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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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“Magnificent 7” Tech Stocks Lead Market Rebound After CPI-Driven Dip


On April 11, 2024, the stock market witnessed a remarkable turnaround as the “Magnificent 7” tech stocks flexed their muscle. These seven powerhouses—Apple (AAPL), Amazon (AMZN), Tesla (TSLA), Nvidia (NVDA), Microsoft (MSFT), Meta (META), and Alphabet (GOOGL)—led the charge, propelling major indices upward.

  • The S&P 500 halted its three-day slide, surging nearly 1%.
  • The tech-heavy Nasdaq Composite outperformed, gaining approximately 1.7%.
  • The Dow Jones Industrial Average posted a more modest advance, rising about 0.3%.
  • Meanwhile, the 10-year Treasury yield steadied around 4.56%, after a surge to its highest level since November.

The inflation debate rages on, with an influx of data influencing the Federal Reserve’s stance. Rabobank Senior Cross-Asset Strategist Christian Lawrence suggests that the traditional 2% inflation target may no longer be suitable. Structural shifts, including reglobalization and domestic production, challenge the status quo. As shelter inflation remains persistent, the Fed faces complex decisions.

Producer Price Index (PPI)

  • Inflation concerns eased slightly: March’s PPI rose 0.2% from the previous month, below economists’ forecasts.
  • Year-over-year growth stood at 2.1%, signaling the fastest jump in producer prices in nearly a year.

Tech Titans Rally

The “Magnificent 7” played a pivotal role in the rebound:

  • Apple and Nvidia surged over 3%.
  • Amazon hit a new intraday record high, gaining more than 1.5%.
  • These tech giants defied Wednesday’s CPI-fueled sell-off, reaffirming their influence on market dynamics.

As investors recalibrate their expectations, the stock market dances to the rhythm of innovation, inflation, and resilience. Stay tuned for further twists in this captivating financial saga.


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