10 am ET: U.S. job openings and labor turnover survey
Earnings include: AMD, Pepsico, Pfizer, Chipotle Mexican Grill, Electronic Arts, PayPal, Clorox, Match Group
Wednesday February 4
Euro area consumer price index
S&P global services PMIs are released across the globe
815 am ET: U.S. ADP national employment report
Earnings include: Alphabet, Eli Lilly, UBS, CME Group, McKesson, Suncor Energy, Yum! Brands, Brookfield Asset Management, New York Times, Methanex
Thursday February 5
Euro area retail sales and Germany factory orders
Bank of England monetary policy meeting
830 am ET: initial jobless claims for previous week
10 am ET: Global supply chain pressure index
1225 am ET: Bank of Canada Governor Macklem speaks in Toronto
Earnings include: Amazon, Shell, ConocoPhillips, ArcelorMittal, Constellation Software, BCE, Telus, News Corp., Open Text, Boyd Gaming, Lightspeed Commerce, Canada Goose, Great West Lifeco, Saputo, Canaccord Genuity, Rogers Sugar, TMX Group
Friday February 6
Japan household spending
Germany industrial production and trade surplus
830 am ET: Canada employment report for January. Consensus is for 7,000 net new jobs, holding steady from the previous month, with the unemployment rate holding steady at 6.8%
830 am ET: U.S. nonfarm payrolls. Consensus is 65,000 net new jobs, ahead of December’s 50,000 new jobs, with the unemployment rate steady at 4.4%.
10 am ET: University of Michigan consumer sentiment
Earnings include: CAE, Canopy Growth, Philip Morris
Canada’s economic growth stalled in November as an expansion in services was offset by weakness in goods-producing industries, data showed on Friday, as Canada’s economy slows down after almost a year of tariffs and trade uncertainty.
Gross domestic product was flat month-on-month in November, after a 0.3-per-cent contraction in October, Statistics Canada said.
Analysts polled by Reuters had forecast marginal growth of 0.1 per cent.
U.S. President Donald Trump’s tariffs on steel, automotive, lumber, and aluminum have hobbled output in these sectors.
While the tariff malaise has largely not spread beyond these sectors, a recent Bank of Canada survey showed that business sentiment was subdued, investment was down, and companies expected layoffs.
On a preliminary basis, Statistics Canada said output was expected to edge 0.1-per-cent higher in December, though the agency cautioned the estimate could be revised.
November’s figures indicate an annual growth contraction of 0.5 per cent in the fourth quarter, undershooting the Bank of Canada’s most recent forecast of no growth in the final three months of the year, based on monthly GDP by industry data.
Two consecutive quarters of contraction would constitute a technical recession.
Canada’s economy is expected to have grown 1.3 per cent in 2025, Statscan said.
Final reported quarterly GDP numbers are based on income and expenditure and can differ from the estimate calculated from GDP by industry.
“The still sluggish momentum towards quarter end may be a concern, as monthly growth rates will need to accelerate for the economy to achieve the (Bank of Canada’s) near 2% MPR forecast for Q1,” Andrew Grantham, senior economist at CIBC Capital Markets, wrote in a note.
Services-producing industries, which account for roughly three-quarters of economic output, mainly drove growth in November.
Retail trade, transportation and warehousing and educational services were the top three performing sectors.
However, wholesale trade declined 2.1 per cent, its largest contraction since April last year, the statistics agency said.
The strength in services was offset by a 0.3-per-cent contraction in goods-producing industries, the third such contraction in four months.
Manufacturing output, which contributes over 8 per cent of GDP, contracted 1.3 per cent. The industry remains among the most exposed to trade uncertainty and U.S. tariffs and global trends.
Output of motor vehicles and parts manufacturing shrank 6.4 per cent owing largely to a global semiconductor shortage, Statscan said.
The drop in manufacturing was closely followed by the agriculture, forestry, fishing and hunting sub sector, which contracted 1.1 per cent, the agency said.
The Canadian dollar weakened 0.36 per cent to $1.3537 to the U.S. dollar, or 73.87 U.S. cents. Yields on the two-year government bonds were down 0.5 basis points to 2.407 per cent.
the performance of U.S. tech stocks does influence the share prices of Canadian tech names like Shopify Inc. Class A (SHOP.TO) and Kinaxis Inc. (KXS.TO), but the relationship isn’t mechanical — it’s driven by sentiment, index flows, and growth-tech correlation effects.
Here’s how U.S. tech performance typically impacts these Canadian tech stocks:
1. Market Sentiment & Risk Appetite
U.S. tech stocks (Nasdaq/S&P 500 Info Tech) often set global growth-tech sentiment: when big U.S. tech names rally (e.g., Apple, Meta, Microsoft, Nvidia), investors become more willing to buy growth-oriented tech stocks globally, including Canadian ones.
Conversely, when U.S. tech sells off, risk appetite declines and capital tends to rotate out of growth-y stocks like SHOP.TO and KXS.TO into defensive or value sectors.
→ Impact: SHOP.TO and KXS.TO often move in the same direction as U.S. tech indices, especially during broad tech rallies or drawdowns.
2. Correlation with U.S. Tech Indexes
Shopify’s shares are also listed on the Nasdaq (SHOP), and historically have shown meaningful correlation with U.S. tech benchmarks. When the Nasdaq or S&P 500 Info Tech strongly outperforms, Shopify often participates in that tech rally because it behaves like a global tech growth stock.
Kinaxis is a software/AI-related growth name, so it also tends to track broad tech sector moves — albeit usually less closely than Shopify because it’s smaller and more niche.
3. Leadership Flows & Index Inclusion Effects
Shopify was added to the Nasdaq-100 index, meaning index funds and ETFs tied to Nasdaq tech have to hold SHOP, boosting its demand when those funds attract flows.
When U.S. tech ETFs outperform and attract capital, some flows spill over into tech ETFs globally, supporting SHOP.TO and often smaller capped tech like KXS.TO too.
4. Earnings & Macro Sentiment Spillover
If big U.S. tech beats expectations — e.g., strong earnings from Apple, Meta, Microsoft — it tends to lift sector sentiment, improving valuations and multiples for tech growth peers globally.
That positive mood can spill into SHOP.TO and KXS.TO even if their own fundamentals or earnings are unchanged.
Example: Canadian tech stocks “zoomed past” tech benchmarks in years when U.S. tech was strong — the rally in U.S. mega-cap tech contributed to stronger performance in Shopify and broader Canadian tech sentiment historically.
5. Risk-Off Episodes & Valuation Compression
During periods where U.S. tech underperforms or growth stocks get repriced lower (e.g., higher interest rate fear, slowing earnings), then growth valuations fall globally.
Canadian tech names like SHOP.TO and KXS.TO can get hit harder than broader TSX because they are growth-oriented, higher-multiple stocks — similar to the way U.S. tech is affected in selloffs.
Example (Historical): When Shopify itself gave a weaker forecast and the TSX tech sector weakened, it dragged Canadian tech down significantly, echoing tech sentiment issues.
Summary Table: Link Between U.S. Tech ↔ SHOP.TO & KXS.TO
Driver
Shopify (SHOP.TO)
Kinaxis (KXS.TO)
U.S. Tech Rally
Often benefits as growth sentiment flows in
Typically positive, though less correlated than SHOP
Tech Selloffs
Can lead to share price weakness due to risk-off
Also sees pressure, especially on valuation multiples
Nasdaq Index Strength
Directly benefits via index inclusion effects
Indirect benefits via broader tech sentiment
Earnings Beats in U.S. Tech
Boosts sector sentiment → can lift SHOP
Provides positive backdrop but often company-specific
Macro Shifts / Risk Aversion
Can amplify volatility in Shopify
Often amplifies KXS volatility too
In short:
Canadian tech stocks like SHOP.TO and KXS.TO don’t move solely on U.S. tech performance, but they are strongly influenced by it through sentiment, flows, and risk appetite dynamics. When U.S. tech is outperforming, Canadian tech often follows suit, and when U.S. tech retraces or underperforms, Canadian tech stocks tend to retrace too. This linkage is strongest for Shopify due to its Nasdaq status and large market cap, and somewhat less tight for Kinaxis, though still meaningful given its growth tech characteristics.
High-Level Takeaways
Apple and Meta clearly beat street forecasts on both revenue and earnings, driving positive stock reactions (especially for Meta).
Microsoft beat estimates too, but market reaction was negative due to concerns about cloud slowdown and higher AI spending.
Tesla’s results were weaker relative to expectations, particularly deliveries — a key operational metric — and there’s no clear consensus that it beat on both earnings and revenue.
Imperial Oil Ltd. raised its quarterly dividend by 20 per cent and reported its fourth-quarter profit fell compared with a year ago as it saw lower oil prices. The company says it will now pay a quarterly dividend of 87 cents per share, up from 72 cents per share. Imperial says it earned $492 million or $1.00 per diluted share for the final quarter of 2025 quarter compared with a profit of $1.23 billion or $2.37 per diluted share a year earlier. On an adjusted basis, Imperial says it earned $1.97 per diluted share in its latest quarter, down from an adjusted profit of $2.37 per diluted share a year earlier. Revenue and other income totalled $11.28 billion, down from $12.61 billion in the fourth quarter of 2024. Upstream production in the quarter averaged 444,000 gross oil-equivalent barrels per day, compared with 460,000 a year earlier. Refinery throughput averaged 408,000 barrels per day, compared with 411,000 barrels per day in the fourth quarter of 2024.
Canadian National Railway Co. raised its dividend as it reported its fourth-quarter profit and revenue rose compared with a year earlier. The railway says it will now pay a quarterly dividend of 91.5 cents per share, up from 88.75 cents per share. CN says it earned $1.25 billion or $2.03 per diluted share for the quarter ended Dec. 31, up from $1.15 billion or $1.82 per diluted share in the same quarter a year earlier. Revenue totalled $4.46 billion, up from $4.36 billion. On an adjusted basis, CN says it earned $2.08 per diluted share in its latest quarter, up from an adjusted profit of $1.82 per diluted share a year earlier. CN’s operating ratio — a key measure of efficiency and profitability for a railway — for the quarter was 61.2 per cent, an improvement from 62.6 per cent a year earlier. This report by The Canadian Press was first published Jan. 30, 2026.
Canada’s trade deficit widened in November as gold shipments plunged and exports of automobiles and parts hit a three-year low.
Goods exports declined 2.8 per cent while imports declined 0.1 per cent, Statistics Canada reported Thursday. That brought the merchandise trade deficit, the difference between goods imports and exports, to $2.2-billion in November from $395-million the month before.
The result was mainly owing to a massive swing in gold shipments, which have been a key but volatile driver of export growth over the past year. Excluding metal and non-metallic mineral products, the export picture looked more positive, rising 2.5 per cent and increasing in eight out of 11 categories.
Trade with the United States continued to slide, while there were some signs that Canada’s diversification push is gaining traction.
Only 56 per cent of imports came from the U.S., which is the lowest share since records began in 1997, excluding the pandemic, according to Bank of Montreal senior economist Shelly Kaushik. On the other side of the ledger, 68 per cent of Canadian exports went to the U.S., also well below historic norms.
“Looking through the volatility from energy and metals prices, it’s clear that Canadian trade flows remain under pressure as long as uncertainty stays elevated. Despite some support from diversification, trade headwinds will remain until we get certainty in the form of relief on sectoral tariffs and clarity on the future of USMCA,” Ms. Kaushik wrote in a note to clients, referring to the North American free-trade agreement.
Exports of services decreased 1.5 per cent in November, while services imports rose 0.5 per cent. This left services trade essentially in balance.
Through much of 2025, gold was a star Canadian export, thanks to the extraordinary run-up in the price of the yellow metal. In September and October alone, the value of gold exports surged by $4.7-billion.
Gold exports then plunged by $3.2-billion in November. This was mostly driven by a decline in volumes – rather than prices – which fell 35 per cent month-to-month. Statscan noted a sharp drop in shipments to Britain, the United States and Hong Kong.
Since November, gold prices have continued their stratospheric rise, hitting a record US$5,500 an ounce earlier this week.
Exports of automobiles and parts also decreased 11.6 per cent from October to November. This was mainly the result of lower auto production in November, owing to a semiconductor shortage that has affected the auto industry, Statscan said.
Exports of heavy trucks and buses – which make up a much smaller part of the Canadian auto industry – declined 53.8 per cent following the introduction of U.S. tariffs on heavy vehicles at the start of November.
The decline in gold and auto exports was partly offset by an 8.5-per-cent rise in energy exports. Oil and crude bitumen exports rebounded after temporary shutdowns at refineries in the U.S. had curtailed shipments the month before.
Meanwhile, the value of imports declined slightly, falling in seven out of 11 categories, although this was driven by lower prices rather than lower volumes. There was a notable decline in energy and auto imports, balanced against by an increase in consumer goods and pharmaceutical imports.
“Smoothing through the noise, Canadian export volumes remain a few per cent below their pretariff levels. The recovery in Canada’s overall trade picture has been uneven, and businesses can anticipate challenging conditions in the months ahead,” Toronto-Dominion Bank economist Marc Ercolao wrote in a note to clients.
In the face of U.S. protectionism, Ottawa is trying to promote trade diversification. Prime Minister Mark Carney and his ministers have been travelling the world pursuing new trade agreements and trying to rustle up overseas business for Canadian companies. This includes the resumption of stalled trade talks with India and an agreement with China earlier this month to lower tariffs on a portion of electric vehicles in return for lower Chinese tariffs on Canadian canola and seafood products.
Trade with non-U.S. partners increased through 2025, particularly with Germany, Britain, China and Japan. And in November, exports to Germany rose 54 per cent, while exports to China rose 8.8 per cent.
“Canada’s recent strategic partnership with China may alleviate some strain in key sectors like autos and agriculture. But the future of North American trade will be highly contingent on the outcome of the upcoming review of the USMCA agreement,” Mr. Ercolao wrote.
The larger trade deficit will weigh on Canadian economic growth numbers in the fourth quarter, as net exports are added or subtracted from the GDP calculation. On Wednesday, the Bank of Canada published a new forecast, estimating that GDP growth essentially flatlined in the fourth quarter.
Statistics Canada will publish November GDP numbers on Friday.
Canadian Pacific Kansas City Limited (CP) on Wednesday reported fourth-quarter net income of $772.6 million.
The Calgary, Alberta-based company said it had net income of 86 cents per share. Earnings, adjusted for non-recurring costs, were 95 cents per share.
The results missed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 99 cents per share.
The railroad posted revenue of $2.81 billion in the period, also falling short of Street forecasts. Six analysts surveyed by Zacks expected $2.87 billion.
For the year, the company reported profit of $2.96 billion, or $3.23 per share. Revenue was reported as $10.79 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CP at https://www.zacks.com/ap/CP
Celestica Inc. (CLS) on Wednesday reported fourth-quarter profit of $267.5 million.
On a per-share basis, the Toronto-based company said it had net income of $2.31. Earnings, adjusted for non-recurring gains, were $1.89 per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $1.74 per share.
The electronics manufacturing services company posted revenue of $3.65 billion in the period, also topping Street forecasts. Three analysts surveyed by Zacks expected $3.47 billion.
For the year, the company reported profit of $832.5 million, or $7.16 per share. Revenue was reported as $12.39 billion.
For the current quarter ending in March, Celestica expects its per-share earnings to range from $1.95 to $2.15.
The company said it expects revenue in the range of $3.85 billion to $4.15 billion for the fiscal first quarter.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CLS at https://www.zacks.com/ap/CLS
Rogers Communications Inc. RCI-B-T +3.64%increase posted moderately positive 2026 guidance and increases to its revenue and net income in its fourth quarter, boosted by strong media earnings as the company looks to capitalize on its sports assets in the coming year.
However, the company’s net new wireless mobile phone adds were much lower than last year, and other telecom metrics were either flat or down in the quarter, as the sector continues to face headwindsto growth.
The Toronto-based communications and entertainment company forecastedan increase inservice revenue of between 3 and 5 per cent in 2026 compared to last year, with expected growth of between 1 and 3 per cent in adjusted earnings before interest, taxes, depreciation and amortization.
Rogers expects capital expenditures to be below 2025 levels, and free cash flow to improve.
The guidance received a mild reaction from analysts.
“We view the results and 2026 guidance as largely neutral to a modest positive for the shares at current levels,” said Royal Bank of Canada analyst Drew McReynolds in a note to investors Thursday morning.
Rogers reported $5.2-billion of service revenue during the three-month period ended Dec. 31, up 16 per cent from last year. Total revenue was $6.1-billion, beating analyst consensus of $6-billion.
Media revenue was up 126 per cent in the quarter, as a result of the Jul. 1 closing of Rogers’ acquisition of Bell’s former stake in Maple Leaf Sports & Entertainment, as well as the Toronto Blue Jays’ World Series run last fall and higher advertising revenue related to the ramp of up the company’s content deal with Warner Bros. Discovery Inc.
Net income was $710-million, up 27 per cent in the quarter compared to last year. Free cash flow was $1-billion, up 16 per cent, compared to analyst estimates of $943-million.
However, the company added just 39,000 postpaid and prepaid mobile wireless customers in the quarter, compared with 95,000 in 2025and analyst expectations of about 50,000. Net internet adds were 22,000, down from 26,000 last year.
Meanwhile, the company’s average revenue per user – or ARPU, an important industry metric that measures the value of each subscriber – fell by 2.8 per cent, confirming analyst expectationsthat itwould continue to drag this year.
Nonetheless, the company’s revenue from its telecom business remained essentially flat compared to last year, and churn – the rate of customer turnover on a monthly basis – among its postpaid wireless customers improved slightly.
The industry is seeing a bumpy landscape for cellphone plan pricing and the effects of these hikes on financials.
In recent months, cellphone plan prices appeared broadly to have started to increase again after years of declines. Analysts celebrated the turn in trend, but have noted that its effect will take time to reach the bottom line, given that many subscribers are locked into two-year contracts and the number of new consumers has been curtailed by slow immigration.
Yet in recent weeks, telecoms have turned back to steep promotions. In an earnings call Thursday morning, Rogers chief financial officer Glenn Brandt said the company’s rivals were offering “unsustainable discounting” through January.
Chief executive officer Tony Staffieri said the company is instead focusing on growing margins by moving away from value propositions that rely solely on price, and offering tiered plans based on other benefits such as direct-to-cell satellite service.
“There are certain price points that we see as being uneconomical. We don’t see building out wireless business on the back of price plans coming in at, say, $20, which is what you see in the marketplace today. We don’t get the logic on that,” he said.
Rogers is planning to monetize its sports assets this year upon the planned acquisition of the remaining 25-per-cent portion of MLSE from Canadian businessman Larry Tanenbaum’s company, Kilmer Group. Rogers has the right to buy that share in July. The company has estimated that its sports assets will then be worth about $20-billion.
Selling a minority stake could help the company pay down its $35.8-billion of long-term debt.
Rogers was trading at $49.50 on the Toronto Stock Exchange before markets opened Thursday, down about 5.6 per cent from the beginning of the year but up more than 12 per cent from this time last year.
