Markets remain supported by strong earnings from tech and financial stocks, with gold and silver continuing to rally amid global uncertainty. Investors are watching how renewed trade friction between the U.S. and China, combined with fiscal risks in Washington, could affect valuations already at late-1990s levels.
BNN Bloomberg spoke with Steve Rowles, senior portfolio manager at TriVest Wealth Counsel with Wellington-Altus Private Counsel, about where investors are finding opportunity in a momentum-driven market and how sectors like utilities and consumer staples can offer stability as policy uncertainty grows.
Key Takeaways
- Strong bank and tech earnings are fuelling market gains even as valuations near levels last seen in the dot-com era.
- Gold and silver have surged on fiscal concerns and U.S.-China tensions, boosting Canadian miners.
- The Federal Reserve’s supportive stance continues to underpin markets, though inflation could slow rate cuts.
- Utilities and consumer staples stand out as defensive plays amid rising energy demand from AI data centres.
- Fiscal deficits, overvaluation and private credit risks pose growing challenges to market sustainability.
Read the full transcript below:
LINDSAY: Tech and gold continue to power markets higher as we track the U.S. government shutdown and the flare-up in tensions between the U.S. and China. Let’s get more on the markets with Steve Rowles, senior portfolio manager at TriVest Wealth Counsel with Wellington-Altus Private Counsel. Good to have you with us today, Steve. Thanks for taking the time.
STEVE: Great, Lindsay. Good to meet you.
LINDSAY: You too. It doesn’t sound like there’s just one factor driving markets higher. What do you see as the biggest forces at play?
STEVE: There are several. The primary factor right now is earnings growth. We saw it last week and earlier this week with the banks — phenomenal growth from JPMorgan, Bank of America and Wells Fargo. Today we’re seeing strong results from some tech names, including Taiwan Semiconductor, which is forecasting revenue growth in the mid-30-per-cent range. That’s the main driver. Monetary policy is also still supportive, and while trade tensions were front and centre last Friday, markets seem to have put that on the back burner for now. Altogether, it’s continued support for equities.
LINDSAY: What about gold? It’s reaching fresh record highs again today, partly due to those same U.S.-China tensions. What are you seeing there?
STEVE: It’s phenomenal. Gold has been rising almost every day — $50 or $60 at a time. It’s quite something. I’m active in some of the junior miners, and with all-in sustaining costs around US$1,300 and gold near US$4,200, it’s practically a licence to print money. But we also need to remember what’s driving it — fiscal policy and U.S. deficit spending. While gold’s rise looks positive from a market perspective, it also reflects broader concerns about fiscal sustainability.
LINDSAY: And silver is also rallying — often overlooked but it’s another metal seeing big gains.
STEVE: That’s right. Silver’s actually outperforming a bit. Precious metals overall are benefitting from questions about the U.S. dollar. It’s great for Canada, great for our markets. With gold and silver both up roughly 60 per cent, it’s a very good time to be a miner in this country.
LINDSAY: When it comes to opportunities for investors, what sectors do you see as most attractive right now?
STEVE: I’m looking closely at utilities, which might surprise some people. Many of my clients are retirees, so we’re always focused on strong dividend-paying, stable companies. But utilities are also in play because of the rising electricity demand from AI data centres. One stock I like in the U.S. is Duke Energy, which has significant exposure to nuclear generation. With all the capital spending tied to AI, we have to ask: how are we going to power it? Utilities with regulated revenue are a good way to capture the AI theme while maintaining stability.
LINDSAY: So utilities are a buy for you, and I believe another stock you like is Aritzia?
STEVE: Yes, definitely. They reported phenomenal earnings last week — about 41 per cent growth in the U.S. While we often talk about supporting Canadian companies, Aritzia is one that truly deserves it. Roughly six per cent of its revenue comes from the U.S., and management has executed an incredible transition. The company plans to open 12 more stores next year, mostly in the U.S. It’s one of Canada’s best retail success stories.
LINDSAY: And one last stock pick from you — Schneider Electric. What’s the story there?
STEVE: Schneider Electric is a European company focused on energy management and efficiency. You’ll find their technology in electrical systems, meters and infrastructure. They’re also heavily involved in the data centre boom. Last year they acquired a company specializing in cooling systems for data centres. So as that industry expands, Schneider is well positioned to benefit. It’s similar to Caterpillar, which has also done well from the construction side. Companies like Schneider combine solid profitability with exposure to AI-related growth — that’s a win-win.
LINDSAY: That’s all the time we have. Steve Rowles, senior portfolio manager at TriVest Wealth Counsel with Wellington-Altus Private Counsel, thank you for joining us.
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This BNN Bloomberg summary and transcript of the Oct. 16, 2025 interview with Steve Rowles are published with the assistance of AI. Original research, interview questions and added context was created by BNN Bloomberg journalists. An editor also reviewed this material before it was published to ensure its accuracy and adherence with BNN Bloomberg editorial policies and standards.