformingly, appallingly bad that it is now a pejorative, ” he said. “If you tell somebody that this tastes like hospital food, it’s not a compliment.” CMS is a division of Kennedy’s Department of Health and Human Services. Dr. Mehmet Oz, the administrator of CMS, said in a statement that “hospitals are meant to heal—but too often, the food they serve holds patients back.” “It’s time for hospitals to prioritize real, nutrient-...

伊朗戰事陰霾下，英王查理斯三世決定應美國總統特朗普邀請，於本月下旬國事訪問美國，是相隔19年後再有英國君主國事訪問當地。 美國總統特朗普去年9月訪問英國後，外界關注查理斯三世回訪安排。白金漢宮周二證實，查理斯三世將與王后卡米拉本月下旬訪美，慶祝美國獨立250周年。特朗普則在社交平台表示，查理斯三世伉儷將於本月27至30日訪美，白宮會在28日設晚宴款待。 這次是自已故女王伊利沙伯二世2007年國事訪問美國以來，首次有英國君主國事訪問當地，預料查理斯三世會在美國國會發表講話。適逢英美近期在伊朗戰事等問題上出現分歧，上周有民意調查指，英國有四成九民眾反對英王訪美。

美國汽油平均價格自2022年以來，首次突破4美元一加侖水平。有航空公司因應燃油成本上漲，調高行李費。 根據美國汽車協會數據，全美普通汽油周二平均價為4.02美元一加侖，比2月爆發伊朗戰爭前的2.98美元高近三成半，並且是總統特朗普兩個任期內最高。 有油價追蹤服務公司分析，若霍爾木茲海峽航運長期受阻，美國汽油平均價格可能會升至4.5美元一加侖，甚至接近4年前創下的5.01美元歷史紀錄。 捷藍航空宣布，因應燃油成本上漲調高行李費，暑假等高峰時段，首件寄艙行李從40美元，加至49美元。聯合航空行政總裁柯比表示，中東戰事爆發以來，整個航空業的票價已上漲一成五至兩成。

Stock declines follow co-founder indictment, prompting investor withdrawals despite strong AI demand outlook and expected $40B+ 2026 revenue

Fundrise co-founder and CEO Ben Miller joins Market Domination Anchor Josh Lipton to respond to Citron's short call on the company's Fundrise Innovation Fund (VCX) after its post-IPO spike. Miller goes on to say that short-term price swings miss the bigger picture around long-term AI investing.

道瓊斯工業平均指數收報46,341點，升1,125點。 標準普爾五百指數收報6,528點，升184點。