Stocks slid on Monday as jittery investors digested President Trump’s plan to raise global tariffs to 15% and amid renewed concerns about the impact of artificial intelligence apps on the technology industry.
The Dow Jones slid 794 points, or 1.6%, as of 12:35 p.m. EDT. The S&P 500 fell 78 points, or 1.1%, while the Nasdaq dropped 1.3%.
Gold, regarded as a safe haven in periods of market turbulence, rose 2.9% to $5,230, according to FactSet.
Wall Street analyst Adam Crisafulli, head of Vital Knowledge, pointed to concerns about the AI impact on the software sector and other industries as the main reason stocks were slumping in morning trade.
AI — which until recently had propelled the stock market to a succession of record highs — is “increasingly a net negative for the equity market,” he told investors in a research note.
Mr. Trump’s move to immediately hike tariffs after the Supreme Court on Friday struck down his administration’s emergency tariffs also injected fresh uncertainty into financial markets, analysts noted. Mr. Trump initially said he would impose a 10% global tariff, but on Saturday upped that levy to 15%.
“Stocks got a boost Friday from the Supreme Court’s tariff ruling, but it quickly became clear that the decision was simply going to open a new chapter in the trade saga — not end it,” according to Chris Larkin, managing director of trading and investing at E-Trade from Morgan Stanley.
Despite today’s drop, Wall Street’s response was far milder than in April 2025, when stocks nosedived after Mr. Trump announced a sweeping set of reciprocal tariffs and a baseline 10% tariff on U.S. trading partners.
“Tariffs really aren’t driving the Mon[day] price action, but the enormous uncertainty and confusion associated with the SCOTUS decision and Trump’s subsequent actions and threats (including several social media posts) certainly aren’t helping equity sentiment,” Crisafulli said.
The U.S. dollar’s value edged only a bit lower against other currencies on Monday, while bitcoin briefly fell below $65,000 but remained above its low point reached earlier this month. Gold continued to rise thanks to its reputation as something safer to own during uncertain times.
Most of the president’s previous levies hinged on a law called the International Emergency Economic Powers Act, or IEEPA. Mr. Trump is now turning to Section 122 of the Trade Act of 1974 to implement his next round of global tariffs, which are scheduled to take effect starting Feb. 24.
While the new round of tariffs may introduce more uncertainty, they are unlikely to have a meaningful impact on economic activity, Angelo Kourkafas, a senior global investment strategist at financial firm Edward Jones, said in an email note.
“We advise investors not to overreact to headlines…” he said.
BANGKOK (AP) — European shares were higher Friday after a mixed day of trading in Asia, as worries over risks linked to massive investments in artificial intelligence and a potential U.S.-Iran conflict weighed on major benchmarks.
Germany’s DAX rose 0.2% to 25,103.32 and the CAC 40 in Paris was up 0.7% at 8,460.35. Britain’s FTSE 100 picked up 0.4% to 10,672.75.
The future for the S&P 500 was up 0.3% while that for the Dow Jones Industrial Average gained 0.2%.
Tokyo’s Nikkei 225 fell 1.1% to 56,825.70 as shares in major banks and other financial institutions skidded on worries over the potential impact of weakening private credit companies that have lent to companies exposed to the risk that AI will steal away their businesses.
That includes market heavyweights like Mitsubishi UFJ Financial Group, which has a partnership with Blue Owl Capital, one such private-credit company. MUFJ’s shares dropped 2.2% in Tokyo after Blue Owl lost 5.9% on Thursday.
Toyota Motor Corp. fell 3.7% and Sony shed 3.2%.
In Hong Kong, the Hang Seng lost 1.1% to 26,413.35 as the market reopened following Lunar New Year holidays. Markets in mainland China and Taiwan remain closed until next week.
South Korea’s Kospi jumped 2.3% to a new record of 5,808.53, however, led by major defense contractors like Hanwha Aerospace, whose shares soared 6.4%. The company is one of many benefiting from a ramp up in military spending in many countries.
Elsewhere in the region, Australia’s S&P/ASX 200 edged 0.1% lower to 9,081.40.
India’s Sensex added 0.7%, and the SET in Bangkok lost 1.1%.
On Thursday, the S&P 500 slipped 0.3%. The Dow Jones Industrial Average dropped 0.5% and the Nasdaq composite lost 0.3% to 22,682.73.
Booking Holdings dropped 6.1% for one of the market’s sharper losses, even though the company behind the Booking.com, Priceline and OpenTable brands reported a profit for the latest quarter that edged past analysts’ expectations.
It is one of many companies under pressure because of worries that competitors powered by artificial-intelligence technology could upend their industries and take away customers. Booking’s stock has lost roughly a quarter of its value so far this year already.
Walmart, meanwhile, pushed and pulled on the market after jumping to an early gain of 2.7% and then flipping to a loss of 1.4%. The retail giant delivered stronger results for the latest quarter than analysts expected, but it gave a profit forecast for the upcoming year that fell short of estimates.
Some of the bigger gains in the S&P 500 came from stocks of oil companies, which climbed with the price of crude. A barrel of benchmark U.S. crude rose 1.9%, while Brent added 1.9%. Crude prices have climbed to their highest level since early August as both the United States and Iran have signaled they are prepared for war if talks on Tehran’s nuclear program fizzle out.
Early Friday, U.S. benchmark crude shed early gains, falling 20 cents to $66.20 per barrel. Brent, the international standard, shed 17 cents to $71.49 per barrel.
Higher oil prices could lead the Federal Reserve to hold off on cuts to interest rates. Fed officials said at their last meeting that they want to see inflation fall further before they would support cutting rates further this year.
Other U.S. economic reports said that growth for manufacturing in the mid-Atlantic region is accelerating, but potential The U.S. trade deficit also widened in December by more than economists expected.
In other dealings early Friday, the dollar rose to 155.59 Japanese yen from 154.99 yen. The euro slipped to $1.1763 from $1.1775.
The price of gold rose 1% and the price of silver was up 2.7%.
Presidents Day, which falls on Monday, Feb. 16, this year, was established to honor the birthday of the nation’s first president, George Washington. The official name of the holiday is Washington’s Birthday, although it’s now more commonly referred to as Presidents Day.
While most grocery stores and food establishments will remain open, some businesses will be closed and services suspended on Presidents Day, which is one of 12 federal holidays. See what’s open and closed below.
Is Target open on Presidents Day?
Target will be open during regular operating hours, a spokesperson confirmed with CBS News.
Which grocery stores are closed on Presidents Day?
Major grocery stores, including Aldi, Food Lion, Trader Joe’s and Wegmans, will be open on Monday, February 16.
Are fast-food chains open on Presidents Day?
Like grocery store chains, most fast-food establishments will welcome customers on Presidents Day. That includes Burger King, Chick-fil-A, IHOP, Taco Bell and Subway, to name a few.
Restaurant chains advise checking ahead just to be sure, as hours may vary by location.
Will CVS be open?
If you need to pop by a drugstore, CVS Pharmacy locations will be open on Presidents Day, according to a company spokesperson.
Are banks open on Presidents Day?
Most banks are closed on Presidents Day, as it’s one of the major holidays recognized by the Federal Reserve. Customers can still carry out certain transactions using online banking, according to the personal finance website Bankrate.
Is the stock market open on Presidents Day?
The U.S. stock market will be closed, with the New York Stock Exchange listing “Washington’s Birthday” as one of the federal holidays it observes. Trading will resume on Tuesday, Feb. 17.
Is mail delivered on Presidents Day?
The U.S. Postal Service will halt its mail delivery and retail locations on Monday in observance of the federal holiday. Customers can still access certain USPS services and products through its website, usps.com, and certain self-service kiosks, the agency said on its website.
UPS and FedEx will both make deliveries on Presidents Day, although FedEx notes there may be “early on-call pickups and drop box pickups (including drop box closures) in some areas.”
Adjusted operating earnings, which Suncor considers a better gauge of its underlying performance because it filters out the effects of unusual items, were $1.33 billion, or $1.10 per share. That’s a drop from the prior-year quarter, when Suncor had adjusted operating earnings of $1.57 billion, or $1.25 per share.
Operating revenues, net of royalties, were $12.04 billion for the period, down from $12.53 billion. Total upstream production was a record 909,000 barrels per day, up from 875,000 in the same 2024 period.
ATS reports third-quarter profit and revenue up from year ago
ATS Corp. reported third-quarter net income of $30.0 million, up from $6.5 million a year ago as its revenue rose nearly 17%. The maker of automation systems says the profit amounted to 30 cents per diluted share for the quarter ended Dec. 28 compared with a profit of seven cents per diluted share a year earlier.
On an adjusted basis, ATS says it earned 48 cents per share in its latest quarter, up from an adjusted profit of 32 cents per share a year earlier.
Revenue for the quarter totalled $760.7 million, up from $652.0 million.
ATS chief executive Doug Wright says the results reflected solid organic revenue growth across its portfolio, including continued momentum in services.
The company’s order backlog stood at $2.05 billion at the end of its most recent quarter, compared with $2.06 billion a year earlier.
CGI Inc. reported a first-quarter profit of $442.0 million, up from $438.6 million a year earlier, as its revenue rose nearly 8%. The business and technology consulting firm says the profit amounted to $2.03 per diluted share for the quarter ended Dec. 31, up from $1.92 per diluted share a year earlier.
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Revenue for the three-month period totalled $4.08 billion, up from $3.79 billion. On an adjusted basis, CGI says it earned $2.12 per diluted share in its most recent quarter, up from $1.97 per diluted share a year earlier.
Earlier this week, CGI announced a collaboration deal with OpenAI that will see it expand the use of artificial intelligence across its business and help clients adopt it in their operations.
CGI has 94,000 consultants and professionals across the globe that provide business and technology consulting services.
Thomson Reuters raised its dividend by 10% as it reported a fourth-quarter profit of US$332 million, down from US$587 million a year earlier.
The company says it will pay a quarterly dividend of 65.5 US cents per share, up from 59.5 cents US per share. The increased payment came as Thomson Reuters says its fourth-quarter profit amounted to 74 cents US per diluted share for the quarter ended Dec. 31, down from US$1.30 per diluted share a year earlier.
Revenue totalled US$2.01 billion, up from US$1.91 billion in the fourth quarter of 2024. On an adjusted basis, Thomson Reuters says it earned US$1.07 per share in its latest quarter, up from an adjusted profit of US$1.01 per share a year earlier.
The average analyst estimate had been for an adjusted profit of US$1.06 per share, according to data compiled by LSEG Data & Analytics.
BCE reports $594M Q4 profit attributable to shareholders, Crave subscriptions up 26%
BCE Inc. reported a fourth-quarter profit attributable to common shareholders of $594 million as its revenue edged lower compared with a year ago. The company says the profit amounted to 64 cents per share for the quarter, compared with a profit of $461 million or 51 cents per share a year earlier.
The cable and wireless company, which also owns the baseball team, says it earned a profit attributable to shareholders of $743 million or $1.37 per diluted share for the quarter ended Dec. 31. The result was up from a profit of $558 million or $1.02 per diluted share in the last three months of 2024. On an adjusted basis, Rogers says it earned $1.51 per diluted share in its latest quarter, up from an adjusted profit of $1.46 per diluted share a year earlier.
Revenue totalled $6.17 billion, up from $5.48 billion in the same quarter as year earlier. The increase came as media revenue at Rogers, which includes the Jays, rose to $1.24 billion for the quarter, up from $547 million a year earlier. Wireless revenue for the quarter totalled $2.97 billion, compared with $2.98 billion a year earlier, while cable revenue held steady at $1.98 billion.
The Jays took the Los Angeles Dodgers to extra innings of Game 7 before losing the baseball championship.
CPKC profits fall in fourth quarter despite revenue gain from grain, container cargo
CPKC (TSX:CP)
Numbers for its fourth quarter:
Profit: $1.08 billion (down from $1.20 billion a year ago)
Revenue: $3.92 billion (up from $3.87 billion)
Canadian Pacific Kansas City Ltd. says profits fell 10% in its latest quarter, despite an uptick in revenues that capped off a year of solid earnings growth. CPKC says net income declined to $1.08 billion in the quarter ended Dec. 31 from $1.20 billion in the same period a year earlier.
The Calgary-based railway says fourth-quarter revenues rose 1% to $3.92 billion from $3.87 billion the year before amid a 3% boost in grain and container revenue.
It says core adjusted diluted earnings rose 3% to $1.33 per share from $1.29 per share.
For the full year, CPKC says net income jumped 11% to $4.14 billion and revenues climbed almost 4% to $15.08 billion.
For 2026, the company is predicting low double-digit growth in core adjusted diluted earnings per share, volume growth in the mid-single digits and a 15% reduction in capital expenditures to $2.65 billion.
Business and tech consulting firm CGI reports Q1 profit and revenue up from year ago
CGI Inc. (TSX:GIB.A)
Numbers for its first quarter:
Profit: $442 million (up from $438.6 million a year ago)
Revenue: $4.08 billion (up from $3.79 billion)
CGI Inc. reported a first-quarter profit of $442.0 million, up from $438.6 million a year earlier, as its revenue rose nearly 8%. The business and technology consulting firm says the profit amounted to $2.03 per diluted share for the quarter ended Dec. 31, up from $1.92 per diluted share a year earlier.
Revenue for the three-month period totalled $4.08 billion, up from $3.79 billion. On an adjusted basis, CGI says it earned $2.12 per diluted share in its most recent quarter, up from $1.97 per diluted share a year earlier.
Earlier this week, CGI announced a collaboration deal with OpenAI that will see it expand the use of artificial intelligence across its business and help clients adopt it in their operations.
CGI has 94,000 consultants and professionals across the globe that provide business and technology consulting services.
Cascades selling packaging plant to Crown Paper Group in a deal worth $65.5M
Cascades Inc. has agreed to sell a packaging plant to Crown Paper Group, located in Richmond, B.C.
The transaction is valued at $65.5 million, including real estate assets, and is expected to close in the coming days, subject to closing conditions. Cascades says the plant offered limited integration within its operational network due to its geographic position.
Hugues Simon, the Cascades CEO, says in a news release that the move comes amid a commitment from the company to improve its profitability and optimize operations. The transaction comes after Cascades signed a deal to sell a flexible packaging plant to Texas-based Five Star Holding for $31 million.
Cascades makes cardboard packaging, toilet paper, paper towels and other products.
The U.S. stock market plunged on Tuesday after President Trump threatened to impose fresh tariffs on European trading partners over the weekend, one of the latest developments in his bid to acquire the island of Greenland.
The Dow Jones Industrial Average dropped 870 points, or 1.8%, to close at 48,489, while the S&P 500 fell 143 points, or 2.1%, to close at 6,797.
Major tech stocks took a hit, with the Nasdaq Composite sinking 2.4%. Nvidia and Amazon shares dropped 3.6% and 3.7%, respectively.
The rocky day on Wall Street came after President Trump said on Saturday on Truth Social that he would impose a 10% tariff on goods from Denmark, Norway, Sweden, France, Germany, the United Kingdom, the Netherlands and Finland beginning in February. Trump said the tariffs would rise to 25% on June 1 and apply to imports from NATO countries until a deal is reached for the purchase of Greenland.
European markets and markets in Asia also fell on Tuesday.
The European Union accounts for a large share of U.S. imports, with annual shipments from its member nations exceeding those from Mexico and China combined.
Mr. Trump linked his aggressive stance on Greenland to last year’s decision not to award him the Nobel Peace Prize, telling Norway’s prime minister that he no longer felt “an obligation to think purely of Peace,” in a text message released Monday.
Mr. Trump’s message to Jonas Gahr Støre appeared to ratchet up a standoff between Washington and its closest allies over his threats to take over Greenland, a self-governing territory of NATO member Denmark.
Mr. Trump’s threats have sparked outrage and a flurry of diplomatic activity across Europe, as leaders consider possible countermeasures, including retaliatory tariffs and the first-ever use of the European Union’s anti-coercion instrument.
Davos meeting
U.S. Treasury Secretary Scott Bessent, speaking on the sidelines of the World Economic Forum annual meeting in Davos, Switzerland, asserted that America’s relations with Europe remain strong. He urged trading partners to “take a deep breath” and let tensions driven by the tariff threats over Greenland “play out.”
“Geopolitical events will remain in focus today, particularly any talks that may take place in Davos,” said Michael Brown, a senior research strategist at Pepperstone, referring to the World Economic Forum.
Wedbush Securities analyst Dan Ives said the new tariff threat “is clearly an overhang on the conference,” but that it would likely simmer over time.
“Our view is just like over the last year the bark will be worse than the bite on this issue and tariff threats as negotiations take place and tensions ultimately calm down between Trump and EU leaders,” Ives wrote in a note to clients.
This week will bring more U.S. corporate earnings and the latest inflation measurement that’s preferred by the Federal Reserve for making policy decisions.
The U.S. Federal Reserve’s next policy meeting is in two weeks. Interest rate traders currently place a 95% likelihood that the benchmark interest rate unchanged, according to CME Group’s FedWatch tool. The Bank of Japan has a monetary policy board meeting ending later this week.
Silver and gold both rose to records again as investors sought safety amid heightened geopolitical tensions. Gold prices surged 3.7% and silver prices soared 6.9%.
The price of U.S. crude oil rose 1.5% to $60.34 per barrel. The price of Brent crude, the international standard, rose 1.3% to $64.76.
The retailer behind the Garage and Dynamite banners says based on the result it now expects comparable store sales growth for its 2025 financial year to be in a range of 26.5% to 27.0%. The new guidance for the year ended Jan. 31 compared with earlier expectations for between 25.5% and 27.5%.
Groupe Dynamite also raised the lower end of its adjusted earnings before interest, taxes, depreciation and amortization margin for its 2025 financial year. The retailer now expects its adjusted EBITDA margin to come in between 36% and 37% compared with earlier expectations for between 35% and 37%.
Capital spending for the year is expected to be in a range of $80 million to $90 million for the year, down from a range of $85 million to $95 million, mainly reflecting payments timing.
Lululemon says it expects Q4 sales and EPS to be at high end of guidance
Lululemon Athletica Inc. says it expects its net revenue and diluted earnings per share for its fourth quarter to come in at the high end of its guidance for the period. Chief financial officer Meghan Frank says the update is based on the company’s performance over the holiday season.
The retailer had previously guided for revenue in a range of US$3.500 billion to US$3.585 billion and diluted earnings per share between US$4.66 and US$4.76 for the fourth quarter.
The company made no changes to its guidance for gross margin, selling, general and administrative expenses, or the effective tax rate.
The results come as Lululemon CEO Calvin McDonald prepares to step down from his role effective Jan. 31. Founder Chip Wilson, who has been critical of the company, has nominated three director candidates for Lululemon’s board, saying the search for McDonald’s replacement should be led by new, independent directors.
Gold miner Kinross going ahead with three organic growth projects in U.S.
Kinross Gold Corp. says it is going ahead with the construction of three organic growth projects in the U.S. that will cost a total of nearly US$1.4 billion. The company says the initial capital costs of its Round Mountain Phase X project in Nevada are expected to total US$400 million over four years, while the Bald Mountain Redbird 2 project in the state is expected to cost US$490 million over three years. The Kettle River-Curlew project in Washington is expected to cost US$485 million over three years.
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Kinross says the projects are expected to meaningfully extend mine life and will benefit long-term costs within its U.S. portfolio.
Chief executive Paul Rollinson says the new growth projects are expected to contribute three million ounces of life-of-mine production to its portfolio. The company says it intends to fund the projects from operating cash flows.
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Investors may be “having a cake and eating it” in 2026, with Wall Street strategists predicting stock market gains driven by Fed rate cuts, tax incentives, and lower-than-expected inflation.
As Wall Street prepares for this week’s highly anticipated monthly Consumer Price Index report, which is expected to stay unchanged from the prior month at an annual increase of 2.7%, strategists are pointing to cheap oil prices and easing shelter costs as a sign that prices may be cooling.
“Our view is that inflation will surprise to the downside in 2026,” Longview Economics global economist and chief market strategist Chris Watling told Yahoo Finance last week.
It’s not all good news on the economic front. Last month’s employment report, released on Friday, showed the economy added fewer jobs than expected to cap a weak 2025.
But a cooling labor market gives the Federal Reserve reason to cut rates this year, which could push bond yields lower. That’s especially true if President Trump’s pick to replace Fed Chair Jerome Powell when his term ends in May shifts the central bank in a more dovish direction.
Lower yields mean cheaper borrowing costs, which can boost economic activity and keep corporate capital expenditures high.
“You could really get an economy pretty juiced as we go through this year, because you can have the capex, and you can have the sort of consumption starting to improve as housing fixes up and bond yields move lower,” Watling added. “This is what I call having a cake and eating it.”
Wall Street is already spotting “green shoots” as companies take advantage of the depreciation tax benefits from Trump’s One Big Beautiful Bill (OBBB) Act, signed into law in July.
“If you are a CFO of a company, and the OBBB allows you to get 100% depreciation for capex in one year … you will absolutely accelerate as much of your multi-year capex spend into 2026 as possible, or risk getting fired for missing those tax benefits,” Nomura Securities equity derivatives analyst Charlie McElligott wrote in a note last week.
Economic growth happens even as affordability challenges maintain a K-shaped divide, with the bottom half of consumers struggling to cover basic needs. In a nod to affordability ahead of the midterms, Trump recently criticized firms like Blackstone for buying single-family homes as investments, a hot-button issue for voters.
Rents have started to ease after years of relentless growth. That’s one reason Goldman Sachs expects the Personal Consumption Expenditures (PCE) index to trend toward the Fed’s 2% target. The firm also noted that the one-time price bump from last year’s tariffs is fading, which should further ease inflation.
“Healthy economic and revenue growth, continued profit strength among the largest US stocks, and an emerging productivity boost from AI adoption should lift S&P 500 EPS by 12% in 2026 and 10% in 2027,” Goldman’s Ben Snider wrote on Wednesday.
The latest data shows worker productivity in the third quarter grew at its fastest clip in two years, as businesses spent heavily on AI and pulled back on hiring.
That productivity boost is expected to broaden the stock market rally, as the S&P 500 (^GSPC) and Dow Jones Industrial Average (^DJI) touched all-time highs last week. Materials (XLB), Industrials (XLI), Energy (XLE), and Consumer Discretionary (XLY) were some of the leading sectors as investors trimmed tech exposure.
“We’re producing a lot more with less people,” RCM chief economist Joe Brusuelas told Yahoo Finance on Friday, though he believes the full impact of AI is still a couple of years away.
Wall Street strategists predict stock market gains in 2026 driven by Fed rate cuts, tax incentives, and lower-than-expected inflation. (AP Photo/Seth Wenig) ·ASSOCIATED PRESS
Against that backdrop, strategists are watching for sectors and companies positioned to benefit from leaner headcounts and growing AI adoption.
“Pay attention to high human capital businesses — so let’s say finance companies, retail companies, consulting, accounting type businesses,” Clark Capital CIO Sean Clark told Yahoo Finance recently.
“Quality value companies are now starting to experience the benefit of this AI revolution, driving earnings, driving productivity, [and] driving margins higher,” he added.
However, some warn that if the labor market is replaced by AI too quickly, it could pose a sudden threat to the broader economy.
“We term it as the dark side of AI,” Tim Urbanowicz, chief investment strategist at Innovative Capital Management, told Yahoo Finance. Urbanowicz estimates that 15%-20% of the layoffs at the end of last year were related to artificial intelligence.
“If you start to see the jobs market or labor market starting to be replaced by AI in a major way, we think that becomes problematic,” he added.
StockStory aims to help individual investors beat the market.
Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.
Toronto-based Sigma Lithium Corp., which operates lithium mines in Brazil, led the pack, nearly doubling in value over the three months to December 31, 2025. Its performance testified to strong execution—net revenues rose 69% quarter-over-quarter and 36% year-over-year—but also to resumed investor interest in lithium, a key component in rechargeable batteries essential for the energy transition.
Aris Mining of Vancouver came in a distant second, with a 61.9% return, followed by Toronto-headquartered Discovery Silver Corp., at 58.9%. Aris is a miner of gold in Colombia that counts mining tycoons Frank Giustra, Ian Telfer, and Neil Woodyer among its shareholders; it consolidated its stake in the Soto Norte property during the quarter and was added to the S&P/TSX Composite in September.
Compare the best TFSA rates in Canada
Backed by mining investor Eric Sprott, Discovery Silver acquired the Porcupine Complex near Timmins, Ont., from Newmont Corp., in 2025, adding to a roster of promising assets that includes the Cordero project in Mexico. Discovery and Aris were among seven of the top 10 stocks last quarter tied to precious metals, including six miners and the Sprott Physical Silver Trust, an investment vehicle for investors seeking exposure to silver bullion.
By comparison, the cap-weighted, 218-member S&P/TSX Composite, the standard benchmark of Canadian stocks, rose 5.6% over the period; its total return, including dividends, was 6.25%. Though down from the third quarter, these numbers still bested the S&P 500 in the U.S., which returned 2.35% (2.7% total return) in Q4.
Here are Canada’s top 10 best performing mid- to large-cap momentum stocks for Q4 2025:
There was significant overlap between the top performers for the fourth quarter and the 10 best Canadian mid- and large-cap performers (market capitalization of $2 billion or more) for the year. Seven of the top stocks of the past three months turned up in the top 10 for all of 2025. Discovery Silver shot out the lights with a more than 10 times return for the year. The next-best stock to have in your portfolio was tungsten miner Almonty Industries, with an 859% annual return, trailed by Americas Gold and Silver Corp. at 450%. Here again, mining stocks dominated, with the sole exception of Groupe Dynamite.
Here are the top 10 best-performing mid- and large-cap Canadian stocks for 2025:
Though momentum is a demonstrated factor in equities investment, past performance is not an indicator of future returns.
Michael is a financial writer and editor in Duncan, B.C. He’s a former managing editor of Canadian Business and editorial director of Canada Wide Media. He also writes for The Globe and Mail and BCBusiness.
As 2026 begins, some everyday errands may have to wait until after New Year’s Day.
Banks, post offices and major stock exchanges are all closed to observe the federal holiday. However, most major retailers will be open, although it’s best to check ahead as some may be operating with reduced hours.
Which grocery stores and pharmacies are open on New Year’s Day?
Albertsons stores will be open, but with reduced hours.
Best Buy is open 10 a.m. to 8 p.m.
CVS Pharmacy locations will be open on New Year’s Day, although some stores and pharmacies may have reduced hours.
Dollar General will be open during its regular business hours.
Home Depot stores are open 9 a.m. to 8 p.m.
HomeGoods, HomeSense, Marshalls, Sierra Trading Post and T.J. Maxx will be open from 9:30 a.m. to 6 p.m.
IKEA stores are open during regular hours from 10 a.m. to 9 p.m.
Food Lion stores will be open during regular business hours but all pharmacies will be closed.
JCPenney stores will open at 11am on New Year’s Day. Closing times vary by location.
Kohl’s stores will be open from 10 a.m. until 8 p.m.
Macy’s is open during regular business hours.
Most Petco stores will open late at 10 a.m. and close early at 8 p.m., although hours may vary by location.
Safeway locations will be open but may have reduced hours.
Shaw’s stores will be open but at reduced hours.
Stop & Shop will be open during regular business hours on New Year’s Day.
Walgreens is open, although pharmacy hours may vary by location.
Wegmans stores will open at 6 a.m. on New Year’s Day, with the exception of the Brooklyn and Astor Place stores, which will reopen at 7 a.m.
Whole Foods stores will be open from 9 a.m. to 8 p.m.
Which fast food chains and restaurants are open on Jan. 1?
Select Applebee’s restaurants will be open on New Year’s Day.
Burger King
IHOP
Most McDonald’s locations will welcome customers.
Starbucks
Taco Bell will open at 10 a.m. on New Year’s Day
Is Chick-fil-A open on New Year’s Day?
Yes, the company says its locations are open on Jan. 1, but some may have limited hours, so it’s best to check in advance before heading out.
Which retailers are closed on New Year’s Day?
Is UPS open on Jan. 1?
UPS will not offer pickup or delivery services on New Year’s Day, with the exception of UPS Express Critical service.
Are banks open on New Year’s Day?
Major banking institutions will be closed in observance of the federal holiday.
Is the post office open on New Year’s Day?
Post office locations nationwide will be closed and mail will not be delivered on Jan. 1, according to the U.S. Postal Service. Operations will resume Jan. 2.
Is the stock market open on New Year’s Day?
The stock market will be closed on Thursday, Jan. 1. Regular trading will resume Friday, Jan. 2.
As millions of Americans prepare to greet the New Year, they may find themselves in need of a few last-minute party favors, food or decor on New Year’s Eve.
Most stores will be open on New Year’s Eve, although some retailers are planning to close their doors early. Otherwise, it will be business as usual for the stock market, banks and post offices.
Read on to see what’s open today, and which stores have reduced hours on Dec. 31. It’s also a good idea to check with your local retailer for specific hours before heading out the door.
What major retailers are open on New Year’s Eve?
Best Buy is open 10 a.m. to 7 p.m.
Dollar General will be open during its regular business hours.
HomeGoods, Homesense, Marshalls, Sierra Trading Post and TJ Maxx will be open from 9:30 a.m. to 6 p.m.
Home Depot stores will close early at 6 p.m.
IKEA US stores are open from 10 a.m. to 6 p.m.
JCPenney stores will open at 11 a.m. on New Year’s Eve. Closing times vary depending on the location.
Kohl’s stores will be open from 9 a.m. until 7 p.m.
Macy’s is open 10 a.m. to 7 p.m.
Most Petco stores will open at 9 a.m. and close early at 7 p.m., although hours may vary by location.
Is Costco open on New Year’s Eve?
The retailer will be open on New Year’s Eve, but stores may close earlier than usual on Dec. 31. The retailer recommends that shoppers check their local Costco location for their hours.
Are grocery stores open on New Year’s Eve?
Albertsons stores will be open, but with reduced hours.
Food Lion stores will be open during regular business hours. Pharmacies will operate from 9 a.m. to 5:00 p.m.
Safeway locations will be open but may have reduced hours.
Shaw’s stores will be open but at reduced hours.
Stop & Shop locations will close at 9 p.m. on Wednesday.
Trader Joe’s is open until 5 p.m.
Wegmans store will close at 8 p.m. on Dec. 31, 2025.
Whole Foods stores will be open from 8 a.m. to 9 p.m.
Are banks open today on New Year’s Eve?
Banks such as Chase and Wells Fargo will be open today, as New Year’s Eve this year falls on a Wednesday and is not a federal holiday.
Is the stock market open on New Year’s Eve?
The stock market will be open during regular trading hours on Dec. 31, from 9:30 a.m. to 4 p.m.
Is the post office open on New Year’s Eve?
Post office locations will be open and mail will be delivered as usual on New Year’s Eve, according to USPS.
Which restaurants and fast food chains are open?
Make sure to check local hours as they may vary by location.
Select Applebee’s restaurants will be open on New Year’s Eve.
Burger King
IHOP
Most McDonald’s locations will welcome customers.
Starbucks
Taco Bell
Is Chick-fil-A open on New Year’s Eve?
Yes, Chick-fil-A says its locations are open on Dec. 31, although local hours may be limited. It’s best to check your local Chick-fil-A’s hours before heading out.
Are pharmacies open?
CVS Pharmacy locations will be open on New Year’s Eve.
Walgreens is open, although pharmacy hours may vary by location.
Stocks are mostly flat in quiet trading on Friday as investors return from the Christmas holiday. The session falls within the Santa Claus Rally, a historically strong seven-day stretch for stocks that spans the final days of December and early January, though trading volumes are often thin.
The S&P 500 index slipped 8 points, or 0.1%, to 6,923 as of noon EST. The Dow Jones Industrial Average declined 0.2%, while the Nasdaq was down less than 0.1%.
The Santa Claus Rally, which starts on the last five trading days of December and stretches into the first two trading days of January, was first identified by market technician Yale Hirsch in 1972. This year, that means the period began on Dec. 24 and will end on Jan. 5.
“History shows a clear pattern: since 1950, the S&P 500 has averaged a 1.3% return during this period, with positive results occurring 78% of the time,” wrote Adam Turnquist, chief technical strategist at LPL Financial, said in Dec. 23 research note.
He added, “For comparison, the market’s typical seven-day average return is just 0.3%, with a positivity rate of 58%.”
The stock market has already had a strong year, with the S&P 500 climbing nearly 18% since the start of 2025. Wall Street has been buoyed by deregulatory policies from the Trump administration, as well as optimism about artificial intelligence’s potential to boost corporate profits.
Gold and silver prices
Gold and silver prices continued to climb, with silver rising more than 4.5% to $74.88 an ounce. Gold was up 1.1%.
Both precious metals have risen this year as investors have looked for safe havens outside of stocks and bonds, and silver has also risen sharply due supply constraints. Miners like Freeport-McMoRan were among the biggest gainers Friday.
Earlier surges in gold prices partly reflected worries during the U.S. government shutdown. Expectations that the U.S. Federal Reserve will cut interest rates further in the new year, weakening the dollar against other currencies, have also fueled buying of gold.
Shares of Target rose 2% after The Financial Times reported that an activist investor is taking a stake in the retail giant.
U.S. crude oil fell more than 1% and Brent crude also fell 1%.
Markets in Hong Kong, Australia, New Zealand and Indonesia were closed. Most European markets remained closed Friday.
Analysts’ bottom-up targets imply about 15 percent upside for the S&P 500 over the next year, according to FactSet, which analyzed industry price targets for each individual stock in the index to estimate where the whole market could land.
As usual, winners and losers emerge in the forecast.
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The 10 companies with the largest gap between their median analyst target price and current share price imply that a small group will do much of the heavy lifting the coming 12 months, as FactSet data illustrated in the table below shows.
Notably, Oracle — which has emerged as a heat check for the AI trade in recent quarters — sits near the top of the index alongside names including Netflix and Coinbase.
Based on this analysis, the group as a whole is seen crushing the broader market.
To be clear, large upside estimates don’t necessarily signal high conviction. Rather they reflect how slowly expectations adjust relative to stock prices.
The same is true for wide gaps in bearish estimates. Goldman Sachs and Southwest Airlines are among the stocks trading above their median analyst targets for 2026.
Still, history suggests that investors should treat both sides with caution.
Over the past two decades, Wall Street has overestimated the S&P 500’s year-ahead closing level by about 6 percent on average, per FactSet.
The two tables above aren’t clean bets on winners and losers for the year ahead.
Think of them instead as a snapshot of where expectations are most stretched and which names could see the greatest execution risk if fundamentals lag.
Go inside one interesting founder-led company each day to find out how its strategy works, and what risk factors it faces. Sign up for 1 Smart Business Story from Inc. on Beehiiv.
As millions of Americans prepare to celebrate Christmas, many people will participate in another grand holiday tradition — dashing out for last-minute groceries or holiday gifts. Retailers and other businesses often adjust their hours on Christmas Eve, so it’s best to plan ahead and check local store schedules before heading out.
Read on to find out which grocery stores, restaurants and big-box retailers are open on Christmas Eve, and if they have special hours.
Which grocery store chains are open on Christmas Eve?
Food Lion stores are open until 7 p.m. local time; pharmacies will also be open from 9 a.m. to 3 p.m. on Christmas Eve.
Stop & Shop stores are open until 6 p.m. on Christmas Eve
Trader Joe’s is open, but will close at 5 p.m. on Christmas Eve
Wegmans will close at 6 p.m. on Christmas Eve
Whole Foods stores open at their regular time and close at 7 p.m.
Which drugstore chains are open on Christmas Eve?
CVS Pharmacy is open on Christmas Eve, although some stores and pharmacies may have reduced hours
Walgreens is open; pharmacy hours may vary based on location
Which fast-food chains and restaurants are open on Christmas Eve?
Looking for a place to grab a bite amid the holiday rush? You’re in luck, as many fast-food chains will remain open on Christmas Eve. Still, it’s wise to check your local outlet’s hours as they may vary by location.
Select Applebee’s locations will be open
Burger King
Domino’s stores are not required to be open on Christmas Eve, according to a spokesperson. Customers should check the pizza chain’s website for local hours of operation
Dunkin’
IHOP
McDonald’s
Taco Bell
Starbucks
Does mail run on Christmas Eve?
Local U.S. post office locations will be open on Christmas Eve, and mail will be delivered except for Priority Mail Express, according to the USPS. The postal service will also pick up mail placed in blue collection boxes on December 24 if you’re unable to make it to the post office.
UPS will deliver packages on Christmas Eve. However, pickup service looks a little different that day. See UPS’ holiday schedule for details.
Where can I buy presents on Christmas Eve?
Many retailers are extending their hours on Christmas Eve so people can squeeze in last-minute gift shopping. However, a few will close early, so make sure to plan ahead.
Best Buy’s Christmas Eve hours are 8 a.m. to 7 p.m local time
Costco is open on Christmas Eve
Most Dollar General stores will be open until 10 p.m.
Home Depot will close early at 5 p.m.
HomeGoods, Marshalls, Sierra and T.J. Maxx will all operate on special hours, from 7 a.m. to 6 p.m.
IKEA will close early on Christmas Eve, with store hours varying based on location
JCPenney stores will open early on Christmas Eve at 9 a.m. Closing times vary by location
Kohl’s stores will operate from 7 a.m. to 7 p.m.
Macy’s locations are open 8 a.m. to 7 p.m.
Michaels is open 7 a.m. to 6 p.m. on Christmas Eve
Petco hours vary by location, with most opening at the regular time of 9 a.m. and closing early at 7 p.m.
Target stores will be open from 7 a.m. until 8 p.m. on Christmas Eve
Walmart will be open 6 a.m. to 6 p.m.
Is the stock market open on Christmas Eve?
Yes, the stock market is open on Christmas Eve, although it will close early at 1 p.m EDT. Trading typically goes to 4 p.m.
That approach, however, comes with trade-offs. Higher fees are a real issue, as many alternative strategies rely on active management. Complexity is another. Finding ETFs that genuinely diversify returns rather than just repackage familiar risks is not easy. And even when you get the construction right, one major gap remains. The portfolio is not designed to protect against a true market crash. When I say crash, I mean sudden, deep, double-digit drawdowns like those seen during the 2008 financial crisis or the sudden collapse in March 2020 at the onset of the COVID-19 pandemic.
Source: Testfolio.io
In the sections that follow, I will walk through two ETF approaches that retail investors have access to, highlighting Canadian-listed options where available. It is worth noting up front that the Canadian market is far more limited than the U.S. in this area, but you still have a few options.
And while these strategies can offer protection in specific scenarios, there is no free lunch. As you will see, the costs, complexity, and implementation challenges often make crash-hedging ETFs difficult to use effectively, even for experienced investors.
Option 1: Inverse ETFs
Inverse ETFs are designed to be short-term trading tools that aim to deliver the opposite return of a benchmark over a single trading day. Most track broad market indexes, though some focus on specific sectors or even individual stocks. The key point is that their objective resets daily. They are not built to provide long-term protection.
A well-known U.S. example is the ProShares Short S&P 500 ETF(NYSEArca:SH). On any given trading day, SH targets a return equal to negative one times the daily price return of the S&P 500. If the index rises 1%, SH should fall about 1%. If the index drops 1%, SH should rise about 1%. In practice, it does a reasonable job of delivering that daily inverse exposure.
For investors seeking stronger downside protection, leveraged inverse ETFs are also available. These apply leverage to magnify the inverse relationship. An example is Direxion Daily S&P 500 Bear 3X Shares (NYSEArca:SPXS), which targets negative three times the daily return of the S&P 500. If the index falls 1% in a day, SPXS aims to rise roughly 3%. If the index rises 1%, SPXS should fall about 3%.
Canadian investors have access to similar products now. Instead of using U.S.-listed ETFs, investors can look at options such as the BetaPro -3x S&P 500 Daily Leveraged Bear Alternative ETF (TSX:SSPX).
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During sharp selloffs, these ETFs can do exactly what they are designed to do. During the March 2020 COVID-related market panic, as the S&P 500 plunged, inverse ETFs like SH and leveraged versions such as SPXS rose sharply, with the leveraged funds moving by a much larger magnitude.
Source: Testfolio.io
As the chart above shows, the problem with these ETFs turns up once the panic passes. As markets recovered after March 2020, both unleveraged and leveraged inverse ETFs began to fall steadily. This highlights the core limitation of these products: you cannot buy and hold inverse ETFs if you accept that, over time, equity markets tend to rise. A permanent short position against the broad U.S. stock market is structurally a losing bet, which is why issuers are careful to emphasize that these products are intended for day trading only.
That creates another challenge. Using inverse ETFs effectively requires anticipating the crash and positioning just before it happens, then exiting before the recovery begins. That is market timing, and it’s not only an active strategy; it requires being right twice. Even professional investors struggle with this consistently, and retail investors tend to fare worse.
The long-term outcomes reflect those headwinds. Over a roughly 17.1-year period from November 5, 2008, to December 18, 2025, a buy-and-hold investment in inverse ETFs like SH and SPXS would have effectively gone to zero after many reverse splits.
Source: Testfolio.io
That outcome is driven by several factors. First, the underlying benchmark generally trends upward over long periods. Second, inverse ETFs carry relatively high fees, with expense ratios of 0.89% for SH and 1.02% for SPXS. Third, daily compounding works against investors in volatile markets. When prices swing up and down, the daily reset causes losses to compound faster than gains, creating volatility drag.
In short, inverse ETFs can provide short-term protection during sudden market declines, but using them as crash insurance requires precise timing. That makes them difficult to implement effectively and risky to hold for longer than a few days.
Canopy Growth chief executive Luc Mongeau says MTL’s cultivation expertise, combined with his company’s scale, positions it to improve product quality, expand supply and accelerate its path to profitable growth.
Under the terms of the agreement, MTL shareholders will receive 0.32 of a common share of Canopy Growth and 14.4 cents in cash for each MTL share they hold. Canopy shares closed at $2.40 on the Toronto Stock Exchange on Friday.
The deal requires regulatory and MTL shareholder approval. Closing of the transaction is expected to occur before the end of February.
BlackBerry reports Q3 profit of US$13.7M, up from a loss a year ago
BlackBerry (TSX:BB)
Numbers for its third quarter of 2025:
Profit: $13.7 million (up from loss of $10.5 million a year ago)
Revenue: $141.8 million (down from $143.6 million)
BlackBerry Ltd. reported a third-quarter profit of US$13.7 million, up from a loss of US$10.5 million during the same period a year earlier. The Waterloo-based software company, which keeps its books in U.S. dollars, said Thursday that its earnings per share came in at two cents US, flat compared with the prior year quarter.
BlackBerry says its revenue reached US$141.8 million for the period ended Nov. 30, down from US$143.6 million during the third quarter last year.
John Giamatteo, BlackBerry CEO, says in a press release that the company’s QNX segment reached an all-time high for revenue. QNX segment revenue came in at US$68.7 million, rising 10 per cent from US$62.3 million a year earlier.
Giamatteo says the company’s higher-than-expected overall revenue, coupled with ongoing cost discipline efforts, helped it achieve its strongest profitability in nearly four years during the quarter.
Transat A.T. reports $12.5M Q4 loss compared with $41.2M profit a year ago
Transat A.T. (TSX:TRZ)
Numbers for its fourth quarter of 2025:
Loss: $12.5 million (down from profit of $41.2 million a year ago)
Revenue: $771.6 million (down from $788.8 million)
Travel company Transat A.T. Inc. reported a loss of $12.5 million in its latest quarter compared with a profit of $41.2 million in the same quarter last year. The company says the loss amounted to 52 cents per diluted share for the quarter ended Oct. 31 compared with a profit of $1.05 per diluted share a year earlier.
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Revenue in what was Transat’s fourth quarter totalled $771.6 million, down from $788.8 million a year ago when it benefited from compensation related to Pratt & Whitney GTF engine issues. Excluding the impact of this lower compensation, Transat says revenue increased by 1.5 per cent compared with a year ago.
On an adjusted basis, Transat says it lost 42 cents per share in its latest quarter compared with an adjusted profit of 81 cents per share in the same quarter last year.
Last week, Transat narrowly avoided a costly work stoppage when it reached a new tentative contract with its pilots.
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The U.S. stock market scaled new heights in 2025, as investors largely tuned out concerns about the Trump administration’s sharply higher tariffs and shrugged off fears of a financial market bubble among artificial intelligence companies.
The S&P 500 stock index is up roughly 15% this year through Dec. 17— a strong performance, although lower than the heady 23% jump posted by the broad-based index in 2024. The S&P 500 has climbed an average of 13% per year over the last decade, according to Mark Luschini, chief investment strategist at wealth management firm Janney Montgomery Scott.
The Nasdaq Composite, which includes tech heavy-hitters such as Alphabet, Microsoft and Nvidia, has climbed more than 18% this year, while the blue-chip Dow Jones Industrial Average is up more than 13%.
The key question: Will such investor exuberance spill over into 2026, especially as concerns about an AI bubble percolate?
“I think conditions remain relatively fertile for stock prices to do OK overall,” Luschini told CBS News. “The big risk is that the whole AI narrative starts to lose a little of its viscosity.”
Other forecasters are also expecting a strong stock market performance in 2026. David Lefkowitz, head of U.S. equities at UBS Global Wealth Management, expects the S&P 500, which closed Monday trading at 6,816 points, to reach 7,300 points by June of next year and 7,700 by the end of 2026. That would represent a roughly 15% gain over the next year.
J.P. Morgan said in a November research report that it expects the S&P 500 to rise 13% to 15% next year, boosted by robust corporate earnings growth, and to carry that strength into 2027.
What will drive stocks in 2026?
Several catalysts are expected to drive the stock market in 2026. Among them is another year of strong corporate earnings, particularly in tech, analysts say. BofA Global Research expects overall earnings to grow in the mid-double digits next year.
“Multiple expansion and earnings growth both pushed the S&P 500 up 15% this year,” the securities firm said in a market forecast. “In 2026, earnings will do the lift.”
The AI boom should also help fuel the stock market, with a wave of capital investments likely to drive up tech stocks, analysts note. AI capital expenditures from major tech companies including Alphabet, Amazon, Meta, Microsoft and Oracle are expected to approach $520 billion in 2026, Jeff Buchbinder, chief equity strategist for LPL Financial, said in a research note.
Another area expected to benefit from the AI boom is the industrials sector, which is supplying the equipment necessary for data centers.
Growth, however, won’t be limited to tech or AI-adjacent sectors. Indeed, Bret Kenwell, a U.S. investment and options analyst at eToro, said a broadening of the bull market could be in the cards, with all 11 sectors in the S&P 500 expected to rise next year.
“If it happens, it’ll have been five years since we’ve seen it,” he said.
Adam Crisafulli, head of Vital Knowledge, and Luschini both expect a good year for financial services stocks. Banks have traded very well this year amid an easier regulatory backdrop and a jump in mergers and acquisitions.
Another tailwind for the stock market could be softer monetary policy and a more dovish Federal Reserve, Kenwell said, with President Trump soon expected to nominate a new central bank chief before Jerome Powell’s term ends in May.
“It’s kind of a when, not if, rate-cut situation with the Fed,” Kenwell said.
Still, analysts and major banks expect a slowdown in the pace of interest rate cuts. In a November report, J.P. Morgan forecasts one more interest rate cut in January before an extended pause and said that if the central bank further eases monetary policy, the S&P 500 could surpass 8,000 points in 2026.
Is my money safe?
The biggest shadow looming over the stock market next year is what will happen with artificial intelligence.
AI and tech stocks have been the propelling force behind equity gains this year, with earnings growth from the “Magnificent Seven” far outpacing other companies in the S&P 500. That strength has been accompanied by a boom in capital expenditures, as investors rush to invest in data center construction and other technology infrastructure to meet rising demand for AI.
“Robust demand for cloud services and data center capacity shows no signs of slowing,” Janus Henderson portfolio manager Jeremiah Buckley said in his company’s 2026 outlook on capital investment.
Amid all the hype, some investors are concerned about whether AI’s ascendance could start to falter next year, leading to a market correction or the bursting of what some consider to be an AI bubble.
In its 2026 outlook, Vanguard said it expects U.S. technology stocks to maintain momentum given the rate of investment and anticipated earnings growth. At the same time, the investment management company noted that “risks are growing” amid all of the AI optimism.
Crisafulli said tech gains have historically moved in unison, but that started to splinter in November, when Alphabet shares surged 14% following the release of Google Gemini 3, while the rest of the Nasdaq slumped. The continued fracturing of the AI narrative is one of the headwinds he expects investors will have to face in 2026.
“It’s not so much the bubbles bursting,” he said. “It’s more just people looking at it in a more nuanced way.”
Still, as usual investors should expect some turbulence. Minor pullbacks or flat trading periods are possible, especially after several months of consecutive growth in the S&P 500, according to Kenwell.
“When we look at 2025, it was a good reminder that volatility is in play, and that’s something that certainly can be back in the cards in 2026,” he said.
There are 22 trading days left in the year and the setup for stocks looks promising.
The S&P 500 is up more than 16 percent in 2025, and it’s not impossible to think it could secure its third consecutive 20 percent annual return before the calendar changes.
That’s only happened once before, during the 1990s bull market that preceded the bursting of the internet bubble.
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The tailwinds seem to be in place. Not only are the holidays historically favorable for investors, but Corporate America just concluded one of its best earnings seasons in years, the Fed is likely to cut interest rates in December and all signs point to a sustained AI trade in 2026.
Meanwhile, markets could draw further stimulus from the One Big Beautiful Big that kicks in after January.
And even though a 16 percent return year-to-date is not an anomaly in recent decades, it’s worth remembering that the S&P 500 fell roughly 20 percent in April.
That means the benchmark index has actually climbed 36 percent from lows, which would put it in even more rare territory against history.
During the last week of December, the market will enter its final bullish sprint of the year in what’s become known as the Santa Rally:
S&P 500 has a 79 percent win rate in the period since 1950
S&P 500 gains an average of 1.3 percent
Nasdaq gains an average of 1.8 percent
Of course, past performance doesn’t guarantee future results.
That said, there is wisdom in paying attention to seven decades of market seasonality.
A judge in Mali ordered in June that Barrick’s Loulo-Gounkoto gold complex be placed under provisional administration for six months.
Under the deal announced Monday, Barrick says all charges brought against the company, its affiliates, and employees will be dropped and steps for the release of the four detained Barrick employees will be undertaken. It also says that the provisional administration of the Loulo-Gounkoto complex will be terminated and operational control will be handed back to the company.
Barrick says its subsidiaries will withdraw the arbitration claims pending before the International Centre for Settlement of Investment Disputes.
Alimentation Couche-Tard earns US$740.6M in Q2, rising from the previous year
Alimentation Couche-Tard Inc. (TSX:CTD)
Numbers for its second quarter:
Profit: $740.6 million (up from $708.8 million a year ago)
Sales: $17.9 billion (up from $17.4 billion)
Alimentation Couche-Tard Inc. says its net earnings attributable to shareholders came in at US$740.6 million during the second quarter, compared with US$708.8 million for the same period a year earlier. This amounted to 79 cents US per share in net earnings attributable to shareholders, rising from 75 cents US during the prior year quarter.
The Laval, Que.-based company, which keeps its books in U.S. dollars, says its revenue amounted to US$17.9 billion during the period ended Oct. 12, up 2.6% year-over-year from US$17.4 billion.
Total merchandise and service revenues came in at US$4.7 billion during the second quarter, rising 6.6% from the same period a year earlier.
Couche-Tard CEO Alex Miller says the company reported same-store sales growth across all of its geographies for the second straight quarter.
Filipe Da Silva, Couche-Tard’s chief financial officer, says in a press release that the company bought back nearly US$900 million of its shares during the quarter.
Blue Ant Media Group signs deal to buy Thunderbird Entertainment for $89 million
Blue Ant Media Corp. has signed a stock-and-cash agreement worth $89 million to buy Thunderbird Entertainment Group Inc. Blue Ant chief executive Michael MacMillan says the acquisition of Thunderbird is expected to add scale and complementary capabilities that strengthen Blue Ant’s studio business and enhance its earnings and cash flow.
Vancouver-based Thunderbird’s production businesses include Atomic Cartoons and Great Pacific Media.
Under the deal, Thunderbird shareholders will have the option to receive 0.2165 of a Blue Ant subordinate voting share, $1.77 in cash or a combination both for each Thunderbird share they hold. The maximum amount of cash available under the offer is limited to $40 million.
The deal, which requires shareholder approval, is also subject to customary closing conditions including court and regulatory approvals. The transaction is expected to close in the first quarter of 2026.
Brookfield and GIC make offer for Australia’s National Storage REIT
Canada’s Brookfield and Singaporean sovereign wealth fund GIC have made a takeover offer for National Storage REIT, an Australian self-storage company, valued at about A$4 billion or the equivalent of roughly C$3.7 billion.
National Storage confirmed it has received an unsolicited, non-binding, indicative and conditional proposal. The company has about 94,500 residential and commercial customers at more than 270 storage centres across Australia and New Zealand.
Under terms of the offer, National Storage securityholders would receive A$2.86 cash per stapled security.
The offer is being made on the basis that a dividend or distribution of six Australian cents may be paid, in which case, the cash payable per stapled security will be reduced by the same amount.
The Fear and Greed Index is leaning far into the “Extreme Fear” measure. However, if you know anything about such measures of investor angst, you may ask, “Which Fear and Greed Index?”
Yahoo Finance Markets and Data Editor Jared Blikre and “Asking for a Trend” host Josh Lipton provided an overview of market trends, including the VIX, on late Thursday.
“The VIX has been trending higher,” Blikre said. “The VIX also historically tends to spike in October and November. So the worst might not be behind us.”
However, market volatility is not necessarily the same as “fear and greed.” For that, you might look at the CNN Fear and Greed Index, which is showing “Extreme Fear” as of Nov. 21.
CNN’s Fear and Greed Index measures:
Market momentum: By tracking 125-trading-day averages of the S&P 500 index.
Stock price strength: This is the number of net new highs or lows on the New York Stock Exchange.
Stock price breadth: This is a measure of stocks on the NYSE that are rising compared to those that are falling.
Put and call option: Puts are options to sell; calls are options to buy. If the ratio of puts to calls is rising, it’s a signal of bearish investors.
Market volatility: Using the VIX, if volatility rises, it’s a sign of fear.
Safe haven demand: This is a measure of when Treasury bond returns are higher than stocks over 20 trading days.
Junk bond demand: When investors turn to high-yield bonds over government bonds, it’s a sign of greed.
While financial advisors may recommend only a sweetener of cryptocurrency to a risk-adjusted portfolio, this is the Fear and Greed Index that gets the most swing for the money. Cryptocurrency has a boom-or-bust mentality that changes frequently.
CoinMarketCap measures crypto market sentiment with its Crypto Fear and Greed Index, which, coincidentally or not, is also in the “Extreme Fear” mode.
CoinMarketCap says it calculates the index using five factors:
Price momentum: This measures price performance of the top 10 cryptocurrencies by market capitalization (excluding stablecoins).
Volatility: The index measures expected volatility over the next 30 days in the trading of bitcoin and ethereum.
Derivatives market: Like CNN’s stock fear index, CMC considers the put/call ratio — but instead of stocks, it’s looking at the bitcoin and ethereum options markets.
Market composition: Measures the relative value of bitcoin and that of major stablecoins.
CMC proprietary data: Includes keyword searches, user engagement metrics, retail interest, and emerging trends.
Finally, there’s the gold Fear and Greed Index. Stock market pessimists have long advocated stashing a pile of gold bars in the basement.
JM Bullion sells precious metals and hosts a Fear and Greed Index for Gold, which is now solidly planted in the “Greed” quintile.
The price of gold has jumped recently, as the equity and crypto markets have stalled.
JM Bullion states that its fear index considers physical gold price premiums, gold spot price volatility, social media sentiment, retail activity, and Google Trends for gold search terms.
Of course, the answer is that neither fear nor greed should play a part in investment decisions. While it may be entertaining to know if the world thinks it is on fire or merely burning, your life after work needs to be financed.
Lisa Shalett, wealth management chief investment officer for Morgan Stanley, recommends investors maintain a focus on strategic asset class diversification.
“Real assets, municipal bonds, intermediate-term U.S. treasuries, real estate, and select private infrastructure are our favorite opportunities to add,” Shalett said in a Morgan Stanley video insight in October.
“Bull markets are meant to be ridden and not timed, and our foundational advice is to be fully invested according to your strategic asset allocation,” she added.
