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The housing market is cooling, with new home prices falling 0.4% M/M (down 0.6% Y/Y), well below analyst estimates of a 0.1% gain. Other than a similar drop in October, home prices haven’t posted a bigger monthly decline in over 10 years.

Clearly rates aren’t having a stimulative impact and with underlying inflation picking up, it’s possible that they won’t be a “pullable lever” at all in the near-term.

Regional pricing trends held steady for the most part, with continued struggles in BC and Ontario partly offset by strength in Quebec and the Atlantic provinces…

… but look at the Prairies! That’s the third straight monthly drop, as interprovincial migration tailwinds moderate…

… and the market continues to add supply.

Not a great environment shift for Boardwalk (BEI-U), as we highlighted in our Q1 residential REIT recap.

We got softer-than-expected input/output PPI data yesterday, with industrial product prices down nearly 1% M/M on the back of a 3% drop in raw materials.

Crude oil was the culprit, with energy product prices falling over 8% in April - more than offsetting a similar jump in metals.

While still up 2% Y/Y, a continued lull in oil should keep pressure on industrial PPI.

OpenAI just made a $6.5B hardware bet, acquiring legendary Apple designer Jony Ive’s startup, io.

While no official product details have been released, we did get a 10-minute video that can be best described as Lebron’s “taking my talents to South Beach” announcement for nerds (ourselves included). Plus this legendary launch photo…

It’s a big bet, and given the talent density of the acquired team it could very well pay off… or if you’re into conspiracy theories, a series of huge all stock deals could dilute the influence of the non-profit parent company.

Flagging the Pan American (PAAS) sale, which comes just days after the company acquired MAG Silver for more than $2B. Probably nothing though, as Chris (SVP of exploration and geology) has only sold stock as an insider.

CPP upped its U.S. allocation at the expense of its Canadian exposure, a move that’s getting some public scrutiny!

The fund scrapped its net-zero target too, which could bring some confidence back to Canadian energy names.

MDA Space (MDA) was up 7% following its amended merger agreement with SatixFy Communications, where it sweetened the pot to $280M (was ~$190M) to fend off competing bids. The stock has rode the wave of a number of positive defense headlines, recovering all of its fall after the NASA budget cuts and then some.

Canada Goose (GOOS) is up nearly 30% since its 8% top-line and 19% EBITDA beat two days ago. With strong short interest leading into the quarter (>20% of the float), short covering may be more responsible for the price action than results.

Lightspeed Commerce (LSPD) dropped 8% despite hitting its $1.1B FY revenue target, with a massive $556M goodwill impairment charge. Management highlighted economic uncertainty affecting small retailers and the company’s valuation, resulting in the repurchase of 12% of outstanding shares in the past year.

Toronto-Dominion Bank (TD) finished the day up more than 3% on the back of a Q2 beat, with strong results out of the wealth and wholesale business and a build in provisions - a continuation of what we saw from the banks in Q1. The company also announced a ~2% headcount reduction, as part of its restructuring.

In January, we highlighted the name as a wait and see story, drawing comparisons to regulatory issues that kept a lid on Wells Fargo stock for years. Up nearly 15% since then, the call has been wrong so far - but it still gives important context to the story for those that need a refresh.