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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markets

J. Edward Moreno7/7/26

SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

Job growth was 57,000. Analysts foresaw job growth of 113,000; prediction markets were more optimistic, looking for job growth above 125,000 but below 150,000.

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Meta surges on report it’s starting a cloud business to sell excess AI compute

The story of the hyperscalers in 2026 has largely been “the beatings will continue until the cash flow outlook improves;” this could help change the story for Meta. Or not.

Meta CEO Mark Zuckerberg visits U.S. Capitol for Senate meetings

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