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Tech Jitters and Fed Uncertainty Weigh on Markets

U.S. stocks slipped as a pivotal week began, with investors bracing for a wave of Big Tech earnings and the Federal Reserve’s upcoming policy decision. The Dow, S&P 500, and Nasdaq all edged lower, reflecting a cautious mood across markets. The pullback follows a choppy stretch for equities, as major indexes have struggled to regain momentum amid shifting expectations for interest‑rate cuts and ongoing geopolitical concerns. Tech stocks, in particular, have been under pressure after consecutive weekly declines, raising the stakes for earnings reports from industry giants. Apple, Microsoft, Meta, and Tesla are all set to report in the coming days, and their results could determine whether the sector reclaims leadership or continues to drag on broader market performance. With the Fed meeting approaching, traders are looking for clarity on the central bank’s rate‑cut timeline. Until then, many appear content to stay on the sidelines as uncertainty hangs over the week ahead.
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Federal Contracting Scandal: The ArriveCan App Controversy


  • Contracting Overview: Three companies involved in the ArriveCan app development received over $1-billion in federal contracts since 2011. The firms, Coradix Technology Consulting, Dalian Enterprises, and GCStrategies, have been suspended pending investigations into alleged misconduct.

  • Parliamentary Scrutiny: The sharp increase in federal outsourcing, from approximately $8-billion in 2016 to over $21-billion last year, has led to parliamentary scrutiny. Allegations include inflated résumés and a reliance on IT staffing firms that subcontract work for commissions.

  • Indigenous Procurement Strategy: Dalian, an aboriginally owned company, partnered with Coradix for contracts under the federal Procurement Strategy for Indigenous Business. Audits are underway to ensure compliance with program rules.

  • Conflict of Interest Concerns: Revelations of conflict of interest have emerged, including a case where a public servant was involved with a contracting company. The Treasury Board disclosed 162 conflict-of-interest declarations for the 2023-24 fiscal year, with ongoing reviews.

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