David Burrows is back — and he’s bringing receipts. When he joined In the Money with Amber Kanwar last year, his call that Canada would behave more like a global market than a U.S. tech-heavy one went viral… and then it played out. Now, the Chairman & CIO of Barometer Capital Management, returns with the same message, only louder: the market is shifting — and the forces driving the new leadership are getting stronger. Burrows explains why investors may need to look beyond the familiar tech trade, and why commodities, financials, defence, and selective international exposure are increasingly doing the heavy lifting as we head deeper into 2026. Tune on Apple, Spotify, or YouTube.
There is no denying it, its officially a snow day for the kids. After a quick google search I discovered there is no appeals process, so I am leaning in. I’ve cancelled meetings and am going full trad wife today. I’ll report back tomorrow.
Here are five things to know:
TACO: In the last 24 hours US President Donald Trump has backed off threats for military action in Iran (“the killing has stopped”), held off on critical minerals tariffs, and said he would not fire US Fed Chair Jerome Powell despite Department of Justice probe. The market is reacting with oil prices down 3% while silver and gold fell. This morning US futures are positive after a rocky session yesterday for US stocks. The TSX managed to finish in the green thanks to a rally in energy and materials. The US would have finished higher were in not for broad weakness in tech stocks. In fact, when you neutralize the tech weighting in the S&P 500, the equal weight S&P 500 has hit a record high. This confirms episodes this week from Yardeni and Burrows that tech is going to take a back seat to everything else.
Taiwan minute: Taiwan Semiconductor is popping 6% after a much better than expected quarter that featured a strong revenue forecast on the back of the AI spending frenzy. TSMC says sales in 2026 will grow 30%, better than the 25% analyst expectations. In addition, the company boosted its spending plans to meet AI demand. TSMC is Nvidia’s chipmaker and today’s results are helping to calm investor nerves about the runway for AI spending. The results are boosting ASML in the pre-market, lifting it to a record high and above a $500 billion valuation for the first time.
Stock jocks: Goldman Sachs has beat profit expectations and set a record for equity trading revenue on Wall Street. The investment bank also boosted its dividend 12.5% to $4.50/share. Yet the stock is under pressure which has been a recurring theme this week. Interestingly, David Burrows of Barometer Capital says financials have exceptionally strong technicals and he is still bullish on the sector. From a business perspective, a combination of higher volatility and better dealmaking is helping to support Wall Street’s investment banks. This showed up in Morgan Stanley results this morning, which is up only slightly pre-market despite better than expected results. Morgan Stanley sailed past estimates with wealth management and debt capital markets exceeding expectations. The wealth management business now boats $9.3 trillion in assets under management nearing a long-stated goal by former Morgan Stanley CEO James Gorman to hit $10 trillion. Debt capital markets has been strong as Morgan Stanley has been helping AI companies finance their spending plans through new debt issuances.
There’s an ETF for that: Blackrock is popping in the pre-market after results beat expectations and assets under management swelled to a record $14 trillion thanks to ETF inflows. Profit rose more than expected and Blackrock boosted its dividend 10%. Investors have cooled on Blackrock with the stock down 9% from the October high. The stock has trailed the market but Evercore’s Glenn Schorr thinks these results could be a turning point. “BLK had an interesting year with tons of growth and strong profitability, but not much lift in the stock. We think that was related to a little growing into their multiple and a little broadening in the group as a few traditional asset managers have been improving after years riding the bench,” wrote Schorr, “These results and outlook should get BLK back into growth mode.” The company has been focusing on building a private markets business with a goal of raising $400 billion for private investments by 2030.
Talented: Shares of Talen Energy are pumping 10% after announcing a $3.45 billion deal to buy three natural gas power plants. Shout out to Dan Dreyfus at Bornite Capital to put this on our radar when he was on back in April. At the time he said he could see this being $450/stock when it was trading around $200. It is poised to open at around $415/share. Talen is a power generation company which owns nuclear facilities as well as gas and coal plants. “You listen to every CEO at the hyperscaler level — they are panicking about where they are going to get their next gigawatt of power,” said Dreyfus on the podcast, who said this was a better way to play AI. He will be back on the podcast sometime in May! Watch his comments on Talen here.
Don’t miss our next episode! Can Canada’s smallest bank and last year’s worst performing turn things around under a new CEO? Don’t miss our exclusive interview!
