Oil Surges as AI Stocks Retreat; Loonie Rallies on Alberta Vote

Overseas equity markets remain generally under pressure this morning as AI-related stocks resume their retreat and Crude Oil surges amid continuing conflict across the Middle East. NASDAQ futures are down 0.6%, while Dow futures are steady. The Loonie is rallying 0.5% after the Remain side secured a decisive 75%–25% victory in Alberta’s referendum.

Although US corporate earnings have generally been positive, investor reactions remain mixed. General Motors is down 7.6% in premarket trading despite beating Street earnings expectations and raising its cash flow guidance. GE Aerospace is down 3.2%, while 3M and RTX are steady following earnings beats.

Overnight in Asia, the Nikkei fell 1.3% and the KOSPI dropped 3.7%, while the Hang Seng bucked the broader trend with a 1.3% gain. European markets remain under pressure, with the DAX down 0.8% and the FTSE down 0.6%.

In Commodities, Crude Oil is up 5.6%, climbing towards $110.00/bbl, while Brent Crude is up 1.5%, moving above $110.00/bbl. Gasoline is up 0.6%, holding above $3.20/gallon. Gold is down 0.4%, falling away from $4,200/oz, while Silver is up 0.2% and Copper is steady near $6.55/lb.

In Currencies and fixed income, the US Dollar Index is down 0.2% and the Euro is steady. US Treasury yields are little changed, with the 10-year note near 5.10% and the 30-year bond near 5.40%.

Netflix and SpaceX report earnings after today’s close. Wednesday’s headliners include Thermo Fisher*, Tesla, Meta Platforms*, Texas Instruments and Lam Research, followed by Procter & Gamble on Thursday and Rogers Communications on Friday. The economic calendar remains relatively quiet until Friday, when Flash PMI reports and retail sales figures for Canada and the UK are due.

* Shares of Thermo Fisher and Meta Platforms are held in portfolios managed by SIA Wealth Management.

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