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...
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 b...
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 ar...
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...
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: Bloom...
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)
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
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
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 h...
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
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?
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 fundin...
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-...
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.
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.