The past few weeks have been particularly eventful, with many headlines seemingly at odds with one another. As investors are buffeted by crosswinds, some market segments have fared better than others.
Global equities trended higher overall, yet the S&P 500 declined in February. The Canadian economy contracted by 0.6% in the most recent quarter, while our stock and bond markets climbed. Nvidia beat analyst earnings expectations, provided positive guidance, and still shed more than a quarter of a trillion dollars in market capitalization the following day. And this is all before we consider geopolitical incidents—the Iranian conflict, evolving by the minute, is given the attention it deserves on the following page.
Perhaps February’s most consequential macroeconomic event was the U.S. Supreme Court’s ruling that tariffs imposed under the International Emergency Economic Powers Act (IEEPA) were unlawful. Effective rates had little time to settle lower before President Trump invoked Section 122, another tool in the administration’s kit to rebuild its trade regime, which itself is being challenged in courts.
Import duties are one of the presidency’s signature economic policies, generous tax cuts being another. Disrupting the tenuous balance between the two—one partially funds the other—could accentuate existing debt concerns as deficit spending spirals further. More immediately, several international trade agreements have been suspended in the wake of the news.
On the subject of disruption, the ongoing sell-off in technology is of interest. On the one hand, hyperscalers’ intense capital expenditures are coming under heightened scrutiny. On the other, the very companies they threaten to displace are facing heightened selling pressure over fears of automation and obsolescence. Steep expectations, capital-intensive innovation, and market concentration create vulnerabilities—recent events have laid them bare.
Investors are not, as it stands, succumbing to the negatives. If anything, these dynamics further the positive trend we’ve noted previously. Capital continues to flow to other industry sectors and geographies, widening market breadth. This typically marks a much healthier environment for investors wherein more businesses can participate in advancing markets. It disperses risk and opportunity more equally across a broader spectrum. America and AI, while still replete with potential, are not the only destinations for investment capital.
Market Minutes, March 2026
The past few weeks have been particularly eventful, with many headlines seemingly at odds with one another. As investors are buffeted by crosswinds, some market segments have fared better than others.
Global equities trended higher overall, yet the S&P 500 declined in February. The Canadian economy contracted by 0.6% in the most recent quarter, while our stock and bond markets climbed. Nvidia beat analyst earnings expectations, provided positive guidance, and still shed more than a quarter of a trillion dollars in market capitalization the following day. And this is all before we consider geopolitical incidents—the Iranian conflict, evolving by the minute, is given the attention it deserves on the following page.
Perhaps February’s most consequential macroeconomic event was the U.S. Supreme Court’s ruling that tariffs imposed under the International Emergency Economic Powers Act (IEEPA) were unlawful. Effective rates had little time to settle lower before President Trump invoked Section 122, another tool in the administration’s kit to rebuild its trade regime, which itself is being challenged in courts.
Import duties are one of the presidency’s signature economic policies, generous tax cuts being another. Disrupting the tenuous balance between the two—one partially funds the other—could accentuate existing debt concerns as deficit spending spirals further. More immediately, several international trade agreements have been suspended in the wake of the news.
On the subject of disruption, the ongoing sell-off in technology is of interest. On the one hand, hyperscalers’ intense capital expenditures are coming under heightened scrutiny. On the other, the very companies they threaten to displace are facing heightened selling pressure over fears of automation and obsolescence. Steep expectations, capital-intensive innovation, and market concentration create vulnerabilities—recent events have laid them bare.
Investors are not, as it stands, succumbing to the negatives. If anything, these dynamics further the positive trend we’ve noted previously. Capital continues to flow to other industry sectors and geographies, widening market breadth. This typically marks a much healthier environment for investors wherein more businesses can participate in advancing markets. It disperses risk and opportunity more equally across a broader spectrum. America and AI, while still replete with potential, are not the only destinations for investment capital.