Note: None of the material or content contained herein constitutes investment advice. It is solely for educational and informational purposes. Past performance is not an indicator of future performance. Sources: Fiscal.ai, Google Finance, 2 May 2026.

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North American markets showed positive performance this week.

The Nasdaq 100 rose 1.5% and the S&P 500 gained 0.8%, fueled by strong earnings from tech giants like Alphabet and Amazon, which offset concerns over rising capital expenditure and inflation.

The Dow Jones Industrial climbed 0.7%, led by blue-chip gainers like Merck and Apple. The Russell 2000 rose 0.9% as investors weighed small-cap growth potential against hawkish Federal Reserve signals.

In Canada, the S&P/TSX Composite saw a modest 0.2% increase. The Canadian market benefited from its heavy exposure to the energy sector, which was bolstered by rising crude oil prices due to geopolitical tensions in the Middle East. However, overall gains were tempered by broader economic uncertainty and stalling peace talks, which put downward pressure on equities despite the strength in energy and financial stocks.

MOVERS AND SHAKERS

RISERS

• NXP Semiconductors is a semiconductor manufacturer that rose 24.64% after reporting a Q1 earnings beat and raising guidance due to AI and automotive demand.

• Centene Corporation is a managed healthcare company that rose 22.62% following a strong Q1 earnings report, raised profit forecasts, and improved Medicaid margin outlooks.

• Seagate Technology is a data storage provider that rose 22.00% as AI-driven data center demand led to a significant quarterly earnings and revenue beat.

FALLERS

• Builders FirstSource is a building materials supplier that fell 15.75% after reporting weak earnings and a 10% decline in net sales in Q1 2026.

• Pentair is a water technology company that dropped 14.27% after cutting its full-year revenue forecast due to weakness in the U.S. residential markets.

• Teradyne manufactures semiconductor test products and fell 14.07% after providing weak guidance and noting uncertainties regarding international trade policies and tariffs.

SECTORS

Energy led gains with a 3.66% weekly rise as Middle East tensions and risks to the Strait of Hormuz kept oil prices elevated. Consumer Staples climbed 2.22% as investors favored defensive stability amid geopolitical uncertainty. Real Estate rose 1.91%, benefiting from a stabilizing base despite broader rate concerns. Technology gained 0.81%, supported by robust AI infrastructure demand and strong corporate earnings. Conversely, Materials fell 0.83%, weighed down by inflationary pressures and input cost concerns. Financials saw a modest 0.21% increase as the sector navigated a divided Federal Reserve and shifting interest rate expectations.

Note: None of the material or content contained herein constitutes investment advice. It is solely for educational and informational purposes. Past performance is not an indicator of future performance. Sources: Fiscal.ai, Google Finance, 2 May 2026.

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European markets showed mixed performance this past week.

The DAX 40 rose 0.87%, bolstered by its high concentration of industrial and export-oriented firms benefiting from global trade. Spain's IBEX 35 gained 0.50% as its heavy weighting in the banking and energy sectors provided a hedge against broader volatility; notably, the Spanish energy sector surged 7.2% recently.

The Euro Stoxx 50 saw a modest 0.36% increase, reflecting balanced sentiment across blue-chip eurozone leaders.

Conversely, the CAC 40 fell 0.33%. Despite strong earnings from luxury giants like Hermès, the French index was pressured by rising inflation concerns and geopolitical tensions in the Middle East, which historically impact its highly international constituents.

Investors remain focused on central bank policy as both the ECB and BoE recently held rates steady amid energy shock warnings.

MOVERS AND SHAKERS

RISERS

• Adidas is a sportswear giant that rose 6.97% after reporting stronger than expected first-quarter operating profit and robust double-digit revenue growth.

• Infineon Technologies is a semiconductor manufacturer that gained 6.59% following robust quarterly results and increased optimism within the broader chip sector.

• Deutsche Post is a global logistics group that climbed 5.84% after crushing analyst earnings expectations and demonstrating improved operational efficiency.

FALLERS

• Munich Re is a global reinsurance company that fell 5.55% after reporting worse-than-expected quarterly profits caused by significant claims from natural disasters like hurricanes.

• LVMH Moët Hennessy Louis Vuitton is a luxury goods conglomerate that dropped 3.43% due to slowing global demand and geopolitical instability impacting Middle Eastern sales.

• Inditex is a major fashion retailer that fell 2.95% as part of a broader market downturn affecting consumer discretionary stocks amidst global economic uncertainty.

SECTORS

The week saw significant sector divergence driven by geopolitical and economic pressures. The energy sector rose 2.46% as supply fears intensified due to the closing of the Strait of Hormuz. Telecommunications led gains at 3.59% following reports of potential industry consolidation. Conversely, retail plummeted 2.66% and consumer products fell 2.19% as inflationary concerns and high interest rates dampened spending. Technology rose 0.85% supported by resilient corporate earnings, while health care slipped 0.51% as investors shifted toward cyclical assets. Overall, market sentiment remains cautious amid ongoing Middle East conflict and mixed corporate reporting.

Note: None of the material or content contained herein constitutes investment advice. It is solely for educational and informational purposes. Past performance is not an indicator of future performance. Sources: Fiscal.ai, Google Finance, 25 Apr 2026.

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THE RUNDOWN

European markets faced significant headwinds this week, primarily driven by escalating geopolitical tensions in the Middle East and a blockade of the Strait of Hormuz.

The IBEX Spain led the decline, falling 3.12% as soaring oil prices and regional instability pressured its energy-sensitive and financial-heavy composition. France’s CAC 40 dropped 2.08%, weighed down by heavy losses in the healthcare and industrial sectors despite resilient luxury performance.

The DAX 40 lost 1.18%, marking five consecutive sessions of declines as aerospace and defense stocks like Rheinmetall slipped, although gains in technology leaders like SAP provided some cushion. Similarly, the Euro Stoxx 50 fell 1.66%, reflecting broader Eurozone caution and the impact of rising yields on blue-chip valuations. Investors remained in a holding pattern as high energy costs and uncertainty regarding Iran-US peace negotiations continue to overshadow corporate earnings.

MOVERS AND SHAKERS

RISERS

• Infineon Technologies provides semiconductor solutions and rose 12.81% this week, it’s second week as the highest riser in Europe due to general market optimism and strong demand for AI and automotive power technologies.

• Siemens Energy offers energy technology across the value chain and climbed 11.12% following a record order backlog and strong quarterly revenue growth.

• L’Oréal is a global beauty and cosmetics leader that gained 7.55% as positive financial performance and market leadership in the beauty sector boosted sentiment.”ond week in a row, up 13.91% following strong global demand for automotive and power electronics chips.

FALLERS

• Safran is an aerospace and defense group that fell 10.89% as supply chain bottlenecks and a slowing aviation sector weighed on its long-term outlook.

• Rheinmetall is a major defense contractor that dropped 10.61% following reports of potential peace negotiations between Ukraine and Russia, cooling sector-wide demand expectations.

• EssilorLuxottica is a global eyewear manufacturer that slipped 10.07% due to lingering investor doubts regarding its demanding growth targets and performance in smart glasses.

SECTORS

The Energy sector surged 4.04% as escalating Middle East tensions drove crude oil prices higher. Utilities and Technology also gained 1.18% and 1.12% respectively, supported by infrastructure demand and AI-driven growth. Conversely, Health Care fell 4.17% and Financials dropped 3.86%. Retail and industrials declined 3.45% and 2.96% as persistent inflation fears and higher fuel costs impacted Consumer Discretionary spending and manufacturing margins. Mixed economic reports on retail sales and manufacturing contributed to broader volatility across these sensitive sectors.

Note: None of the material or content contained herein constitutes investment advice. It is solely for educational and informational purposes. Past performance is not an indicator of future performance. Sources: Fiscal.ai, Google Finance, 25 Apr 2026.

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U.S. markets reached record highs this week, driven by significant gains in the technology sector and renewed optimism for U.S.-Iran peace negotiations. The Nasdaq 100 outperformed other indices with a 2.7% increase, propelled by strong performances from semiconductor giants like Intel and AMD.

The S&P 500 rose 0.8% as it benefited from its heavy weight in information technology, which remains a primary driver of market growth. Conversely, the Dow Jones Industrial Average fell 0.4%, as its price-weighted structure was more sensitive to fluctuations in established blue-chip components.

The Russell 2000 also saw a slight decline of 0.2%, reflecting more cautious sentiment toward small-cap stocks. In Canada, the S&P/TSX Composite dropped 1.3% as ongoing tensions between the U.S. and Iran weighed on investor sentiment, despite its significant exposure to the energy sector which saw some price support.

MOVERS & SHAKERS

RISERS

• Advanced Micro Devices is a semiconductor company that rose 26.50% following broader chip sector gains and increased confidence in CPU demand for AI inference.

• Intel is a semiconductor manufacturer that climbed 25.68% after reporting better than expected first quarter earnings and raising its revenue guidance due to AI demand.

• United Rentals is an equipment rental firm that gained 19.96% after posting record first quarter revenue and increasing its full year financial outlook.

FALLERS

• Charter Communications provides cable and broadband services and fell 26.38% after missing Q1 earnings expectations and reporting a decline in internet subscribers.

• Tractor Supply is a rural lifestyle retailer that dropped 18.05% following a Q1 earnings miss and weak same-store sales growth.

• Lululemon Athletica designs athletic apparel and fell 13.79% after naming a new CEO and facing concerns over slowing North American sales and margin pressure.

  SECTORS

U.S. sectors saw mixed performance this week. Technology led gains at 3.66% as high confidence in AI demand and stellar earnings from companies like Intel boosted the chip sector. Energy rose 3.27% as geopolitical tension in the Middle East drove oil prices higher. Conversely, Communication Services fell 2.70% due to concerns over high AI capital expenditures. Financials dropped 2.30% as investors rotated toward value and defensive areas. Consumer Staples gained 1.02% and Utilities rose 0.94% as investors sought stability amid market volatility and economic uncertainty.

Note: None of the material or content contained herein constitutes investment advice. It is solely for educational and informational purposes. Past performance is not an indicator of future performance. Sources: Fiscal.ai, Google Finance, 18 Apr 2026.

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The European equity markets closed the week with strong gains, primarily driven by the reopening of the Strait of Hormuz, which eased energy supply concerns and stagflation fears.

The DAX 40 led the region with a 4.04% weekly rise, bolstered by Germany’s export-oriented economy and significant fiscal spending in infrastructure and defense.

The Euro Stoxx 50 climbed 2.59% as banking and industrial giants rallied on improved credit outlooks and lower power prices.

Spain's IBEX rose 2.56%, while the CAC 40 increased 2.30%. The French index benefited from its high concentration of luxury and aerospace leaders like LVMH and Airbus, which gained in a lower-risk environment despite a decline in TotalEnergies due to plunging oil prices.

Overall, sentiment was further supported by potential progress in U.S.–Iran negotiations and expectations of ECB monetary policy easing.

MOVERS AND SHAKERS

RISERS

• Infineon Technologies is a German semiconductor manufacturer that rose 13.91% following strong global demand for automotive and power electronics chips.

• Wolters Kluwer provides professional information software and rose 12.28% due to positive market sentiment regarding its AI-integrated legal and healthcare solutions.

• Adyen is a Dutch payment processing company that climbed 10.37% after reporting significant growth in processed transaction volumes across its unified commerce platform.

FALLERS

• Eni is an Italian oil and gas company that fell 9.37% as broader energy sector volatility and market uncertainty pressured major industry players.

• TotalEnergies is a French multi-energy company that declined 8.27% due to significant production losses in the Middle East and halted investments in conflict-affected regions.

• BASF is a leading global chemical producer that dropped 3.44% following reports of major operational losses at its Ludwigshafen site and continued restructuring efforts.

SECTORS

European sectors rallied for the most part this week, led by Industrials (4.13%) as the Strait of Hormuz reopened following a 10-day ceasefire, easing supply chain fears. Technology (3.71%) and Banks (3.69%) gained on the improved outlook, solid earnings and cooling inflation expectations as swap rates fell. Conversely, the Energy sector tumbled -5.73% as Brent crude dropped 10% to $88.8 on the news of restored oil flows. Utilities also dipped -2.74% amid shifting funding costs.

Note: None of the material or content contained herein constitutes investment advice. It is solely for educational and informational purposes. Past performance is not an indicator of future performance. Sources: Fiscal.ai, Google Finance, 18 Apr 2026.

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Major U.S. indices recorded gains this week as investors showed resilience ahead of key Federal Reserve announcements and driven by the reopening of the Strait of Hormuz, which eased energy supply concerns and stagflation fears.

The technology-heavy Nasdaq 100 led the advance with a 5.1% increase, bolstered by its 62.48% concentration in the technology sector and strong performance from mega-cap innovators.

The S&P 500 rose 3.5%, supported by stable economic indicators and robust retail sales data. The blue-chip Dow Jones Industrial Average climbed 2.5%, benefiting from its composition of well-established companies across diverse industries like financials and industrials.

Meanwhile, the Russell 2000 gained 4.0% as sentiment improved for small-cap domestic equities. In Canada, the S&P/TSX Composite saw a more modest rise of 1.4%; while it benefits from significant exposure to the energy and materials sectors, its growth trailed the aggressive tech-led rally seen in U.S. markets.

Overall, positive corporate earnings and stabilized bond yields continue to underpin investor confidence across these global benchmarks.

MOVERS & SHAKERS

RISERS

• Robinhood Markets is a financial services platform that rose 26.62% following news that the SEC will end day-trading limits for retail investors.

• Coinbase is a cryptocurrency brokerage that climbed 18.22% as improved market conditions and digital asset volatility drove higher transaction revenue and trading volumes.

• ON Semiconductor provides intelligent power and sensing solutions and gained 16.88% amid strong demand for AI data center and electric vehicle power technologies.

FALLERS

• LyondellBasell is a chemical company that fell 12.24% following a sharp dividend reset and cooling geopolitical premiums after a U.S.-Iran ceasefire.

• Dow Inc. is a materials science firm that dropped 11.24% as plunging oil prices and the reopening of the Strait of Hormuz unwound conflict-driven gains.

• APA Corporation explores and produces oil and gas, falling 9.50% after the U.S.-Iran ceasefire removed the energy market’s short-term conflict premium.

  SECTORS

Most sectors rallied as a U.S.-Iran ceasefire and the reopening of the Strait of Hormuz eased geopolitical tensions. Technology surged 6.00% on AI enthusiasm and strong earnings upgrades. Consumer Discretionary rose 5.70% and Industrials gained 0.45% as lower fuel costs and resilient consumer spending supported cyclicals. Conversely, Energy fell 3.66% as oil prices dropped roughly 9% with the removal of the risk premium. Materials and Utilities saw modest declines of 0.59% and 0.50% respectively, while Financials gained 1.49% following upbeat reports from major U.S. banks. Real Estate added 3.39% as bond yields stabilized.

Note: None of the material or content contained herein constitutes investment advice. It is solely for educational and informational purposes.

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European markets rallied this week, driven by optimism over a potential ceasefire in the Middle East, which fueled a relief rally across major indices.

The Euro Stoxx 50 led gains at 5.20%, supported by its broad blue-chip representation of supersector leaders.

France’s CAC 40 rose 4.44%, benefiting from its high concentration in luxury goods and industrials, which often react positively to improved global sentiment.

Spain’s IBEX 35 climbed 4.36% as its heavy banking exposure capitalized on the optimistic economic outlook and robust earnings.

Germany’s DAX 40 increased by 3.85%, bolstered by its strong industrial and technology base.

While the geopolitical news provided a significant tailwind, energy stocks faced pressure as oil prices plunged following the truce reports. Overall, high liquidity and a shift toward risk-on sentiment characterized the week’s performance across these key benchmarks.

MOVERS AND SHAKERS

RISERS

• ASML Holding manufactures photolithography machines for chips and rose 14.02% this week due to strong demand for advanced semiconductor manufacturing equipment and AI growth.

• Siemens Energy provides energy technology and services and climbed 13.19% following positive sentiment regarding grid stability solutions and increased renewable energy project commitments.

• Infineon Technologies designs power semiconductors and gained 11.92% as the company benefits from recovering automotive demand and expansion in power management for data centers.

FALLERS

• Rheinmetall is a German defense manufacturer that fell 4.39% as a potential Ukraine ceasefire and peace talks reduced the demand for arms and artillery.

• SAP is a European software firm that dropped 4.02% due to concerns regarding artificial intelligence disruption and slowing growth in its cloud computing backlog.

• Eni is an integrated Italian energy company that declined 3.78% following a plunge in crude oil prices triggered by a U.S.-Iran ceasefire agreement.

SECTORS

European equities surged this week as a two-week ceasefire and the reopening of the Strait of Hormuz provided significant relief. Technology and Retail led gains, rising 8.66% and 7.98% respectively, as easing geopolitical tensions boosted growth expectations. Financials jumped 6.95% as banking stocks like UniCredit benefited from improved risk appetite. Industrials rose 6.37%, aided by lower energy costs for manufacturing giants. Conversely, Energy was the sole decliner, falling 0.85% as Brent crude plunged 15% following the truce. Utilities and Health Care saw more modest gains of 1.26% and 2.40% as investors rotated into cyclical sectors.

Note: None of the material or content contained herein constitutes investment advice. It is solely for educational and informational purposes. Past performance is not an indicator of future performance. Sources: Fiscal.ai, Google Finance, 11 Apr 2026.

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US equity benchmarks traded up this week as investors balanced geopolitical developments with inflation data. The Nasdaq 100 led gains, rising 3.8% on an advance in information technology and record demand for AI-focused hardware.

The S&P 500 climbed 3.1%, supported by technology strength. Small-cap stocks in the Russell 2000 rose 3.5%, benefiting from a temporary U.S.-Iran ceasefire that aided domestic-focused firms.

Conversely, the Dow Jones Industrial Average saw a more modest 2.7% increase.

In Canada, the S&P/TSX Composite rose 1.5% for the week. While Canada’s market is heavily weighted toward energy and finance, its gains were slightly more tempered than U.S. peers as investors reacted to a 21% monthly surge in the gasoline index despite overall inflation matching expectations.

Markets remain headline-driven, focused on Middle East negotiations and stabilizing labour data.

MOVERS & SHAKERS

RISERS

• Intel is a semiconductor manufacturer that rose 22.84% following an eight-session winning streak driven by strong server CPU demand and new AI chip partnerships.

• Coherent Corp. provides lasers and optical materials (check out our recent EiC with Mikhail Zverev) and climbed 21.44% after unveiling advances in silicon carbide technology and reporting strong fiscal 2026 earnings.

• Lam Research produces semiconductor manufacturing equipment and gained 19.49% due to record Q2 fiscal 2026 results and unprecedented demand visibility for AI-focused hardware.

FALLERS

• Akamai Technologies is a cloud and cybersecurity company that fell 20.29% as increased competition in cloud infrastructure pressured growth and margin expectations.

• ServiceNow provides enterprise cloud solutions and dropped 18.96% following a UBS downgrade citing weaker demand for non-AI software and shifting corporate budgets.

• Axon Enterprise manufactures public safety technology and declined 16.25% due to legal uncertainty regarding its new headquarters and a wave of analyst price cuts.

  SECTORS

Major U.S. sectors rallied this week following a two-week ceasefire agreement between the U.S. and Iran. The Information Technology sector rose 4.27% as record revenues from Taiwan Semiconductor and strong AI chip demand boosted semiconductors. Industrials gained 4.20% due to firmer underlying demand for equipment. Conversely, Energy fell 4.59% as crude oil prices dropped 13% for the week following the de-escalation of conflict. Consumer Staples declined 0.35% as investors rotated into cyclical sectors, while Financials added 1.78% ahead of the first-quarter earnings season. Real Estate climbed 2.54% as Treasury yields retreated from recent highs.

Note: None of the material or content contained herein constitutes investment advice. It is solely for educational and informational purposes. Past performance is not an indicator of future performance. Sources: Fiscal.ai, 5 Apr 2026.

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The past week saw mixed performance across North American indices as markets navigated geopolitical tensions and shifting economic narratives.

The Nasdaq Composite led gains at 5.2%, bolstered by a late-week rebound in technology stocks despite a cooling of the AI spending narrative that previously drove mega-caps.

The S&P 500 rose 3.8%, though it faced pressure from its heavy 34.3% concentration in Information Technology.

The Russell 2000 increased 4.8%, benefiting from its domestic focus as small-cap companies remain sensitive to U.S. consumer spending. The Dow Jones Industrial Average grew 2.8%, showing more resilience due to its blue-chip composition.

In Canada, the S&P/TSX Composite rose 3.7%, supported by its significant exposure to the energy and finance sectors, which saw positive movement amid surging oil prices and a trend of diversification away from American assets.

However, gains across all markets were tempered late in the week by renewed geopolitical uncertainty regarding Iran.

MOVERS & SHAKERS

RISERS

• Lumentum (discussed recently in our EiC with Mikhail Zverev, Amati Global Innovation Fund) manufactures optical and photonic products and rose 26.28% this week following news of a new manufacturing facility to produce advanced lasers for AI.

• Ciena is a networking systems and software provider that climbed 22.67% due to strong demand for high-speed connectivity and its leadership in coherent optics (optics also discussed in our session with Mikhail).

• Sandisk designs and manufactures flash memory products and gained 22.55% as the company benefits from rapid growth and construction in the data center market.

FALLERS

• Nike, Inc. is an athletic footwear and apparel designer that fell 13.76% after disappointing Q4 guidance and a lowered revenue outlook for the fiscal year.

• McCormick & Company is a global spice and flavor manufacturer that dropped 9.07% as analysts lowered price targets following broader concerns about consumer spending.

• Constellation Energy is a leading carbon-free energy producer that declined 8.64% due to regulatory uncertainty and a broader downturn in the utility sector.

  SECTORS

Technology (6.66%) and Industrials (4.57%) led the rebound as hopes for Middle East de-escalation fueled a relief rally and strong ISM manufacturing data (52.7) signaled economic resilience. Real Estate (3.48%) and Communications (3.46%) also gained as the 10-year Treasury yield retreated to 4.30%. Conversely, Energy fell 4.37% despite high oil prices, as markets priced in a potential end to the Iran crisis and a return to lower futures prices. Consumer Staples remained nearly flat (0.01%) as investors shifted from defensive positions back into growth sectors following five weeks of declines.

Note: None of the material or content contained herein constitutes investment advice. It is solely for educational and informational purposes.

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THE RUNDOWN

European markets saw gains this past week despite late-session volatility. The Euro Stoxx 50 rose 2.73%, while the DAX 40 gained 2.68%, supported by a recovery in industrial technology and defense sectors, even as a 3.3% slip in Deutsche Telekom weighed on Germany’s index.

The IBEX Spain led with a 3.46% increase, buoyed by a strong banking sector that continues to benefit from interest rate normalization.

The CAC 40 increased 2.44%, driven by a resilient luxury sector and global demand for its aerospace components.

However, gains were tempered mid-week by geopolitical tensions in the Middle East and concerns over oil maritime traffic in the Strait of Hormuz, which triggered a pivot away from speculative tech assets and pressured financial institutions like BNP Paribas and UniCredit. Broad institutional buying and reduced geopolitical risk premiums earlier in the week provided the primary foundation for these positive returns.

MOVERS AND SHAKERS

RISERS

• Rheinmetall is a German defense manufacturer that rose 11.42% due to record military spending in Europe and a growing ammunition and combat vehicle order backlog.

• Argenx is a global immunology company that gained 5.58% following strong product sales for its autoimmune treatments and positive updates to its drug pipeline.

• Siemens Energy is an energy technology provider that climbed 5.42% after announcing a $1 billion investment to expand power grid infrastructure and manufacturing capacity.

FALLERS

• Deutsche Telekom is a telecommunications provider that fell 4.62% after its 2025 earnings forecast and German business growth outlook missed analyst expectations.

• BASF is a global chemical manufacturer that dropped 3.89% as its 2026 earnings outlook fell below estimates amid challenging demand and foreign exchange headwinds.

• EssilorLuxottica is an eyewear and lens producer that declined 3.26% due to rising competitive risks from technology companies and a patent infringement lawsuit.

SECTORS

Sectors rebounded last week as hopes for de-escalation in the Middle East fueled a relief rally. Industrials led gains, rising 4.49%, while Basic Resources followed at 4.47% as investors rotated into lagging sectors. Technology rose 3.57%, benefiting from continued AI infrastructure buildout. Financials climbed 4.12% despite earlier credit concerns. Conversely, Energy fell 0.11% as news of a potential deal to reopen the Strait of Hormuz caused oil prices to ease from recent peaks. Utilities and Health Care rose 3.69% and 2.10%, respectively, as investors sought defensive positioning amid ongoing geopolitical uncertainty and sticky inflation.

Note: None of the material or content contained herein constitutes investment advice. It is solely for educational and informational purposes. Past performance is not an indicator of future performance. Sources: Fiscal.ai, 28 Mar 2026.

THE AUDIO BRIEF

THE RUNDOWN

U.S. markets faced a fifth straight losing week as geopolitical tensions in the Middle East drove significant volatility.

The S&P 500 fell 3.2%, while the Nasdaq Composite dropped 4.5% as investors retreated from high-growth technology and semiconductor stocks amid rising inflation fears and higher bond yields. The Dow Jones Industrial Average fell 2.3% and the Russell 2000 declined 1.8%, reflecting broad risk aversion as the conflict threatened energy supplies.

In contrast, the S&P/TSX Composite rose 0.2%. Canada’s market benefited from its heavy exposure to basic materials and financials; surging gold and silver prices provided a safe-haven cushion, while strong bank earnings further supported the index.

While U.S. indices grapple with a correction fueled by rising crude prices and “war noise,” Canada’s resource-heavy composition has allowed it to outpace its peers during this period of global uncertainty.

MOVERS & SHAKERS

RISERS

• Brown–Forman is a spirits and wine producer that rose 18.58% following reports of a potential acquisition by Pernod Ricard amid merger speculation.

• APA Corporation is an independent energy company that rose 13.73% due to a new gas discovery in Egypt and favorable market conditions for oil.

• CF Industries is a nitrogen fertilizer manufacturer that rose 13.54% as Middle East conflict concerns tightened global supplies and spiked fertilizer prices.

FALLERS

• Coinbase is a cryptocurrency exchange that fell 19.68% due to proposed stablecoin legislation, downgraded earnings estimates, and high volatility in the crypto market.

• AppLovin is an app marketing and ad-tech firm that dropped 16.94% following significant insider selling and concerns regarding competition and e-commerce spending trends.

• Axon Enterprise develops public safety technology and fell 15.25% as high valuation sensitivity and geopolitical turmoil triggered a rotation away from premium growth stocks. Supermicro is an AI server manufacturer that fell 35.56% after executives were charged with illegally smuggling Nvidia chips to China.

  SECTORS

Energy led the market with a 4.91% gain as supply concerns and geopolitical tensions drove oil prices higher. Materials followed, rising 2.86% on increased industrial demand. Conversely, the Technology sector fell 5.13% as investors pivoted away from high-growth stocks amid rising interest rates. Communications also struggled, dropping 5.03% due to weak advertising outlooks. Consumer Discretionary slipped 4.03% as inflation dampened spending expectations, while Financials declined 2.96% following cautious earnings guidance. Defensives like Utilities and Consumer Staples remained resilient, gaining 1.81% and 0.74% respectively as investors sought safety in volatile conditions.

Note: None of the material or content contained herein constitutes investment advice. It is solely for educational and informational purposes.

THE AUDIO BRIEF

THE RUNDOWN

European markets faced a challenging week as geopolitical tensions and economic concerns weighed on sentiment. The Euro Stoxx 50 declined 1.23% as investors rotated into bonds amid persistent inflation jitters.

The DAX 40 fell 1.56% as German business sentiment plummeted and manufacturing slowed. High energy costs further pressured industrial giants like Infineon, which saw significant declines.

France’s CAC 40 dropped 0.31%, hindered by the Middle East crisis and rising borrowing costs, which hit luxury and banking sectors despite resilience in pharmaceutical stocks like Sanofi.

Spain’s IBEX 35 fell 0.51% after hitting recent historic highs, retreating as uncertainty regarding central bank policy and US trade threats dampened the rally. While Spanish banks previously powered gains, a broader risk-off mood led to a weekly loss, though it remains a strong performer year-over-year.

Overall, the deepening Strait of Hormuz crisis and energy supply concerns remained the primary drivers for these downward movements across markets.

MOVERS AND SHAKERS

RISERS

• Chemicals giant BASF rose 11.11% as it implemented sharp price hikes up to 30% to offset rising energy and raw material costs.

• Pharmaceutical firm Sanofi rose 6.72% following positive regulatory catalysts, including an FDA Breakthrough Therapy designation for venglustat and new Japanese approvals for Dupixent.

• Energy company Eni rose 6.26% as Middle East conflict pushed oil prices higher and the firm launched a significant 1.72 billion dollar share buyback.

FALLERS

• SAP, the enterprise software giant, fell 7.34% following reports of a U.S. Department of Justice investigation into potential price-fixing on government contracts.

• Rheinmetall is a German defense manufacturer that dropped 6.98% after its 2026 revenue and margin guidance fell short of analyst expectations.

• Schneider Electric is an energy management firm that declined 5.80% due to reported margin contraction and a significant decrease in free cash flow.

SECTORS

The energy sector rose 3.79% this week as supply and demand imbalances and geopolitical tensions continued to drive oil prices higher. Health care gained 2.34%, benefiting from its historically stable performance during periods of market volatility. Conversely, technology fell 3.15% and financials dropped 1.49% as high valuations and a higher cost of capital led to consolidation and cash preservation. Industrials also declined 2.93% due to general market concerns, while consumer products fell 0.81% as rising electricity prices and inflationary pressures impacted discretionary spending and investor sentiment.

Note: None of the material or content contained herein constitutes investment advice. It is solely for educational and informational purposes.

THE AUDIO BRIEF

THE RUNDOWN

European markets retreated this week as intensifying Middle East tensions and hawkish central bank signals weighed on sentiment.

The DAX 40 dropped 5.02%, hitting 11-month lows as industrial heavyweights like Siemens and energy-sensitive stocks like E.ON faced steep losses amid fears of a prolonged energy crisis.

France’s CAC 40 fell 3.41%, pressured by a significant rotation out of luxury and technology leaders, with Hermes and Safran leading the decline as investors braced for a more aggressive ECB rate path.

The Euro Stoxx 50 declined 4.14%, reflecting broad weakness across the Eurozone as rising oil prices and geopolitical uncertainty triggered a shift toward safe-haven assets.

Spain’s IBEX also felt the pressure, falling 2.20%.

RISERS

• TotalEnergies is a multi-energy company that rose 6.30% due to rising oil prices and strong performance in its integrated LNG and power segments.

• Eni is an Italian integrated energy firm that rose 4.79% following higher crude benchmarks and progress on its strategic plan to divest non-core assets.

• Sanofi is a global healthcare leader that rose 1.67% as investor confidence improved following positive clinical trial data and steady growth in its specialty care.

FALLERS

• Prosus is a global consumer internet group that fell 14.06% as increased artificial intelligence spending by its major holding, Tencent, negatively impacted investor sentiment.

• Hermès is a luxury goods manufacturer that dropped 11.87% due to broader economic uncertainties and a sector-wide downturn affecting aspirational and discretionary consumer demand.

• Safran is an aerospace and defense company that declined 8.18% amid persistent supply chain bottlenecks and a slowdown in airline ordering activity across Europe.

Note: None of the material or content contained herein constitutes investment advice. It is solely for educational and informational purposes.

THE AUDIO BRIEF

THE RUNDOWN

Global stock markets faced significant downward pressure this week, driven by escalating conflict in the Middle East and shifting interest rate expectations.

U.S. indices retreated as a sharp rise in Brent crude prices, which surged 6.2% to $109.84 per barrel, heightened inflation concerns and lowered the probability of Federal Reserve rate cuts. The S&P 500 fell 2.9%, while the tech-heavy Nasdaq Composite dropped 3.2% as massive AI capital expenditures and legal charges against Super Micro Computer executives weighed on the sector. The Russell 2000 slipped 2.6%, and the Dow Jones Industrial Average declined 2.9%. Canada’s S&P/TSX Composite saw the steepest decline at 4.7%, largely due to its heavy exposure to the basic materials sector as gold and silver prices plummeted. Although Canadian energy stocks rose alongside oil, they were unable to offset broad losses in mining and financial sectors following the Bank of Canada’s decision to hold rates steady.

RISERS

• APA Corporation is an energy company that rose 13.23% this week, bolstered by rising global oil prices and positive production outlooks.

• Baker Hughes provides oilfield services and saw a 9.35% increase as increased drilling activity and energy demand supported broader sector gains.

• Apollo Global Management is an asset manager that rose 8.26% following strong quarterly earnings and favorable trends in the private equity market.

FALLERS

• Supermicro is an AI server manufacturer that fell 35.56% after executives were charged with illegally smuggling Nvidia chips to China.

• The Mosaic Company is a fertilizer producer that dropped 14.75% as U.S. sanctions were lifted on Belarusian potash, increasing global supply and pricing pressure.

• Newmont is a gold mining corporation that declined 13.06% due to falling gold prices, rising interest rates, and higher production cost guidance.