Trading Day for Wednesday, Jan. 21, 2026

Key Concepts

• US-Canada Relations: Deteriorating rhetoric from US President Trump regarding Canada’s perceived lack of gratitude and dependence on the US.
• Trade Tensions: Potential trade war escalation with the EU due to Trump’s tariff threats and his desire to acquire Greenland.
• GFL Relocation: GFL Environmental’s decision to move its headquarters to Miami Beach, Florida, for US index inclusion and capital access.
• Market Performance: Mixed market performance following Trump’s speech, with gold benefiting from increased uncertainty.
• Netflix Earnings: Netflix’s weaker-than-expected earnings guidance and its impact on stock performance.
• Addiction & Economic Impact: The significant economic cost of addiction in Canada ($49 billion annually) and the work of Matthew Perry House in providing support.

Trading Day Summary – January 22, 2024

I. US-Canada Relations & International Trade

US President Donald Trump delivered a speech at the World Economic Forum in Davos, Switzerland, characterized by critical remarks towards Canada and renewed trade threats. Trump asserted that “Canada lives because of the US” and receives “a lot of freebies” without sufficient gratitude. He also reiterated his desire to acquire Greenland, stating that only the US is capable of protecting it. This rhetoric follows Prime Minister Justin Trudeau’s speech advocating for a more multi-polar world and challenging US dominance.

The EU has paused approval of a trade deal with the US in response to Trump’s recent threat to impose a 10% tariff on goods from eight European nations, linked to their opposition to the US’s pursuit of Greenland. The deal, which capped US tariffs on European imports at 15%, is now in jeopardy. Trump stated, “You can say yes and we will be very appreciative, or you can say no and we will remember.”

II. Market Performance & Commodity Trends

Following Trump’s speech, US markets initially showed strength but later stabilized. The TSX was up 0.15%, while the NASDAQ was nearly flat, the S&P 500 rose by 0.3%, and the Dow Jones increased by 0.4%. Gold prices surged to a record high, exceeding $4,700 USD per ounce, driven by increased economic uncertainty. This surge benefited Canadian gold mining stocks.

III. Corporate News: GFL Environmental & Netflix

• GFL Environmental: The company announced it is relocating its headquarters from Vaughan, Ontario, to Miami Beach, Florida. This move is strategically aimed at achieving inclusion in US stock indices, thereby expanding access to US capital markets. CEO Patrick Dovigi explained that the move doesn’t impact Canadian operations and allows continued inclusion in Canadian indices. Approximately 12-15 corporate executives will relocate. 70% of GFL’s revenue already comes from the US. Dovigi emphasized that the move is not driven by tariffs or political uncertainty, but by financial strategy.
• Netflix: Netflix shares declined after releasing weaker-than-expected earnings guidance for 2026. While the company’s overall performance remains strong, analysts expressed concern about slowing revenue growth and the impact of potential acquisitions like Warner Bros. Discovery. Advertising revenue is growing but remains a small portion of total revenue (approximately 3% in 2025).

IV. Social Impact: Addiction & Matthew Perry House

Bell Let’s Talk Day was highlighted with an interview with Caitlin Morrison, Executive Director of Matthew Perry House, a Canadian non-profit founded in honour of the late actor. Morrison discussed the significant economic impact of addiction in Canada, estimated at $49 billion annually. Matthew Perry House aims to provide comprehensive support to individuals rebuilding their lives after addiction treatment, addressing both the physical and financial consequences. Morrison emphasized the importance of early intervention and creating supportive workplace environments that encourage individuals to seek help without fear of stigma. She noted the need for a more inclusive and long-term support system to prevent cycles of treatment and relapse.

V. Notable Quotes

• Donald Trump: “Canada lives because of the US… They should be grateful, but they’re not.”
• Donald Trump: “We want a piece of ice cold and poorly located that can play a vital role in world peace and world protection.”
• Patrick Dovigi (GFL CEO): “This is a logical step, given that we didn’t have to actually give anything up in Canada from an index perspective.”
• Sergio Marchi (Former Canadian Minister of International Trade): “It was so banal, no intelligent contribution to the global discourse whatsoever, just a fat zero.”

VI. Technical Terms & Concepts

• NATO: North Atlantic Treaty Organization, a military alliance of North American and European countries.
• Tariffs: Taxes imposed on imported goods.
• Index Inclusion: Being added to a stock market index (e.g., S&P 500), which can increase investor demand and stock price.
• Free Cash Flow: The cash a company generates after accounting for capital expenditures.
• Subarctic: Regions just south of the Arctic Circle, characterized by cold temperatures and permafrost.

VII. Synthesis & Conclusion

The trading day was marked by heightened geopolitical and economic uncertainty, largely driven by President Trump’s unpredictable rhetoric and policy threats. While markets showed resilience, the potential for escalating trade tensions and the ongoing US-Canada friction remain significant concerns. Corporate developments, such as GFL’s strategic relocation and Netflix’s earnings report, highlight the complexities of navigating a volatile global landscape. The discussion surrounding addiction and the work of Matthew Perry House underscored the critical need for increased investment in social support systems to address the substantial economic and human costs of substance abuse. The overall takeaway is a need for cautious optimism and proactive risk management in the face of ongoing global instability.