We’re Moving... but Staying Close By!
We’re pleased to announce that our team will soon be moving into a brand-new space—still in the same building, but on the upper floor. This move to the 3rd floor, suite 303, marks an exciting new chapter for us in a space that’s been completely reimagined and better suited to our growth and the way we work.
What’s planned: 4 to 6 weeks of full renovations to transform the space into a work environment that reflects who we are—elegant, modern, and functional. This new office will align seamlessly with our overall vision and mirror the concept of our Montréal office, bringing consistency to both the client experience and our corporate culture.
During the renovations, we remain fully available to serve you, here to support you with the same care and professionalism as always.
We can’t wait to welcome you into this new space, designed for the future—with you in mind.
See you very soon!
Markets in Brief
Monday
• Dow Jones: [-0.91%] (37,965.60 points)
• S&P 500: [-0.23%] (5,062.25 points)
• NASDAQ: [+0.10%] (15,603.26 points)
• TSX (Toronto): [-1.00%] (21,595.32 points)
On the currency market, the Canadian dollar traded at an average rate of 74.20 US cents, down from 74.55 US cents the previous day.
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Markets Shaken by Trump’s Tariff Escalation
North American markets experienced a session marked by extreme volatility as President Donald Trump threatened to impose an additional 50% in tariffs on Chinese goods starting April 9. These trade tensions, described by several observers as economic wars, triggered massive selloffs, margin calls, and record speculative activity.
• Dow Jones (-0.91%): The flagship index lost 349.26 points and saw a historic day with a 2,595-point swing between its session low and high — an all-time record.
• S&P 500 (-0.23%): Dropped as much as 4.7% at its intraday low, nearly entering bear market territory, before slightly recovering by the end of the session.
• NASDAQ (+0.10%): Ended slightly higher thanks to targeted buybacks of tech mega-caps like Nvidia and Palantir, after plunging more than 5% earlier in the day.
• Trading volume: Nearly 29 billion shares traded, the highest level in 18 years, illustrating market panic.
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Stocks in Brief
Top Gainers of the Session
• Janover (+1,000.00%): Spectacular surge after adopting a treasury strategy focused on Solana cryptocurrency, following a takeover by a group of crypto sector players.
• Nvidia (+2.80%): Technical rebound in a volatile environment, benefiting from investor support as a tech safe haven.
• Palantir (+1.45%): Moderate gain thanks to its defensive profile and stable government contracts.
• Meta (+1.10%): Moderate rebound in the wake of other tech mega-caps.
• AMD (+0.95%): Technical rebound in the semiconductor sector after intense pressure in previous days.
Top Losers of the Session
• Apple (-3.70%): Continued to fall due to its direct exposure to the Chinese market, with nearly $640 billion in market cap wiped out in three sessions.
• Tesla (-2.95%): Hit by concerns over declining exports to China and waning demand.
• Boeing (-2.25%): Impacted by uncertainty over international orders amid a trade war climate.
• ExxonMobil (-2.12%): Fell along with a sharp drop in oil prices.
• Procter & Gamble (-1.85%): Hurt by expectations of rising import costs on consumer goods.
• Caterpillar (-2.40%): Collateral victim of the anticipated global trade slowdown.
• Coca-Cola (-1.60%): Decline linked to tensions in global supply chains.
• Goldman Sachs (-1.75%): Under pressure due to heightened risks in the financial system tied to forced sales.
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Sector Performance
• Sector Up: Information Technology
Despite the instability, the tech sector offered slight support to the NASDAQ, driven by buybacks in high-quality names. Stocks like Nvidia, Palantir, Meta, and AMD benefited from a defensive repositioning by investors.
• Sectors Down: Energy, Consumer, Industrials
The energy sector dropped as U.S. crude fell 2.08% to $60.70 per barrel, its lowest level since 2021. Industrial names like Caterpillar and consumer stocks like P&G suffered from expectations of rising import costs and a global economic slowdown.
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Global Impact: International Markets in Freefall
Asian markets suffered a complete collapse, with losses reaching up to 13% in Hong Kong and 7% on other regional exchanges. In Europe, major Bourses also recorded sharp declines of around 4.5%, following trade tensions initiated by the U.S. This contagion highlights the systemic importance of Washington’s protectionist decisions.
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Voices Rise Against Tariff Policy
Several influential figures publicly denounced President Trump’s strategy. On X, Bill Ackman, manager of the Pershing Square fund, criticized a “global economic war” policy that undermines investor confidence in the U.S. economy. He called for a 90-day delay to renegotiate tariff terms:
“The president has the opportunity to negotiate and resolve asymmetric and unfair tariff agreements, and trigger trillions of dollars in new investments. Otherwise, we enter an economic nuclear war.”
He warned this strategy would stall investment, shut down consumer wallets, and trigger waves of layoffs — with SMEs hit hardest. Ackman concluded that trust is the core of the economy, and the president is losing it.
Stan Druckenmiller, for his part, said he was not in favour of tariffs above 10%, calling them historically damaging.
According to a note from Montréal-based firm Claret, a pause on the tariff front could boost markets. CIBC analysts recommend investors create a watch list of high-potential stocks, especially those hit by corrections despite strong fundamentals.
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Tuesday
• Dow Jones: [-0.84%] (37,645.59 points)
• S&P 500: [-1.57%] (4,982.77 points)
• NASDAQ: [-2.15%] (15,267.91 points)
• TSX (Toronto): [-1.54%] (22,506.90 points)
On the currency market, the Canadian dollar traded at an average rate of 70.44 US cents, up from 70.29 US cents the previous day.
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Markets Collapse on Eve of Tariff Implementation
Markets tumbled again Tuesday, despite a sharply bullish open, as investors saw early optimism vanish with the White House confirming the imminent enforcement of a cumulative 104% tariff on Chinese imports.
All three major U.S. indexes closed lower, in a session marked by another dramatic reversal similar to the day before.
• Dow Jones (-0.84%): The index dropped 320.01 points after gaining over 1,300 points earlier in the day. It now shows a loss of over 4,500 points in four sessions.
• S&P 500 (-1.57%): The broad index fell below the 5,000-point mark for the first time since April 2024, down nearly 19% from its February peak, nearing bear market territory.
• NASDAQ (-2.15%): The tech-heavy index lost over 13% in four sessions. It had surged 4.5% in the morning before reversing sharply.
• Volatility: The VIX, Wall Street’s fear index, reached levels comparable to the COVID-19 crisis. Three straight days of volatility above 6% has only occurred during the 1987 crash, the 2008 financial crisis, and pandemic lows.
The new tariffs, confirmed for 12:01 a.m., add to existing ones and cover a wide array of Chinese goods. Beijing responded with 34% tariffs starting Thursday.
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Stocks in Brief
Top Gainers of the Session
• UnitedHealth (+5.41%): Significant gain after a larger-than-expected increase in the 2026 budget envelope for the Medicare Advantage program.
• Humana (+10.69%): Surged on the same public healthcare funding announcement, benefiting from its deep involvement in the segment.
Top Losers of the Session
• Apple (-4.98%): Once again hit by its exposure to China, the company lost its top market cap spot to Microsoft (-0.92%). In four days, Apple’s market value shrank by nearly $750 billion.
• Wayfair (-12.00%): Tumbled as the new tariffs extended to several Asian countries including Vietnam, where the company had relocated part of its production.
• Ford (-5.95%), General Motors (-2.41%), Stellantis (-7.88%): Automakers plunged after Canada announced 25% tariffs on some U.S. vehicles in response to Washington’s surcharges.
• Tesla (-3.10%): Affected by general anxiety in the auto sector and its global exposure.
• Amazon (-2.45%): Declined with consumer and e-commerce stocks amid inflation risks.
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Sector Performance
• Sector Up: Healthcare
Healthcare outperformed, driven notably by strong gains from UnitedHealth and Humana after news of increased federal funding for Medicare Advantage.
• Sectors Down: Technology, Consumer, Automotive
The tech sector was once again hit hard by the prospect of a prolonged trade war, with major losses for Apple, Amazon, and Wayfair. Consumer discretionary and auto names suffered from tougher tariffs and Canadian retaliation.
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A Failed Rebound, Markets Lacking Clear Direction
The session started on a hopeful note. The main indexes posted morning gains of more than 3%, fuelled by rumours of diplomatic progress. President Trump mentioned an “excellent conversation” with South Korea’s interim president, and Treasury Secretary Scott Bessent referred to interest from 70 countries in negotiating tariff relief.
But optimism was short-lived. In the afternoon, the White House confirmed the tariff schedule, ending hopes of a compromise. Spokesperson Karoline Leavitt stated that “Americans don’t need other countries as much as they need us,” and “President Trump has a spine of steel.”
Economic advisor Kevin Hassett added that trade priorities would now focus on allies like Japan and South Korea, relegating China and the European Union to the background.
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Wednesday
• Dow Jones: [+7.87%] (40,608.45 points)
• S&P 500: [+9.52%] (5,185.17 points)
• NASDAQ: [+12.16%] (16,127.40 points)
• TSX (Toronto): [+5.00%] (22,184.36 points)
On the currency market, the Canadian dollar traded at an average rate of 73.84 US cents, up from 72.91 US cents the previous day.
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Trump Announces 90-Day Tariff Pause: Historic Day on Wall Street
Markets recorded one of their most spectacular sessions in history on Wednesday, April 9, 2025, after President Donald Trump announced a 90-day pause on certain tariffs targeting cooperative countries. The move was seen as a sign of easing after several days of panic sparked by protectionist rhetoric.
The NASDAQ surged more than 12%, marking its best day since January 2001 and second best ever. The S&P 500 logged its third-best daily gain since WWII, while the Dow Jones jumped nearly 3,000 points (+7.87%), its strongest performance since March 2020.
• Apple (+15.00%): The tech giant rebounded spectacularly after losing $774 billion in market cap over the previous four sessions — its best day since January 1998. Apple reclaimed the top market cap spot.
• Tesla (+22.00%): Logged its best session since May 2013 and second best ever, benefiting from tariff easing and supportive comments from U.S. officials.
• Advanced Micro Devices (+24.00%): Soared on prospects of easing trade tensions and strong investor appetite for tech stocks.
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Stocks in Brief
Top Gainers of the Session
• Nvidia (+18.00%): Explosive demand in AI and cloud, coupled with the absence of immediate new taxes, propelled the stock.
• Reddit (+7.00%): Newly public, the company continued its ascent fuelled by investor interest in tech and community stocks.
• Meta Platforms (+15.00%): Zuckerberg’s company soared as part of a broad catch-up rally among the GAFAM.
• Amazon (+12.00%): The online retailer, highly exposed to import costs, gained from the prospect of tariff relief.
• Microsoft & Alphabet (+10.00% each): Both giants rose in the wake of other Big Tech stocks, supported by a shift toward growth assets.
• Intel (+19.00%): The chipmaking veteran enjoyed a huge lift from the tech sector rally.
• On Semiconductor, Qorvo, Broadcom, and Skyworks (+18% each): Key Apple suppliers and semiconductor players surged along with the sector.
• VanEck Semiconductor ETF (+17.00%): The semiconductor ETF had its best day ever.
• Walmart (+10.00%): Retail giants were seen as big winners from the import tariff pause.
Top Losers of the Session
None. The rally was almost universally positive — a rare event in market history.
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Sector Performance
• Sector Up: Technology
Tech led the rally, driven by fierce appetite for growth stocks. The easing of trade tensions directly benefited supply chain-sensitive names, especially in semis and software. The NASDAQ’s exceptional performance (+12.16%) was the engine of the session.
• Sector Up: Consumer Discretionary and E-Commerce
The prospect of lower import costs lifted giants like Amazon, Walmart, and Target. The sector also benefited from renewed consumer confidence.
• Sector Down: None
The session was characterized by a complete absence of sectoral losses — all market segments ended in the green.
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Analysis and Outlook
Despite the euphoria, several portfolio managers urged caution. “The market was like a compressed spring,” said Gina Bolvin (Bolvin Wealth Management). Recent volatility had briefly pushed the S&P 500 into bear territory. The current bullish reaction mostly reflects relief, but uncertainties remain.
China, still targeted by 125% tariffs, responded with 84% countermeasures. The situation remains fragile. As Dave Sekera (Morningstar) points out, “It’s too early to declare victory.” Tense negotiations lie ahead, and markets may swing again on headline risks.
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Thursday
• Dow Jones: [-2.50%] (39,593.66 points)
• S&P 500: [-3.46%] (5,268.05 points)
• NASDAQ: [-4.31%] (16,387.31 points)
• TSX (Toronto): [-1.25%] (21,907.12 points)
On the currency market, the Canadian dollar traded at an average rate of 73.66 US cents, up from 73.40 US cents the previous day.
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Markets Pull Back After Trump’s Tariff Pause Details
After Wednesday’s historic rally, markets reversed sharply on Thursday as investors digested new details on the tariff structure announced by President Donald Trump. Despite a 90-day pause on most tariffs for cooperative nations, the White House confirmed a cumulative 145% tariff on Chinese goods, reigniting fears of prolonged trade tensions.
• Dow Jones (-2.50%): The index fell by 1,014.79 points, giving back a substantial portion of the previous day’s gains, amid growing doubts about the effectiveness of the tariff pause.
• S&P 500 (-3.46%): The broad index erased much of Wednesday’s rally as concerns mounted over economic slowdown due to higher duties on Chinese imports.
• NASDAQ (-4.31%): The tech-heavy index led losses, dragged down by sharp selloffs in major technology stocks.
• Volatility: The VIX, Wall Street’s fear gauge, surged over 50% intraday before pulling back, reflecting persistent uncertainty.
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Stocks in Brief
Top Gainers of the Session
• Gold (+3.20%): Gold futures closed at $3,177.50, marking their best day since April 2020, driven by safe-haven demand amid renewed market stress.
• US Treasury Yields: The 10-year yield rose to 4.41%, up from 4.33% the previous day, showing investor caution around inflation and rate expectations. (Not a stock but relevant highlight.)
Top Losers of the Session
• Tesla (-7.30%): The electric vehicle giant slumped again on Thursday, weighed down by fears of slowing global trade and weakening demand.
• Meta Platforms (-7.00%): The tech company dropped sharply as confidence in mega-cap tech waned following Wednesday euphoric rally.
• Nvidia (-6.00%): The semiconductor leader gave back recent gains in a broad sector pullback.
• Apple (-4.20%): Continued to suffer from its exposure to China and rising concerns over supply chains.
• Chevron (-7.57%), ConocoPhillips (-8.98%), Exxon Mobil (-5.55%): Energy giants plunged following a sharp drop in oil prices.
• Carmax (-17.00%): The used car retailer sank after reporting disappointing earnings, particularly on EPS, falling short of market expectations.
• U.S. Steel (-9.46%): Declined after President Trump expressed new reservations about the company’s sale to Japan’s Nippon Steel.
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Sector Performance
• Sector Up: Precious Metals
Gold and other safe-haven assets stood out amid broad market declines, benefiting from investors risk aversion and inflation surprises.
• Sectors Down: Technology, Energy, Consumer Discretionary
Tech stocks were hit hardest by the return of tariff uncertainty, particularly those exposed to global supply chains. Energy stocks tumbled in tandem with falling crude prices. Consumer discretionary names, especially in autos and retail, also suffered due to recessionary fears.
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Rally Fizzles as Tariff Uncertainty Returns
What began as an extension of Wednesday optimism quickly faded as investors reacted to new tariff details. The 145% effective rate on Chinese goods, combining previous 20% fentanyl-linked tariffs and the new 125% rate, cast a shadow over the 90-day pause.
Markets were also unsettled by Trump’s ambiguous remarks, where he did not rule out extending the pause but gave no assurance either:
“We’ll have to see what happens at that time,” the president stated during a Cabinet meeting.
The CPI inflation report showed a slight decrease in prices for March, mainly due to a steep drop in oil prices, offering some relief to markets. Weekly jobless claims rose slightly, matching expectations.
Investors remain on edge, as the narrative can shift rapidly, as seen with abrupt White House statements or presidential tweets.
Melissa Brown of SimCorp summed it up:
“Uncertainty is a big issue because the 145% rate could be a different number tomorrow.”
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When the Bond Market Dictates Terms to the White House
The bond crisis currently shaking the United States may well be the trigger for a major shift in U.S. economic policy. While attention often focuses on Wall Street to gauge the country’s financial health, this time it’s the much quieter—but immensely powerful—voice of the bond market that made itself heard. U.S. government bonds, long considered the world’s safest asset, lost their appeal within days, forcing President Donald Trump to suspend his tariff crusade against China.
With a federal debt of $USD 36 trillion, the U.S. is heavily dependent on foreign and institutional investors to fund its obligations. Until recently, demand for these sovereign securities remained strong, allowing Washington to borrow at relatively low rates. But this week, an unprecedented event shook the market: the 10-year U.S. Treasury yield abruptly surged to 4.5%, while the 30-year yield surpassed the 4.9% threshold—levels that raise serious concerns about the rapidly increasing cost of debt servicing. The market’s reaction was swift: the relative calm of the bond market descended into panic, overshadowing even the recent volatility in equities.
According to several observers, this sharp deterioration may partly be due to a silent retaliation from China, which reportedly began selling a portion of its U.S. Treasury holdings. As both a main trade rival and one of the U.S.’s largest creditors, Beijing may be applying pressure on the Trump administration by artificially raising America’s debt costs. Other theories include opportunistic exits by institutional investors or a global awakening to the growing fragility of U.S. public finances.
Faced with this alert from the bond market, President Trump reacted quickly. On Wednesday, he announced a 90-day truce on some tariffs—just hours after reaffirming his unwavering commitment to protectionism.
What makes the current situation so worrying is that the bond market—larger than the stock market and more influential in economic cycles—is beginning to doubt the direction the U.S. is taking. The sharp rise in rates threatens the sustainability of debt, as interest payments from the U.S. government already reached nearly $950 billion in 2024. If the trend continues, it could quickly erode the country’s fiscal flexibility and trigger a crisis of confidence far more serious than any recent market correction.
The message from the markets is clear: economic fundamentals cannot be ignored forever. And this time, it’s not Wall Street that’s speaking, but the very heart of the global financial system.
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Friday (ongoing session)
• Dow Jones: [-0.20%] (approximately 39,515 points)
• S&P 500: [-0.20%] (approximately 5,276.86 points)
• NASDAQ: [-0.10%] (approximately 16,370 points)
After a weak open, the New York Stock Exchange moved higher on Friday, supported by better-than-expected bank earnings and a sense of relief after an extremely volatile week.
The PPI report released Friday showed that U.S. business production costs fell by 0.4% in April, a positive surprise as analysts had expected an increase of 0.2%. This decline is mainly attributed to the drop in oil prices.
“A fresh sigh of relief on the inflation front,” according to Chris Zaccarelli (Northlight Asset Management).
Despite this, consumer inflation expectations for April surged to their highest level since 1981, according to the University of Michigan survey, briefly weighing on markets in the morning.
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Conclusion
Despite the volatility, the major indexes are heading toward a positive week:
• S&P 500:+3.3%, best weekly performance since November 2024
• NASDAQ: +5%, supported by Wednesday rebound in tech
• Dow Jones: +2.7%, lifted by industrial and defensive stocks
But since April 2, the date of the announcement of “reciprocal” tariffs, markets remain negative for the month. The S&P 500 is still down more than 7% since that date.
According to Darrell Cronk (Wells Fargo):
“We remain in the early innings of this global trade regime change. While the 90-day pause on tariffs temporarily reversed the trend, it actually prolongs uncertainty.”
Markets therefore remain highly sensitive to geopolitical headlines, in a context where volatility could persist at least through the summer.
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