Wall Street divided as week ends
"It's a risk-on environment, and while there's chatter about Fed cuts, the reality is more nuanced," Ken Mahoney, CEO at Mahoney Asset Management told CNBC Friday. "Historically, bull cycles tend to perform better without rate cuts and the first cut is often a bearish signal, though there's a valid case to be made this time around, especially with inflation cooling and GDP growth projections still intact after we got through the threat of massive tariffs.
Key Market Moves
S&P 500 (^GSPC): Closed Friday nearly flat at 6,296.79, down just 0.57 points (0.01 percent) in thin trading.
Dow Jones (^DJI): Fell 142.30 points (0.32 percent) to 44,342.19, weighed down by declines in industrial and financial stocks.
Nasdaq (^IXIC): Eked out a gain of 10.01 points (0.05 percent) to 20,895.66, supported by tech resilience.
Economic Strength Supports Markets
Thursday's data reinforced confidence in the U.S. economy:
Jobless claims fell to 221,000 for the week ending July 12, down 7,000 from the prior week, signaling labor market resilience.
Retail sales surged 0.6 percent in June, outpacing the 0.2 percent forecast, as consumer spending remained robust.
Analyst Insights
"The retail sales beat and declining jobless claims suggest the economy isn't just avoiding a slowdown—it's accelerating," said Mark Richardson, chief economist at Sterling Capital. "That's keeping the Fed in a holding pattern, but markets are still pricing in a September rate cut."
Global Forex Markets Wrap Up Friday with Mixed Movements
The foreign exchange market closed Friday with a split performance, as the U.S. dollar saw gains against some major currencies while weakening against others amid shifting economic sentiment.
Key Currency Pairs
EUR/USD rose to 1.1622, climbing 0.23 percent as the euro strengthened on improved Eurozone economic data.
GBP/USD held steady at 1.3414, dipping just 0.01 percent in muted trading.
USD/JPY edged higher to 148.75, gaining 0.11 percent as the yen remained under pressure from Bank of Japan policy expectations.
USD/CHF fell to 0.8016, dropping 0.43 percent as the Swiss franc found support from safe-haven flows.
Commodity Currencies Gain
AUD/USD advanced to 0.6507, rising 0.3 percent on stronger commodity demand.
USD/CAD declined to 1.3727, down 0.18 percent, as higher oil prices lent strength to the Canadian dollar.
NZD/USD jumped to 0.5962, up 0.5 percent, outperforming peers amid positive risk appetite.
Market Outlook
Traders remain focused on central bank policies, with the Federal Reserve's rate-cut timeline and European inflation data likely to drive forex volatility next week.
Global Stock Markets Wrap Up Friday with Mixed Performance
Global stock indices ended Friday's trading session with mixed results, as some markets saw modest gains while others dipped amid fluctuating investor sentiment.
Canada
S&P/TSX Composite (^GSPTSE): Slipped 72.92 points (0.27 percent) to 27,314.01, mirroring cautious sentiment in North American markets.
Europe
The FTSE 100 (^FTSE) edged higher, closing at 8,992.12, up 19.48 points or 0.22 percent. Meanwhile, Germany's DAX (^GDAXI) slipped 81.42 points, or 0.33 percent, to 24,289.51. France's CAC 40 (^FCHI) was nearly flat, inching up just 0.67 points (0.01 percent) to 7,822.67.
The broader Euro Stoxx 50 (^STOXX50E) declined 17.92 points, or 0.33 percent, settling at 5,359.23. Belgium's BEL 20 (^BFX), however, gained 14.39 points, or 0.32 percent, closing at 4,544.39.
Asia and Pacific
In Asia, Hong Kong's Hang Seng (^HSI) surged 326.71 points, or 1.33 percent, to 24,825.66, while Singapore's STI (^STI) rose 28.07 points, or 0.67 percent, to 4,189.50.
China's Shanghai Composite (000001.SS) rose 17.66 points, or 0.50 percent, to 3,534.48.
Australia's S&P/ASX 200 (^AXJO) jumped 118.20 points, or 1.37 percent, to 8,757.20, and the All Ordinaries (^AORD) climbed 116.00 points, or 1.30 percent, to 9,006.80.
However, India's S&P BSE Sensex (^BSESN) fell 501.52 points, or 0.61 percent, to 81,757.73, while Indonesia's IDX Composite (^JKSE) gained 24.89 points, or 0.34 percent, to 7,311.92.
Malaysia's KLSE (^KLSE) rose 4.92 points, or 0.32 percent, to 1,525.86, while New Zealand's NZX 50 (^NZ50) dipped 25.01 points, or 0.19 percent, to 12,880.40.
South Korea's KOSPI (^KS11) slipped 4.22 points, or 0.13 percent, to 3,188.07, while Taiwan's TWSE (^TWII) rallied 269.85 points, or 1.17 percent, to 23,383.13.
Japan's Nikkei 225 (^N225) declined 82.08 points, or 0.21 percent, to 39,819.11.
Middle East
Most Mideast markets were closed on Friday and will reopen on Sunday.
Africa
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Vancouver Sun
a few seconds ago
- Vancouver Sun
The Doug Ford Doctrine: 'We really have to flex our muscles'
Ontario Premier Doug Ford is hosting Canada's premiers in Muskoka starting Monday at a Council of the Federation summer gathering. Premiers of the 13 provinces and territories can look forward to enjoying Alberta-bred and Ontario-fed beef on the grill at the Ford family cottage. They will have a special guest: Prime Minister Mark Carney. 'For the first time ever that I can remember,' Ford says, 'the prime minister is invited. That would have never happened with Trudeau, but it's happening under Mark Carney. And he's going to be welcomed with open arms.' Rather than the premiers getting together 'to bitch and complain about the federal government,' Ford chuckles, 'we get to present it right to him (Carney) as he's sitting around the dinner table and we're talking to him.' Start your day with a roundup of B.C.-focused news and opinion. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Sunrise will soon be in your inbox. Please try again Interested in more newsletters? Browse here. 'The access is phenomenal,' Ford says of his own relationship with the PM, 'I'll message him, he gets right back to me. It's all about communication and relationship-building. 'And, he's a very, very great business person,' Ontario's premier enthuses, listing off Carney's credentials (without a mention of potential conflicts of interest). 'He gets it,' Ford says. 'He's going to go in there and he's going to clean house in Ottawa, which is well overdue.' Figuring out how Team Canada will respond to U.S. President Donald Trump's declaration of a blanket 35 per cent tariff on goods imported from Canada as of Aug. 1 — on top of previously implemented tariffs on auto parts, steel, aluminum and copper — will no doubt be the premiers' top priority in cottage country next week. 'Elbows up or elbows down? What's the strategy, now?' I ask Ford in a recent call. 'We have to negotiate through strength,' Ford responds, 'and we really have to flex our muscles and make sure President Trump hears us.' 'Because in closed-door meetings and in our phone calls with governors — and they pull a lot of weight, I heard that from (U.S. Commerce Secretary Howard) Lutnick — Republicans don't want this,' Ford reports 'Democrats obviously don't want this, and Republicans don't want it. But they're terrified to say anything publicly,' he says. Only a few U.S. senators have spoken up, Ford adds, 'and God bless them.' Carney is advancing several strategies — promoting free trade within Canada; negotiating a security and trade pact with America, in good faith; and at the same time, forging strategic partnerships with the EU to beef up security and defence alliances and boost trade and economic security. This week, Carney announced measures to protect the nation's steel industry, including guarding against foreign steel entering Canada to bypass Trump's tariffs. Breaking down trade barriers between provinces is a strategy Ontario has embraced; the province has signed memorandums of understanding with all provinces except Quebec, B.C. and Newfoundland. And Ford sees other cards to be played, other ways to pressure the Trump administration for a fair trade deal. 'I've been very transparent with Secretary Lutnick, we're going to start on-shoring everything,' Ford says. 'We're going to on-shore the steel beams, the I-beams. We have more cranes in the sky in Toronto and the GTA than their top 10 cities combined.' 'We're going to on-shore the aluminum cans, the beer cans … to make sure we don't have to see a tariff of 25 per cent on the aluminum going down (to the U.S.), they convert it, print it, and send it back up (to Canada) with another 25 per cent; that's 50 per cent.' Ford's government is giving incentives to companies — to turn aluminum into cans, produce steel I-beams, and manufacture steel rails used in transit projects. This strategy tracks with Carney's recent commitment to rely more on Canadian steel for Canadian projects. 'Canada buys more off the U.S. than China, than Japan, than Korea, U.K. and France combined,' Ford elaborates. 'We're their largest customer, and yes, they're our largest customer. But Ontario alone employs nine million Americans who wake up every morning to build a widget or provide a service to Ontario alone.' '(Americans) are going to feel the pressure,' Ford says. 'They're going to feel the pressure when Americans start losing their jobs because we're going to start on-shoring everything, and once that happens, I told Lutnick, it's hard to turn that tap off.' And, Ford continues, Canada can leverage its supplies of critical resources. American governors, both Republicans and Democrats, tell Ford the same thing: 'There are two things they're interested in: our nuclear energy and our critical minerals.' Repeating his well-worn adage — 'Canada is not the threat; China is the real threat' — Ford explains how China's lock on 90 per cent of the world's critical minerals makes Ontario's resources in the Ring of Fire all the more essential to Americans. 'And we don't believe in rip and ship,' Ford assures me, 'we're going to make sure that we mine it with Ontario workers, we're going to refine it here in Ontario with Ontario workers, and then we'll have the option of shipping it around the world.' Ford's also pitching a deep sea port to facilitate exports, in a couple of locations — one in Ontario, in Hudson's Bay, and one in Manitoba. 'It will wake up President Trump real quick,' Ford quips, 'if we start shipping it to our other allies around the world and not to him.' Ford is the premier of Ontario — it's his job to look out for that province's interests — but there's no question he's fully steeped in Team Canada spirits. 'We all have something that we're bringing to the table,' he assures me, repeatedly. 'The U.S. needs our high-grade nickel,' Ford asserts, 'to be used in the military, in aerospace, in manufacturing. It's no different from the aluminum, from Quebec, being shipped down there, or the potash or uranium from Saskatchewan, and obviously, the 4.3 million barrels of oil we ship down to the U.S. But we're going to diversify that and not rely on the U.S. Yes, we have one pipeline going west, but we need another one going west, east, north and south.' Ford is also effusive about the need to get rid of the tanker ban on the West Coast and revamp the impact assessment act. 'Those days are done. They're gone,' he says. 'We have to start moving forward and create the conditions for the rest of the world to look at investing in not just Ontario but other jurisdictions across Canada, from coast to coast to coast.' I moved from Ontario to Alberta in the early 1980s — a time when Alberta premier Peter Lougheed was struggling with prime minister Pierre Elliott Trudeau's National Energy Program — and can still recall the bitter disappointment of Ontario premier Bill Davis's unwillingness to support Alberta's interests. I admit to being impressed by Ford's visit to the recently concluded Calgary Stampede, and not just by his commitment to flip pancakes alongside Smith, whose griddle experience is legendary. Ontario's premier also inked two MOUs with Alberta, to advance freer trade between the provinces and publicly endorse mutually beneficial national-interest projects, including an oil pipeline from Alberta to Ontario (fabricated with Ontario steel). Although Ford's not sure if Carney will be specific about the nation-building projects selected to move forward, in the upcoming discussions around the table in Muskoka, he's optimistic provincial leaders — and their constituents — recognize this unique opportunity to move forward on national infrastructure projects. 'We're moving forward and we're going to see another $200 billion going into our economy, increase our GDP anywhere upwards to six per cent,' Ford says. He expects his fellow premiers will have to hop on this train. 'The residents of each province are going to demand that they get on that train as we're moving forward,' he says, 'because they want to prosper as well.' National Post Our website is the place for the latest breaking news, exclusive scoops, longreads and provocative commentary. Please bookmark and sign up for our daily newsletter, Posted, here .
Globe and Mail
2 hours ago
- Globe and Mail
Here's Why This $50 Healthcare Stock Could Be the Next $200 Winner
Key Points Exelixis' most important product should continue driving strong financial results through the end of the decade. The oncology specialist is working on a next-gen medicine that could be even better than its crown jewel. The midcap biotech looks well-positioned to deliver market-beating returns over the long run. 10 stocks we like better than Exelixis › A decade ago, shares of Exelixis (NASDAQ: EXEL), a biotech company specializing in oncology, were trading for under $10 per share. Today, the drugmaker's shares are changing hands for about $45 apiece. In other words, Exelixis has crushed the market since 2015. Some might think there is little upside left for the stock after this run, but that's not the case. Read on to find out why Exelixis still has plenty of growth fuel left in the tank. EXEL Total Return Level data by YCharts. Cabometyx is still doing the heavy lifting Exelixis is best known for its cancer medicine, Cabometyx. First approved in the U.S. in 2016 for patients with renal cell carcinoma (RCC, a form of kidney cancer), it was a bit of a breakthrough as the first therapy to show significant improvements for RCC patients in three important measures: overall survival, progression-free survival, and objective response rate (the percentage of patients who respond to treatment). Cabometyx has since earned numerous label expansions, and it continues to help drive solid top- and bottom-line growth for Exelixis. In the first quarter, the company's revenue jumped by 30.6% year over year to $555.4 million. The company's adjusted earnings per share (EPS) more than tripled to $0.62. Cabometyx has proven to be a successful pipeline drug, becoming the most prescribed tyrosine kinase inhibitor (a type of cancer drug that targets and kills cancer cells) among RCC patients, while making headway in hepatocellular carcinoma (liver cancer) and other markets. Despite Cabometyx's success, though, Exelixis will need more to continue delivering above-average returns over the long run. Generic competition for the medicine is expected to enter the U.S. market by 2030. Thankfully, Exelixis is already preparing for that eventuality. The next stage of growth Exelixis aims to apply the same blueprint that has made it successful over the past decade: developing a cancer medicine that can become a standard of care in a niche with a high unmet need, while earning label expansions in many other markets. The company appears to have already discovered its next gem. Exelixis recently reported positive top-line phase 3 results for zanzalintinib in patients with metastatic colorectal cancer (CRC). Despite having a high 5-year survival rate when caught early, CRC is the second-leading cause of cancer death worldwide partly because, once it has metastasized, there are few effective treatment options. Exelixis is looking to change that with zanzalintinib, and the company's apparent phase 3 success suggests it might be able to pull it off. Furthermore, zanzalintinib is being investigated across other indications, including those where Cabometyx is dominant, such as RCC. The former seems to have a better safety profile than its predecessor, among several other advantages. Beyond RCC and CRC, Exelixis plans to start several other late-stage studies for its next crown jewel this year, all of which will test it against current standards of care. As they say, to be the best, you have to beat the best. That's what Exelixis aims to do with zanzalintinib. Exelixis expects zanzalintinib to generate about $5 billion in sales eventually, far exceeding Cabometyx's current total or, for that matter, Exelixis' annual revenue. There is still some work to be done to get there, but early signs suggest that zanzalintinib is an excellent candidate. Exelixis' recent clinical progress also reinforces its leadership in oncology. The biotech company has several other early-stage candidates in development that could help it move beyond Cabometyx once it starts facing generic competition. Can Exelixis get to $200? From its current stock price of approximately $45, Exelixis needs a compound annual growth rate (CAGR) of at least 16.1% to reach $200 within the next decade and 10.5% to achieve this in 15 years. The former goal is ambitious, but the stock has delivered even better returns than that over the past decade. Although the past is no guarantee of future success, Exelixis' MO has remained the same and could, once again, allow it to generate monster returns over the long run as it makes significant clinical and regulatory progress with zanzalintinib and other pipeline candidates. Even if it falls short of this goal, though, my view is that Exelixis is well-positioned to deliver market-beating returns to patient investors -- the 15-year path to $200 would still be impressive. Either way, the stock looks like a buy. Should you invest $1,000 in Exelixis right now? Before you buy stock in Exelixis, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Exelixis wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $652,133!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,056,790!* Now, it's worth noting Stock Advisor's total average return is 1,048% — a market-crushing outperformance compared to 180% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of July 15, 2025
Globe and Mail
3 hours ago
- Globe and Mail
Is Nvidia Stock Too Expensive to Buy Now?
Key Points Data center growth is slated to continue for some time. Nvidia's GPUs are unrivaled in the AI space. Many stocks trade at the same price tag as Nvidia with far less growth. 10 stocks we like better than Nvidia › Nvidia (NASDAQ: NVDA) has been the top artificial intelligence (AI) stock to own for some time now, but with its latest rise, many investors are concerned that Nvidia's stock is too expensive to buy more shares at the current price. While I understand the hesitation, I think there is a compelling argument that Nvidia isn't expensive when you take a longer view than just a single year. If you can commit to owning Nvidia stock for three to five years, I think there's a good reason to buy the stock right now. However, if you're only looking at a single year, the stock may appear somewhat pricey. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Learn More » Data center expansion will continue to be a massive source of growth Nvidia is the global leader in graphics processing units (GPUs), and it has established this position through superior hardware and unmatched software that allow users to optimize GPUs for various workloads. One estimate pegs Nvidia's data center market share for GPUs at 90%, which underscores just how widely used Nvidia's products are. GPUs aren't just popular for AI workloads; they're used whenever an arduous computing task is involved. Whether it's drug discovery, cryptocurrency mining, engineering simulations, or their original purpose, gaming graphics, GPUs excel at the task because of their ability to process multiple calculations in parallel. Combine that with the ability to connect GPUs in clusters, and their computing power can be quickly amplified. As more data centers are built, the demand for GPUs is expected to rise, which will likely benefit Nvidia's stock over the long term. For 2025, the AI hyperscalers all announced record capital expenditures, with most of the funds going toward data center construction. While this is impressive, the records are likely to be shattered again in 2026, as data center construction spans multiple years. This supports a third-party projection that Nvidia cited during its 2025 GTC conference, stating that 2024 global data center capital expenditures totaled $400 billion but are expected to rise to $1 trillion by 2028. Should that occur, Nvidia's stock has plenty of room to run, as it captures a large portion of that spending. In the company's fiscal-year 2025 (which encompasses most of 2024), its data center revenue totaled $115 billion, which means Nvidia captures nearly 30% of total data center spending. If it can maintain that market share, it has the potential to generate $300 billion from data centers alone, provided the projection comes true. That's a significant upside from today's totals, making today's stock price appear less expensive than it initially seems. Nvidia's stock appears expensive, but so do many others in the market Currently, Nvidia's stock trades at about 40 times forward earnings. NVDA PE Ratio (Forward) data by YCharts That's historically quite expensive, but few companies have been able to sustainably grow as quickly as Nvidia. For Q2, Nvidia expects 50% revenue growth, which is far more than the majority of companies in the market. Furthermore, if you're going to call Nvidia expensive, then there are countless other stocks investors must be cautious with. Stocks like Amazon (NASDAQ: AMZN) (36 times forward earnings), Eli Lilly (NYSE: LLY) (35 times forward earnings), and Costco Wholesale (NASDAQ: COST) (53 times forward earnings) are just as expensive as Nvidia, yet don't have near the growth rate or upside. NVDA PE Ratio (Forward) data by YCharts I think it's safe to say that the broader market is rather expensive as a whole, but with how rapidly Nvidia is growing and how bright its long-term prospects are, I think investors are still safe to pick up shares here, as long as they have the mindset that they're holding for three to five years. If you can keep that time frame in mind, Nvidia is still a compelling investment. Should you invest $1,000 in Nvidia right now? Before you buy stock in Nvidia, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Nvidia wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. 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