The latest Market Talks covering Technology, Media and Telecom. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.
1542 ET - For the second time in nearly a year, Canada PM Mark Carney pulls back on tech policy from his predecessor, former PM Justin Trudeau, to assuage the Trump administration when it comes to trade. USTR Jamieson Greer had previously signaled that Canada's online-streaming rules posed a trade irritant that Washington wanted addressed as part of the USMCA renewal. Those calls intensified after Canada's broadcaster regulator toughened those rules further, increasing the financial obligations of US streamers like Netflix. The Carney government has ordered the regulator to revise its order, and intends to issue new policy priorities. In June of last year, Carney ditched the Trudeau-era digital-services tax after President Trump halted talks due to the digital levy. (paul.vieira@wsj.com; @paulvieira)
1534 ET - Rogers Communications says it welcomes the "swift and decisive" action from Canada's Liberal government to order the country's broadcast regulator to revise its online-streaming decision. That decision would have increased the level of financial contributions from both online streamers and domestic, over-the-air broadcasters toward Canadian programming. Rogers said the streaming decision "would have introduced complicated and onerous new expenditure quotas with no meaningful relief to Canadian broadcasters." Rogers says the current media landscape that domestic broadcasters face requires a reduction "or the elimination of mandatory financial contributions and inflexible expenditure requirements." Those spending requirements are linked to Canadian programming for French-speaking, indigenous and other minority-language audiences. (paul.vieira@wsj.com; @paulvieira)
1424 ET - Support for the price of bitcoin has shifted, Bitfinex says in a note. "The $65,000 level is now the primary determinant for the next directional leg," says the firm. Meanwhile, the resistance level is now what support used to be, at $76,500. Bitcoin is trading at $65,998, down 2.2%. The drop-off correlates with inflation issues stemming from the ongoing war in the Middle East, with riskier assets less desired by investors. "While the mid-June FOMC meeting is approaching and shifting interest rate projections providing the current macro context, the primary narrative remains one of technical and mechanical pressure," says the firm. (kirk.maltais@wsj.com)
1400 ET - The lobby group representing US companies operating in Canada applauds the Liberal government's directive ordering the country's broadcasting regulator to rework its policy decision on online streaming. The American Chamber of Commerce in Canada says this will help "create the conditions necessary to advance a broader Canada-US trade agreement." The chamber has a keen interest in ensuring that talks between Washington and Ottawa on trade pick up steam and start heading down a more productive path. US Trade Representative Jamieson Greer had identified Canada's rules as a trade irritant. The broadcasting regulator's order last month to compel online streamers like Netflix to sharply increase their financial contributions toward Canadian programming triggered anger in Hollywood, and prompted fresh accusations of Canadian trade barriers from President Trump's chief envoy in Ottawa, Pete Hoekstra.(Paul.Vieira@wsj.com; @paulvieira)
1356 ET - Palo Alto Networks is weaker despite a strong F3Q print across all metrics, as investors weigh how much earnings power is really coming from its acquisitions of CyberArk and Chronosphere, Stifel says in a note. "While the stock initially surged 10%+ in after-hours on the print, shares came back down given a bigger beat on acquired assets and a skinnier organic beat (and the lack of an explicit organic/inorganic F4Q guide)," the analysts say. Still, they believe the results show outperformance across both parts of the business. Palo Alto drops 5.8%. (elias.schisgall@wsj.com)
1331 ET - Palo Alto Networks' strong F3Q showing proves that "customers are increasingly turning to platforms as they look to adopt AI," Morgan Stanley analysts say in a note. The company's strategy of "platformization," or getting their customers to unite fragmented cybersecurity services into one platform, seems to be paying off, the analysts say: "Reason being, not only is it cost efficient, but these vendors are reducing vulnerabilities given fewer 'seams' in their network that are caused by multiple vendors, something that is critical as the threat environment becomes more severe." It's still the early stages of this trend, with Palo Alto only having a single-digit share of the cybersecurity market, creating a substantial long-term growth runway for the company, Morgan Stanley says. Palo Alto slides 6.4%. (elias.schisgall@wsj.com)
1321 ET - CoinGlass says $437.7 million in long bitcoin positions were liquidated in the past 24 hours with bitcoin falling 2.3% in the same period. Those moves seem to underpin the idea that investors have a stronger appetite for equities versus cryptocurrency. It's also likely the reason CoinMarketCap's "Crypto Fear and Greed Index" continues to slip, to 24 out of 100--dropping deeper into "fear" and drawing closer to an "extreme fear" rating. "Institutional money is chasing record equity highs instead," says the firm in a note. Bitcoin is now trading at $65,967, while ethereum falls 3.9% to $1,830, XRP is down 0.1% to $1.22, solana is off 3.2% to $72.90, and cardano loses 1.6% to 20.9 cents. (kirk.maltais@wsj.com)
1240 ET - Visa Direct, the company's payment rail for sending funds to a recipient's debit card, grew 27% last year, eclipsing 8% for its overall debit business. The success has been driven in part by the company's account name inquiry service that allows merchants or Visa Direct originators to verify that a name provided by a cardholder matches the name held by the issuing bank, Visa's Chris Newkirk says at a Baird investor conference. That service has driven up card usage and dramatically reduced chargeback disputes, Newkirk says. (dean.seal@wsj.com)
1155 ET - AT&T's long-term broadband subscriber growth, and eventually its mobile business, are under pressure from the rising threat of satellite internet, Oppenheimer analysts say in a research note. It has more exposure to home internet than its telecommunications peers, with plans to have fiber-optic cable passings in 60 million homes by the end of 2030, the analysts say. The company might be in for disappointment and stop at 50 million, they say. AT&T appears to be underestimating the pricing pressure it will face from satellite competition, which could capture 2 million or more subscribers per year and ramp up to 4 million by 2030, the analyst say. Shares fall 3.9%. (dean.seal@wsj.com)
1146 ET - Telecommunications customers value cost over reliability, which should allow satellite connection to gain market share, say Oppenheimer analysts Timothy Horan and Daniel McDermott. "Pricing for services like Starlink is now on par with legacy broadband but will decline rapidly with V3 Satellites having 10x the capacity," the analysts say. "Fiber quality/reliability is superior, but comes at a steep upfront cost." They expect satellite to reach 10% market share by the end of 2030 and to reach 20% to 40% over the long-term. "We also see strong regulatory support behind satellite, increasing the feasibility for SpaceX to directly enter mobile," the analysts say. (nicholas.miller@wsj.com)
1132 ET - AT&T could feel some pain from the rise of satellite internet and cellular connection, say Oppenheimer analysts Timothy Horan and Daniel McDermott, who downgrade the stock to perform. The company has the most broadband exposure relative to its telecommunication peers. Its long-term subscriber growth for broadband, and eventually mobile, is at risk from the growth of the satellite market. "We were early in articulating the risk to legacy broadband providers from [fixed wireless access], which the industry underestimated, as they are doing with satellite now," the analysts say. "Favor VZ with dividend and TMUS with better cost structure-both with less broadband exposure." (nicholas.miller@wsj.com)
1052 ET - It's been a tough week for bitcoin and the cryptocurrency complex in general, but that's not the case for all forms of crypto. Privacy coins Zcash and Monero are up, with Zcash rising 1.6% to $619.36, while Monero climbs 7.2% to $349.18, according to data from LSEG. The continued appetite for digital assets that better protect privacy than assets like bitcoin that use a public ledger appears to be supporting these coins while bitcoin ETF outflows pick up. CoinGlass data shows that yesterday, these ETFs had an outflow of $519.1 million, up from $483.8 million the prior day. Bitcoin is down 1% to $66,837, and ethereum falls 2.5% to $1,857. (kirk.maltais@wsj.com)
(END) Dow Jones Newswires
June 03, 2026 16:50 ET (20:50 GMT)
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