Wells Fargo's Chris Harvey predicts S&P 500 will jump 16%, sees AI trade as key driver
Chris Harvey, Wells Fargo Securities head of equity strategy and managing director, joins 'Fast Money' to talk his bull case for the S&P 500.
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Hamilton Spectator
28 minutes ago
- Hamilton Spectator
Canada could gain as global investors rethink U.S. emphasis: BNP economist
TORONTO - Canada stands to gain as global investors rethink their focus on the United States, the chief economist at one of Europe's largest banks says. BNP Paribas chief economist Isabelle Mateos y Lago said in an interview that the volatility in the U.S. is making investors regain an appreciation of the value of stable returns and predictability, even if it means giving up some of the outsized gains it has offered in recent years. 'The general situation is every investor on the face of the planet has been very overweight (the) U.S. economy, and is now going through a thought process of thinking, maybe I shouldn't be so overweight the U.S. economy, and I need to diversify and find alternatives,' she said. 'So every other geography is going through a bit of a beauty contest right now in the eyes of global investors, and has an opportunity to shine, and I think Canada is one of those.' Mateos y Lago, who was in Toronto this week visiting clients, said Canada's recent election helps give the country some momentum, while efforts to address structural barriers like internal trade will also help growth. 'It's a moment of opportunity and so I would be shocked if Canada didn't benefit from it.' The effects of investors shifting away from the U.S. can already be seen in Canada's main stock index, as the S&P/TSX composite hit record highs this week. Mateos y Lago, who was chief markets strategist at U.S. investment manager BlackRock before taking the top economist job at BNP last year, said the focus on the U.S. in recent years has also meant other markets are relatively cheap, helping make them opportunities worth looking at. European countries are looking to Canada as a source of trade diversification, just as Canada is looking across the Atlantic. Geography does present challenges, but otherwise there's much going for increased ties including language, culture and regulations, she said. 'There are obvious complementarities, and things that should make this easier than with some other potential trade counterparts,' said Mateos y Lago. 'There's a renewed momentum on both sides to try and diversify from the U.S. market, and so this mutual interest, I'm sure the talks will be fruitful.' While Canada already has free trade deals in place with Europe, along with many other partners, Mateos y Lago said there's room to be more ambitious by further reducing tariffs and trade barriers between partners. Prime Minister Mark Carney will have an opportunity to talk directly with his European counterparts as G7 leaders, which include France, Germany, Italy and the United Kingdom along with Japan and the U.S., are set to meet next week in Alberta. As chair of the G7 this year, Canada has an important role to play in trying to save and preserve the rules-based global order that has benefited so many, said Mateos y Lago. 'Canada is one of the countries that can help emphasize the interests that all the key economies have in common, and keep working together and trying to safeguard as much of the existing system of rules as can be because that will be to the benefit of all,' she said. 'The more we see that there is common ground still across all the members of the G7, and maybe on some issues with the broader invited guests, I think the more that will be a sign to economic agents everywhere that it's OK, that the house is still standing.' This report by The Canadian Press was first published June 12, 2025.
CNBC
39 minutes ago
- CNBC
Stock futures are little changed as major averages head for winning week: Live updates
Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., June 11, 2025. Brendan McDermid | Reuters U.S. stock futures were little changed on Thursday night as traders prepared to end the week on a positive note. Futures tied to the Dow Jones Industrial Average slipped 58 points, or 0.13%. S&P 500 futures dropped 0.16%, while Nasdaq 100 futures lost 0.15%. In extended trading, home furnishings retailer RH surged 19% after first-quarter adjusted earnings trounced Wall Street's expectations. The company also said it has been shifting sourcing out of China in response to evolving tariff policy. In Thursday's regular session, the 30-stock Dow and the Nasdaq Composite each added 0.2%. The broad market S&P 500, which added nearly 0.4%, is creeping closer to the all-time high reached in February; it's less than 2% off that level. The May reading of the producer price index helped lift the major averages, reflecting a gain of 0.1% from the prior month. That's cooler than the 0.2% increase economists polled by Dow Jones were seeking. Bond yields also eased, lifting investors' sentiment. Earlier this week, the May consumer inflation report also came in cooler than anticipated. Nevertheless, investors' worries over the White House's tariff policy kept a firm lid on market gains. Treasury Secretary Scott Bessent signaled on Wednesday that the Trump administration would be open to extending the current 90-day tariff pause beyond the July 9 deadline for top trading partners – if they show "good faith" in negotiations. However, President Donald Trump raised fears of unilateral tariffs, telling reporters, "We're dealing with Japan, we're dealing with South Korea. We're dealing with a lot of them. So we're going to be sending letters out, in about a week and a half, two weeks, to countries, telling them what the deal is, like I did with EU." Stocks are on track for solid gains thus far this week, with the S&P 500 up nearly 0.8% and the Nasdaq Composite on pace for a 0.7% advance. The Dow is tracking for a 0.5% increase. All three are on pace for their third consecutive positive week. On the economic front, investors will be waiting for the preliminary June reading of the University of Michigan's consumer sentiment report.
Hamilton Spectator
an hour ago
- Hamilton Spectator
S&P/TSX composite index closes up as gold rises, U.S. markets also higher
TORONTO - Canada's main stock index pushed to another record close on Thursday, helped by a rise in the price of gold, while U.S. markets also closed higher after mixed trading earlier in the day. The S&P/TSX composite index closed up 91.59 points at 26,615.75 in broad gains that included telecoms, financials and health care, while tech and base metal stocks were down. The market has been on a fairly steady climb since early April when U.S. tariff plans rattled markets globally and helped send gold prices soaring, which in turn has helped the TSX, said John Zechner, chairman and lead equity manager at J. Zechner Associates. 'I think people lose sight of the fact how important the gold stocks are in our index now,' he said, noting the sector makes up about 13 per cent of the index. Other sectors like financials and energy haven't been performing that well but gold stocks have benefited from the price of the metal climbing from around US$2,600 an ounce at the start of the year to over US$3,300 in recent weeks. 'It's really those gold stocks that carry the day.' Gold rose again Thursday, with the August contract up US$58.70 at US$3,402.40 an ounce, a day after lower-than-expected inflation data out of the U.S. pushed down the U.S. dollar because there was less need for the Federal Reserve to raise interest rates. 'It's playing that correlation perfectly,' said Zechner. 'The trade-weighted U.S. dollar is getting hit hard today, and gold just, you know, surged on that again.' The rise helped push Barrick Mining Corp. up nearly three per cent, Lundin Gold Inc. up 6.4 per cent and Kinross Gold Corp. up 1.4 per cent. Equinox Gold was, however, down 5.7 per cent after raising its cost guidance and notifying of slower-than-planned production at its Greenstone gold mine in Ontario. New York markets had been mixed earlier in the day but closed higher. The Dow Jones industrial average closed up 101.85 points at 42,967.62. The S&P 500 index was up 23.02 points at 6,045.26, while the Nasdaq composite was up 46.61 points at 19,662.48. Updates on trade talks, which have helped drive market sentiment in recent weeks, were more scant Thursday. Investors will be looking to the G7 meeting in Alberta early next week for any signs of progress, said Zechner. 'They're not doing a communique or anything like that, it's just, you know, how much will Trump stir up relative to the other guys, and what will come out of that.' The Canadian dollar also benefited from a weakening U.S. currency, trading for 73.46 cents US compared with 73.18 cents US on Wednesday. The July crude oil contract was down 11 cents US at US$68.04 per barrel and the July natural gas contract was down two cents US at US$3.49 per mmBTU. The July copper contract was up three cents US at US$4.84 a pound. This report by The Canadian Press was first published June 12, 2025. Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
