markets

Claire Yubin Oh8/7/25

Shopify overtakes RBC to become Canada’s most valuable public company

Thanks to an impressive quarter that sent Shopify shares soaring on Wednesday, the e-commerce platform has become Canada’s most valuable company, beating the Royal Bank of Canada to the top spot.

After its earnings call, Shopify surged on an optimistic outlook for the next quarter, as it expects revenue to grow at a mid- to high 20s percentage rate on a year-over-year basis. “The numbers were astonishing — an absolute blowout quarter,” said Mike Archibald, a portfolio manager at AGF Investments, via Reuters.

The platform’s climb also sent the entire Toronto stock market briefly to a new record high, bringing the S&P/TSX composite index up 1.3% on Wednesday from the day before.

Shopify is now the biggest Canadian company — Sherwood News

Shopify previously edged past RBC in 2020, when e-commerce enthusiasm exploded during the pandemic. Unfortunately, that excitement soon evaporated, with Shopify losing the crown after two years. As noted by Bloomberg, that’s given further fuel to the idea of the Canadian market curse, in which rocket-like companies such as Blackberry and Nortel Networks Corp. have ended up dramatically collapsing in value after beating the nation's biggest bank. Maybe this time it’s different with SHOP?

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Toby Bochan, Luke Kawa

Markets end first week of November on a mixed note

While November is historically the best month for US stocks, the first week of the month in 2025 wasn’t great.

Horse Ranch In Zhangye

BEAR NECESSITIES

The insanity over the Starbucks “Bearista” cups tells you everything you need to know about the US economy and markets

Upper-income consumers and megacap tech companies are both a) doing well and b) supply constrained.

Bear Roar

markets

Luke Kawa11/7/25

Retail traders are “skipping the dip” this time

Here’s one noteworthy feature of the recent market downturn that has the S&P 500 poised for its worst week since reciprocal tariffs were announced in early April: retail traders seemingly aren’t eager to buy the weakness in single stocks the way they used to be.

JPMorgan strategist Arun Jain has flagged that retail traders instead appear to be “skipping the dip.”

“In contrast to the behavior observed during the post-Liberation Day selloff, retail investors did not seize the opportunity to buy-the-dip on Tuesday, with a few exceptions such as META,” he wrote of the day where the benchmark US stock index fell 1.2%. “In fact, they scaled back their ETF purchases and turned net sellers in single stocks.”

Then on Thursday, when the S&P 500 fell 1.1%, Jain projected that retail traders sold $261 million in single stocks. Through noon ET on Friday, his daily outflow estimate stands at $851 million.

With that intel, it’s little wonder why the carnage this week has been particularly intense in more speculative single stocks that had been favored by the retail community, including IREN, IonQ, Rigetti, Cipher Mining, Bloom Energy, and Oklo.

Prediction Markets Draftkings

DraftKings rebounds after Wall Street hears its prediction market plans

The company plans to launch its own predictions product in the coming months.

Matt Phillips11/7/25

markets

Max Knoblauch11/7/25

Archer Aviation plunges on $650 million share sale following its third-quarter results

Air taxi maker Archer Aviation is deep in the red on Friday morning after reporting its third-quarter results after the bell Thursday. The stock is down more than 12%.

Investors don’t appear to be thrilled about the company’s $650 million direct stock offering, announced alongside its results.

The move marks at least the third major equity raise, and dilution, for Archer this year. The company raised $300 million from a new stock sale in February, and sold $850 million worth of shares in June.

On Archer’s earnings call Thursday, interim CFO Priya Gupta said the company came to the decision after “substantial inbound interest.” According to Gupta, the company has heard from government and commercial partners that liquidity is a “key driver to their decisions of who to partner with.” With its latest share sale, Archer said its total liquidity is more than $2 billion.

Archer Aviation sinks after reporting better-than-expected Q3 loss, announces it will acquire LA’s Hawthorne Airport

Archer Aviation sinks after reporting better-than-expected Q3 loss, announces it will acquire LA’s Hawthorne Airport

The move marks at least the third major equity raise, and dilution, for Archer this year. The company raised $300 million from a new stock sale in February, and sold $850 million worth of shares in June.

On Archer’s earnings call Thursday, interim CFO Priya Gupta said the company came to the decision after “substantial inbound interest.” According to Gupta, the company has heard from government and commercial partners that liquidity is a “key driver to their decisions of who to partner with.” With its latest share sale, Archer said its total liquidity is more than $2 billion.

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