The tariff spat with Canada has stoked Canadian nationalism at grocery stores and retail chains, with American imports getting snubbed by shoppers and even the Canadian tech industry rising up to help residents buy local.
The stock market slumped into the weekend on Friday over turmoil with tariffs and tech. Stocks tumbled and dip buyers were nowhere to be found. The S&P 500 felljust shy of 2%, the Russell 2000 was down 2.1%, and the Nasdaq 100 ended off 2.6%. Consumer discretionary, communication services, tech, and industrials were the worst-performing S&P 500 sector ETFs, all down more than 2%. Credit spreads also hit their widest levels of the year, signaling enhanced fear about a US economic slowdown.
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The tariff spat with Canada has stoked Canadian nationalism at grocery stores and retail chains, with American imports getting snubbed by shoppers and even the Canadian tech industry rising up to help residents buy local.
The evidence is everywhere. Sales of Canadian products in Loblaw grocery stores were up more than 10% in February. The Liquor Control Board of Ontario reported that it stopped selling more than 3,600 US products, which generated $965 million in annual sales. And a recent study of Canadian flight bookings to the States showed demand is down more than 70% compared to the same time last year.
Look no further than Maple Scan, an app created by Calgary-based coder Alexander Ivanov in response to the boycotts. The app came together in a few days, was released February 11, and has been downloaded 80,000 times by shoppers seeking Canadian replacements for everyday commodities like drinks, condiments, or peanut butter. So far, the list of items that users have scanned totals more than 50,000 at stores across Canada.
Yeah, Canada's ticked off, but what's worth considering for investors is that this might be a permanent shift toward Canadians opting for domestic brands after years of just buying American because it was easy. A long-term change in purchasing behavior could threaten the annual $762 billion in trade the US does with its biggest trading partner.
For Americans, the tariff fight might be flying under the radar or perhaps largely brushed off. This fundamentally misunderstands the situation. For Canadians, this is a bare-knuckle fight they won't concede easily, and could permanently turn a generation against the brands of their southern neighbor.
Canada's got a goal to beat the tariffs, an assist from Maple Scan, and one heck of a fight. That's a Gordie Howe hat trick if I've ever seen one.
The $20B deal between Apple and Google should concern all iPhone users
Google paid Apple $20B to be the default search engine on iPhones — and both companies hoped to shield it from the public. The deal continues to fuel Google's ad revenue engine, which made $250B+ in 2024.
Mode Mobile wants smartphone users to get their piece of that money.
What's pushing Palantir down? Last year's best-performing member of the S&P 500 had a rough week, and the main culprit in the short term seems to point in the direction of the Department of Defense's cost cutting, which will hit Palantir's bottom line. But we also found Goldman Sachs' note on the stock insightful. The analysts' "single biggest question" naturally involved AI.
The company's rapidly growing network of Bitcoin ATMs offers a straightforward way to enter the crypto market — the picks and shovels of the crypto boom.
Tuesday: February Job Openings. March ISM Manufacturing PMI. Earnings expected from Cal-Maine Foods
Wednesday: Earnings expected from Restoration Hardware and BlackBerry
Thursday: ISM Services PMI. Earnings expected from Lamb Weston and Conagra
Friday: March jobs report
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