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.