Markets updateAt 9:32 a.m. ET, the S&P/TSX composite index was up 0.8 per cent at 33,130.48 points.In New York, the Dow Jones Industrial Average rose 139.1 points, or 0.30 per cent, to 47,085.53. The S&P 500 rose 23.0 points, or 0.34 per cent, to 6,722.35, while the Nasdaq Composite rose 83.9 points, or 0.37 per cent, to 22,458.032.The Canadian dollar weakened against the greenback , and the yield on benchmark government debt slipped. The loonie was trading 0.1 per cent lower at $1.3701 to the greenback, or 72.99 U.S. cents, after trading in a range of $1.3681 to $1.3709. Canadian government 10-year bond yields fell 2.7 basis points to 3.407 per cent. Oil prices rose by about 3 per cent, clawing back some of the previous session’s losses as Iranian attacks on the United Arab Emirates rekindled supply fears while the Strait of Hormuz remains largely shut. Brent crude futures jumped by US$2.57, or 2.6 per cent, to US$102.78 a barrel while U.S. West Texas Intermediate (WTI) crude gained US$2.51, or 2.7 per cent, to US$96.01.crude gained US$3.14, or 3.4 per cent, to US$96.64.Spot gold was little changed at US$5,011.38 per ounce. U.S. gold futures for April delivery rose 0.3 per cent to US$5,016.40.03/17/26 09:53OpenAI to sell AI to U.S. agencies through Amazon cloud unit
OpenAI has signed a new deal to sell access to its AI models to U.S. defense and government agencies through Amazon’s (AMZN-Q) cloud unit for classified and unclassified work, the ChatGPT maker said on Tuesday.
The contract enables OpenAI to support the Pentagon under a deal it secured late last month, after the agency dropped its previous AI provider, Anthropic.
Anthropic, which won a Pentagon contract worth up to US$200-million in July 2025, had been a key U.S. defence AI supplier, working with Palantir and Amazon Web Services (AWS) to deploy its Claude models in classified military and intelligence systems.
But its relationship with the Pentagon collapsed in February after Anthropic refused to allow unrestricted military use of its AI, particularly for domestic surveillance and autonomous weapons. Following which, the Pentagon labeled it a “supply chain risk” and effectively cut it off from government work.
OpenAI, which had previously focused on unclassified government use, has now secured a Pentagon contract to provide its models for classified operations.
Its partnership with AWS builds on this latest shift, reflecting how access to government and defense contracts, especially via cloud providers already embedded in federal systems, is becoming a key battleground.
– Reuters
03/17/26 09:46Chipmaker Qualcomm unveils US$20-billion stock buyback programOpen this photo in gallery:
A Qualcomm sign is shown outside one of the company’s many buildings in San Diego, Cal., on Sept. 17, 2020.Mike Blake/Reuters
Smartphone chip designer Qualcomm (QCOM-Q) on Tuesday unveiled a US$20-billion stock buyback program, in addition to its existing US$2.1-billion share repurchase authority.
Shares of the company rose more than 2.5 per cent in early trading.
Qualcomm is also increasing its quarterly cash dividend by over 3 per cent, to 92 US cents per share from 89 US cents, the company said.
“We remain focused on stockholder returns and executing on our ongoing diversification opportunities,” CEO Cristiano Amon said.
– Reuters
03/17/26 09:37TSX edges up in broad gains; investors await central bank decisions
Canada’s benchmark index opened higher on Tuesday on gains across sectors, with miners and financials in the lead, while investors awaited key central bank decisions for clues on monetary policy outlook in Canada and the U.S.
At 9:32 a.m. ET, the S&P/TSX composite index was up 0.8 per cent at 33,130.48 points
Wall Street’s main indexes opened higher on Tuesday with financial stocks in the lead, while investors weighed the impact of the Middle East conflict on energy costs, putting inflation risks back in focus ahead of the Federal Reserve’s two-day meeting.
The Dow Jones Industrial Average rose 139.1 points, or 0.30 per cent, to 47,085.53. The S&P 500 rose 23.0 points, or 0.34 per cent, to 6,722.35, while the Nasdaq Composite rose 83.9 points, or 0.37 per cent, to 22,458.032.
– Reuters
03/17/26 08:26Top picks in promising electrical power equipment sector
– Scott Barlow
Citi analyst Pierre Lau surveyed the global electrical equipment sector, one with an enviable array of growth drivers,
“We are positive on the global power transformer industry expecting prolonged shortage with annual supply below annual demand in 2026-28E. Supply was a 30-per-cent deficit of demand in 2025. Cumulative shortage would increase 1.4 times from 708 GVA in 2025 to the peak of 1,699 GVA in 2028E, which would be 47 per cent of the annual supply constraint by production capacity and skilled labor, conducive to boost market price rises. We calculate global production capacity to up 53 per cent in 2025-28E and assume demand to 7.3-per-cent CAGR [compound annual growth rate] in 2025-30E which might have upside from Citi’s more ambitious U.S. hyper-scaler assumptions recently. Our Buy-rated global top pick transformer makers are Hitachi from Japan, Hyosung Heavy from Korea as well as Sieyuan and TBEA both from China; we also like the strong fundamentals of Siemens Energy in Europe and GE Vernova in the U.S. but rate them Neutral due to above sector average PERs”
03/17/26 08:25Copper stocks more attractive after selling
– Scott Barlow
RBC Capital Markets analyst Sam Crittenden sees copper mining stocks as attractive after a brief sell-off,
“Copper prices held steady last week at $5.79/lb amid modestly rising inventories which grew by 2.4 per cent to 1.3Mt driven by additions to LME inventories. Meanwhile, copper equities shed 4.5 per cent week-over-week as gold prices fell (down 2.9 per cent w/w), the U.S. Dollar strengthened (up 1.5 per cent w/w), alongside the broader S&P 500 which fell 1.6% w/w. Copper equities are now down down 0.3 per cent year-to-date as valuations have eased; however, the fundamentals for copper remain strong, in our view, and the stocks are now trading at an 11-per-cent FCF yield for 2026, and growing to 17 per cent in 2027… The Chinese import premium rose 13 per cent to $45/mt, signaling tightness in the Chinese concentrate market … We continue to see Lundin as having the strongest leverage to gold prices due to the vast quantities in resource at Vicuña where we project a revenue breakdown of 46-per-cent gold, 42-per-cent copper, and 12-per-cent silver at spot prices. Meanwhile, Hudbay and Freeport also have moderate gold exposures, while Capstone and First Quantum are the most levered to copper”
Mr. Crittenden has “outperform ratings” on Capstone Mining (CS-T), Hubby Minerals (HBM-T), First Quantum (with a ‘speculative’ qualifier) (FM-T), and Ivanhoe (also speculative) (IVN-T).
03/17/26 08:13Fund managers rapidly switch to bears
– Scott Barlow
A Bank of America customer uses an ATM machine at a branch in Greenville, South Carolina January 18, 2012.Chris Keane/Reuters
BofA Securities monthly fund manager survey (FMS) is complete and summarized by investment strategist Michael Hartnett,
“March FMS turns bearish as Iran & private credit concerns end ‘frothy bull’ sentiment of recent months; growth optimism tanks and cash levels surge to 4.2 per cent (contrarian FMS cash ‘sell signal’ over), FMS bearish enough to sell oil more than $100/bbl, sell DXY [U.S. trade weighted dollar index] >100 … buy SPX 6600; that said, BofA positioning metrics far from uber-bear levels seen at recent big lows/good entry points for stocks & credit. On Macro: global growth optimism slumps to net 7 per cent from 39 per cent, inflation expectations jump to net 45 per cent from 9 per cent, rate cut optimism lowest since Feb’23; but no one pricing in recession … On Risk: geopolitics & inflation replace AI bubble as biggest tail risks, and 63 per cent say private equity/credit most likely source of systemic credit event; most crowded FMS trades = long gold & long global semis; most likely result for US midterms = DEM House/GOP Senate (54 per cent), but investor probability of DEM sweep (28 per cent) on the rise.
“On Asset Allocation: March rotation from “boom” (e.g., banks) to ‘stagflation’ (e.g., staples); more broadly, US$ short-covering has been modest, investors are long commodities (most since Apr’22), and retain big OW in equities, especially EM (most since Feb’21), Japan (most since May’24), banks, industrials, in sharp contrast to a big short in consumer discretionary stocks (most UW since Dec’22).”
03/17/26 07:03Delta Air sticks to first-quarter profit forecast, raises revenue expectations
Delta Air (DAL-N) said on Tuesday it expects first-quarter profit within its initial forecast range but raised its revenue expectations, amid high jet fuel prices due to the conflict in the Middle East.
The carrier said consumer and corporate demand trends have improved into March with strength across its main, premium and loyalty revenues.
Shares of the carrier were up 3.55 per cent in premarket trading.
Delta now expects first-quarter revenue to grow at a high- single-digit percentage, compared with its earlier forecast of 5 per cent to 7 per cent.
The company had forecast adjusted profit per share in the range of 50 US cents to 90 US cents.
Delta said it was well-positioned to navigate the current environment and was ready to tweak its capacity if fuel prices stay elevated.
Jet fuel prices have jumped more than 50 per cent since U.S. and Israeli strikes on Iran in late February, with Iranian strikes across the major oil-producing region disrupting supplies and shutting key shipping routes.
– Reuters
03/17/26 06:51Bank of Montreal to open over 130 new California locationsOpen this photo in gallery:
The BMO office tower is shown in Toronto’s financial district in Toronto on Tuesday, April 5, 2016.Nathan Denette/The Canadian Press
Bank of Montreal (BMO-T) said on Tuesday it plans to open more than 130 financial centres in California and about 15 in Arizona over the next five years, as it looks to expand presence in the U.S. West following the sale of several branches across the nation last year.
BMO, the third-largest Canadian bank by market value, said in October it would sell 138 branches to First Citizens Bank, and reinvest in markets with stronger client engagement and longer-term growth prospects.
As part of its growth strategy, the bank said it would open 150 new branches over the next five years, with a focus on U.S. markets, largely California-centric. Some of the biggest U.S. banks have invested in building branches in affluent areas to attract more clients, earn consumer trust and provide higher-value services such as mortgages and wealth management.
In 2023, Bank of Montreal acquired BNP Paribas’ U.S. unit, Bank of the West, for $16.3-billion, in its biggest deal ever, to gain access to nearly 2 million customers, about 500 retail branches, and commercial and wealth offices across the Midwest and Western United States.
The bank plans to open three new financial centres in Greater Los Angeles, two in the Bay Area and another two in San Diego in 2026. The expansion will create hundreds of jobs and will expand access to in-person and advice-led banking, the lender said.
Shares of BMO have gained a little over 7 per cent so far in 2026, outperforming its larger peer, Royal Bank of Canada (RY-T).
– Reuters
03/17/26 06:48Market mood bearish, but less so than in April’s tariff shock, BofA survey finds
Investor sentiment turned bearish in March due to the war in Iran and concern over private credit, BofA’s monthly fund manager survey found, but sentiment remains well above the levels during April 2025’s tariff turmoil.
Just 7 per cent of those surveyed expect a stronger global economy, down from 39 per cent a month earlier, while a net 45 per cent expect higher global CPI in the next 12 months, up from 9 per cent.
However, while that caused BofA’s broadest measure of investor sentiment to fall sharply to 5.6 from 8.2, this is still well above April 2025’s low of 1.8.
– Reuters
03/17/26 06:24Honeywell expects hit to Q1 from Middle East conflict; maintains 2026 forecast
Honeywell International (HON-Q) said the Middle East conflict could hit the company’s first-quarter revenue by a high-single-digit percentage, an early sign of how the Iran war may impact corporate earnings beyond the aviation and energy industries.
However, the industrial giant remains confident in its 2026 forecast, viewing the disruptions as a “tactical issue” rather than demand-driven, CEO Vimal Kapur said at BofA Securities’ Global Industrials Conference on Tuesday.
The U.S.-Israeli war with Iran is rattling businesses worldwide, driving up energy prices – in turn pushing up costs and threatening margins – while squeezing supplies of critical raw materials and raising questions about the reliability of trade routes critical to the flow of goods from food to car parts.
“If something due in March shows up in April or May, it still won’t change our guide for the year or for that matter, the next year,” Kapur said.
Honeywell expects 2026 sales of between US$38.8-billion and US$39.8-billion and a full-year adjusted profit per share of US$10.35 to US$10.65.
The company’s shares have fallen about 3.7 per cent since the conflict began more than two weeks ago.
– Reuters
03/17/26 05:52Wall Street futures point to a lower open with Fed meeting set to kick offOpen this photo in gallery:
Traders work on the floor of the New York Stock Exchange (NYSE) at the opening bell in New York on March 16.TIMOTHY A. CLARY/AFP/Getty Images
U.S. stock index futures slipped on Tuesday as the Middle East conflict pinned oil prices near US$100 a barrel, fueling inflation concerns that will be a major point of discussion when the Federal Reserve kicks off its two-day meeting later in the day.
Wall Street was also cooling from a tech-driven rebound in the previous session that saw the benchmark S&P 500 log its biggest one-day jump in over a month, which also featured Nvidia’s extensively watched annual developer conference.
Nvidia said the revenue opportunity for its artificial intelligence chips may reach at least US$1-trillion through 2027, as the company outlined a strategy to compete more aggressively in the fast-growing market for running AI systems in real time.
Shares of the company were flat in premarket trading after Monday’s 1.6-per-cent rise, while peers Advanced Micro Devices and Broadcom were marginally lower.
Investors are now drawn to the expanding conflict in the Middle East that is likely to keep the Strait of Hormuz shut, as U.S. President Donald Trump’s call to allies to safeguard the passage fell on deaf ears.
Travel stocks Delta and Carnival were down 1 per cent, while energy companies Occidental and EQT were up about 1 per cent each.
Brokerages lifted their outlooks for energy prices that is likely to dampen economic growth, which was also flagged by the Australian central bank when it hiked interest rates earlier in the day.
The U.S. Fed is likely to leave borrowing costs unchanged at the end of its two-day meeting on Wednesday.
But investors are pricing in a hawkish outlook as short-term Treasury yields edge up and rate futures suggest one 25-basis-point cut towards the end of the year, according to LSEG-compiled data, down from around two before the war.
“While we do not expect central banks to make knee-jerk policy moves, policymakers are likely to stress vigilance over inflation risks amid elevated oil prices and uncertainty over the length of the war,” said analysts at UBS on central bank decisions globally this week.
“Comments that are more hawkish than expected could inject further volatility into a market that is vulnerable to shifts in sentiment.”
At 5:11 a.m. ET, Dow E-minis were down 104 points, or 0.22 per cent, S&P 500 E-minis were down 20 points, or 0.30 per cent. Nasdaq 100 E-minis were down 95.25 points, or 0.39 per cent.
Futures tracking the rate-sensitive Russell 2000 index lost 0.7 per cent, while Wall Street’s fear gauge, the CBOE volatility index edged up 0.57 points to 24.06.
Despite the global turmoil in markets due to the war, U.S. stocks have held up better than those in Europe and Asia on expectations that the repercussions on the economy will be less severe.
However, analysts and Goldman Sachs’ CEO David Solomon have underscored that investors are yet to fully consider the effects of the war on the global economy.
The conflict has also delayed a planned summit between U.S. and China’s leaders on Trump’s request, casting a shadow over mutual ties that have been stable since their last meeting in October.
– Reuters
03/17/26 05:23Before the Bell: What every Canadian investor needs to know today
– S.R. Slobodian
Global markets were mixed in cautious trading as investors assessed the economic damage from a prolonged Middle East conflict while central bank interest rate decisions loom.
Wall Street futures were in the red after major North American markets closed higher yesterday.
TSX futures followed sentiment lower.
In Canada, investors are getting results from Alimentation Couche-Tard Inc. and Lululemon Athletica Inc.
The Federal Open Market Committee “is likely to defer action until it becomes clear whether the output or price effects are dominant,” said Steve Englander, global head of G10 FX research at Standard Chartered.
“We would be surprised if the FOMC indicated a strong direction on the impact of the war, as it has no way of knowing how long the war will last or whether the biggest response will be on activity or inflation.”
Overseas, the pan-European STOXX 600 was up 0.18 per cent in morning trading. Britain’s FTSE 100 rose 0.35 per cent, Germany’s DAX edged down 0.08 per cent and France’s CAC 40 advanced 0.3 per cent.
In Asia, Japan’s Nikkei closed 0.09 per cent lower, while Hong Kong’s Hang Seng climbed 0.13 per cent.
Read more: Here
03/17/26 05:22Citigroup cuts 12-month bitcoin, ether targets as U.S. crypto legislation stallsOpen this photo in gallery:
An illustration photograph taken on November 22, 2025, shows a gold plated souvenir Bitcoin coin reflected in a mirror and arranged for a photograph in front of a computer screen displaying the Bitcoin monthly price chart in a residential property in Guildford, south of London.JUSTIN TALLIS/AFP/Getty Images
Citigroup cut its 12-month forecast for bitcoin and ethereum, citing slow U.S. legislative progress that narrows the window for regulatory catalysts expected to boost ETF-driven demand and broader institutional adoption.
Progress on U.S. crypto market-structure legislation has stalled in the Senate, with the Clarity Act’s chances of passage declining over disagreements on stablecoin rules and a shrinking window for approval in 2026.
The Wall Street brokerage lowered its 12-month bitcoin price forecast to US$112,000 from US$143,000 and its ethereum estimate to US$3,175 from US$4,304.
“Regulatory catalysts will drive further adoption and flows but the window of opportunity for U.S. legislation this year is narrowing,” Citi strategist Alex Saunders said in a note on Monday.
Citi said that under a recessionary macro backdrop, bitcoin could drop to US$58,000 and ether to US$1,198, while its bull case, driven by stronger end-investor demand, puts bitcoin as high as $165,000 and ether at US$4,488.
Bitcoin last traded around US$74,298.11 and ether around US$2345.51,
“ETH will be especially sensitive to user activity metrics, which have been weak recently, but stablecoin and tokenization trends may increase interest and usage,” Citi added.
Chances for passing a crypto bill would shrink further if Democrats gain seats in the U.S. Congress in November mid-term elections, since Democratic lawmakers are more divided on overhauling federal rules to accommodate cryptocurrencies.
– Reuters
03/17/26 05:13World shares are mixed and U.S. futures slip
Shares were mixed in Europe and Asia on Tuesday after a drop in oil prices helped send the U.S. stock market to its best day since the war in Iran began.
The reprieve in prices for crude was short-lived, with Brent crude climbing nearly 4 per cent early Tuesday to US$104.13 a barrel. U.S. benchmark crude also climbed, to US$97.53 per barrel after dipping to about US$93 on Monday.
U.S. futures fell back, with the contracts for the S&P 500 and the Dow Jones Industrial Average down 0.3 per cent.
In Asian trading, Tokyo’s Nikkei 225 gave up early gains to slip 0.1 per cent to 53,700.39 and the Kospi in South Korea jumped 1.6 per cent to 5,640.48.
Hong Kong’s Hang Seng added 0.1 per cent to 25,668.54, while the Shanghai Composite index dropped 0.9 per cent to 4,049.91.
In Australia, the S&P/ASX 200 gained 0.4 per cent to 8,614.30 after the central bank hiked its benchmark interest rate to 4.1 per cent.
Citing higher fuel prices, the Reserve Bank of Australia on Tuesday lifted the cash rate from 3.85 per cent which it set at its Feb. 3 meeting in response to surging inflation. That rise was Australia’s first since November 2023.
Taiwan’s Taiex rose 1.5 per cent and India’s Sensex picked up 0.6 per cent.
On Monday, the S&P 500 climbed 1 per cent for its biggest gain in five weeks. The Dow Jones Industrial Average added 0.8 per cent and the Nasdaq composite jumped 1.2 per cent.
– The Associated Press
03/17/26 05:10Oil prices bounce back 3% as Iran war halts supply
Oil prices rose around 3% on Tuesday, clawing back some of the previous session’s losses on renewed supply fears, with the Strait of Hormuz largely shut and U.S. allies rejecting calls to deploy warships to escort tankers through the key chokepoint.
Brent futures jumped US$3.07, or 3.1 per cent, to US$103.28 a barrel , while U.S. West Texas Intermediate crude gained US$3.35, or 3.6 per cent, to US$96.85.
In the previous session, Brent futures settled 2.8% lower while U.S. West Texas Intermediate (WTI) crude slid 5.3% after some vessels sailed through the critical waterway.
The Strait of Hormuz – a vital gateway for about 20 per cent of the world’s oil and liquefied natural gas trade – has been largely disrupted by the U.S.-Israeli war on Iran, now in its third week, raising concerns about supply shortages, higher energy costs and rising inflation.
“The risks remain stark: It only takes one Iranian militia to fire a missile or plant a mine on a passing tanker to reignite the entire situation,” IG market analyst Tony Sycamore said in a note.
Several U.S. allies rebuffed Donald Trump’s call on Monday to send warships to escort shipping through the strait, drawing criticism from the U.S. president, who accused Western partners of ingratitude after decades of support.
“For now, oil markets are fixated on the duration of the conflict, halted supplies at Hormuz, and eventually the damage this chaos will leave on oil infrastructure in the Gulf,” said Priyanka Sachdeva, senior market analyst at Phillip Nova.
– Reuters