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BMO Drops Cathie Wood’s ARK Funds

Bank of Montreal (TSX: BMO) is terminating its partnership with Cathie Wood’s ARK Investment Managementand closing all six associated funds, according to a regulatory filing last week.

The Canadian bank will delist three mutual funds and their exchange-traded fund versions from the Cboe Canada exchange on July 7. Investors can continue trading units until that date.

The discontinued products include the BMO ARK Innovation Fund, BMO ARK Genomic Revolution Fund, and BMO ARK Next Generation Internet Fund.

You can read more on the matter here.

What’s going on?

• Conservatives Pledge to Restore News on Facebook, Repeal Media Law (theDeepDive)

• Carney says he'll dump consumer carbon tax, charge 'carbon border adjustment' tariffs on imports (NP)

• Conservatives Promise Leaner Canada Still Racked With Deficits (theDeepDive)

• Canada's top candidates talk up fossil fuels as climate slips down agenda (BBC)

• Trump Backtracks on China Tariffs After Economic Pressure Mounts (theDeepDive)

• China says ‘door is wide open’ to talks after Trump suggests tariffs U-turn (Globe)

• China Cuts Trillions From US Private Equity Market (theDeepDive)

• Bessent Says Trump Hasn’t Made Unilateral Offer to Cut Tariffs on China (WSJ)

• China’s CATL Announces Breakthrough EV Battery with 5-Minute Charging (theDeepDive)

• How the EU is cracking down on Apple, Google and other big tech (Reuters)

• Nike Call Frenzy Fuels Speculation For Vietnam Tariff Deal (theDeepDive)

What’s the latest?

• Gold: Gold fell 1.8% to $3,320.85 an ounce, marking its second straight day of losses after dropping as much as 2.6% from Monday’s record above $3,500. The decline followed Trump’s reassurance on tariffs and backing off threats to fire Fed Chair Jerome Powell, easing market fears. Despite the drop, gold remains up over 25% year-to-date, supported by central bank purchases and ETF inflows. Silver rose 1.2%, while platinum and palladium also advanced.

• Tesla: Elon Musk announced he’ll significantly reduce his government involvement and focus more on Tesla starting next month, boosting investor sentiment after Tesla’s worst quarter in years. The company missed Q1 earnings and revenue estimates, with vehicle sales no longer expected to grow in 2025, and Tesla’s stock still rose 7% after the call. Musk acknowledged tariff-related pressures, particularly on Tesla’s energy business, and emphasized efforts to localize supply chains. Despite backlash and protests linked to Musk’s political work, Tesla is moving forward with new model production and its robotaxi launch in June, betting on autonomy and AI for long-term growth.

• NBC: National Bank of Canada is acquiring PGM Global Holdings Inc., a Montreal-based institutional trading service provider, in a deal that is not expected to materially impact the bank’s financial position. PGM Global’s dual registration in Canada and the U.S. will help National Bank expand its service offerings for wealth management clients. The acquisition will complement services offered by National Bank Independent Network. The deal is expected to close by late spring, pending regulatory approvals.

• Trade War:  U.S. President Donald Trump signaled a softer stance on China, saying tariffs “will come down substantially” if a deal is reached, though the current 145% duties remain. His remarks follow U.S. market turmoil and growing pressure for a resolution. Chinese stocks rose 2.1% in Hong Kong, and the offshore yuan gained 0.2%, reflecting investor optimism. No official trade talks are underway yet, but Chinese officials are in Washington this week, potentially paving the way for discussions.

• Markets: Stock markets rallied after U.S. President Trump confirmed he won’t fire Fed Chair Jerome Powell, easing investor concerns. The S&P/TSX surged 298.41 points to 24,604.39, while the Dow Jones jumped 1,005.87 points to 40,192.85. The S&P 500 climbed 158.47 points to 5,446.23, and the Nasdaq gained 606.82 points to 16,907.24. Markets also welcomed Treasury Secretary Scott Bessent’s remarks signaling a likely “de-escalation” in the U.S.-China tariff dispute.

Angry Liberals Are Going Viral

The stock market and stuff

• Rogers Q1 2025: Adjusted Net Income Rises To $543 Million (theDeepDive)

• National Bank of Canada signs deal to buy PGM Global Holdings (Globe)

• Tesla Q1 2025: Worst Quarter Since 2020 (theDeepDive)

In the juniors

• Silvercorp Budgets $240.5 Million For The Construction Of El Domo Copper-Gold Project (theDeepDive)

• Sitka Gold Hits 4.52 g/t Gold Over 45.0 Metres Within 352.8 Metres Of 1.55 g/t Gold (theDeepDive)

• IsoEnergy Completes 17 Hole Drill Program At Larocque East (theDeepDive)

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