S&P/TSX composite rises amid market rotations, while U.S. stocks move lower

Oil Market - Oil prices have been rising due to protests in Iran, a key OPEC member, which may disrupt production and tighten crude supplies. The March crude oil contract increased by 95 cents to US$61.88 per barrel [1] Canadian Energy Sector - Canada's energy sector reacted to U.S. actions against Venezuela, which produces similar crude types. Shares of Canada's largest energy producers initially fell but rose later, influenced by a tepid U.S. response to investing in Venezuela [2] Canadian Tech Sector - The Canadian tech sector experienced a decline, primarily due to Shopify Inc. shares dropping by 5.94%. Concerns were raised about Shopify's ability to capture revenue and earnings growth amid a worsening macroeconomic outlook [3] U.S. Stock Market - U.S. stock indices fell, with the Dow Jones down 42.36 points, the S&P 500 down 37.14 points, and the Nasdaq down 238.12 points, following disappointing profit reports from major banks [4] - Wells Fargo's stock fell 4.6% due to weaker-than-expected profit and revenue, attributed to lower trading fees [4] - Bank of America shares dropped 3.8% despite stronger-than-expected profits, driven by concerns over upcoming expenses [5] - Citigroup's stock fell 3.3% amid its turnaround efforts under CEO Jane Fraser [5] Market Sentiment - There are growing concerns about whether banks can maintain profitability as macroeconomic conditions worsen and costs rise. Tech stocks, which had previously surged due to AI enthusiasm, are now facing scrutiny over their high valuations [6] - Nvidia's stock fell by 1.4%, and Broadcom's stock decreased by 4.2% [7]