This morning’s market outlook highlights a potential lower open as money rotates into crude oil while gold drops sharply in the pre-market. Weekly charts show U.S. markets continuing to make higher highs, led by semiconductors rather than the NASDAQ, while Canadian markets remain relatively quiet. Key levels are being tested, including the Dow near 50,000 and the S&P 500 around 7,500, both now pulling back in the pre-market after recent strength.
Sector leadership and stock performance were mixed. Brookfield-related stocks led gains in Canada, while Canadian Tire and Manulife showed weakness. In the U.S., Cisco and Nvidia were major winners, with Nvidia pushing toward new upside price targets. The NASDAQ continues a strong run, though some semiconductors show signs of potential sell signals. The outlook points to selling pressure at the open and a shortened Canadian trading week ahead.
Stephen Whiteside
Friday, May 15, 2026
