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Ottawa Backs Down on Digital Tax Dispute Amid Pressure from Trump White House

Canada has reportedly agreed to delay its planned digital services tax (DST) following pressure from former U.S. President Donald Trump’s administration, according to a recent statement from the White House. The tax, which was originally slated to target tech giants like Amazon, Meta, and Google, had been a major sticking point in U.S.-Canada trade discussions. The White House claimed Canada “caved” to U.S. demands after months of negotiations, with Trump’s team arguing the tax unfairly targeted American firms. The Canadian government, however, framed the delay as a strategic move to preserve economic stability and avoid retaliatory tariffs. Critics within Canada argue that the government’s decision reflects a growing trend of yielding to U.S. economic influence, while others say the delay is pragmatic given ongoing global talks about a coordinated approach to taxing digital revenues. The issue remains contentious, and observers are watching closely to see whether Canada will revive th...
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Premarket: Nasdaq and S&P 500 Poised for a Dip After Record Highs



The S&P 500 and the Nasdaq are expected to open lower today, following robust gains in the previous session. Investors celebrated the Federal Reserve’s commitment to its rate-easing stance, eagerly awaiting commentary from Chair Jerome Powell later in the day.

Market Highlights:

  • Record Highs: All three major U.S. indexes achieved fresh record closing highs on Thursday. Chip stocks rallied after Micron Technology’s optimistic forecast, and the Fed signaled its intention to proceed with three interest-rate cuts this year.
  • Rate Cut Expectations: Traders now anticipate a 70% chance of the first rate cut occurring in June, up from 56% earlier this week, according to the CME’s FedWatch Tool.
  • Bull Market Momentum: Policymakers’ commitment to summer rate cuts and limited bond yield recovery has injected fresh impetus into the bull market, according to Raffi Boyadjian, lead investment analyst at XM.
  • Dow’s Milestone: The blue-chip Dow index ended Thursday less than 1% away from the historic 40,000-mark for the first time.
  • Weekly Performance: Both the S&P 500 and the Dow are on track for their best weekly performance so far this year. Meanwhile, the tech-heavy Nasdaq is set to notch its best week since mid-January.

Pre-Market Numbers:

  • At 08:21 a.m. ET:
    • Dow e-minis were up 4 points (0.01%).
    • S&P 500 e-minis were down 5.25 points (0.1%).
    • Nasdaq 100 e-minis were down 48.25 points (0.26%).
  • Most rate-sensitive megacap growth and technology stocks eased in premarket trading.
    • Tesla led losses, down 4.0%, following a report of reduced car production at its China plant.
    • Nike fell after a disappointing revenue forecast.
    • Lululemon Athletica also forecasted lower revenue and profit.
    • Reddit (RDDT.N) lost 2.3% a day after its strong market debut.
    • FedEx jumped 11.5% after beating Wall Street expectations for quarterly profit.

As we await further cues from central bankers, the market remains dynamic and full of surprises. Keep an eye on earnings reports and policy updates as we navigate this exciting landscape.


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