Brianne Gardner’s Top Picks for Oct. 30, 2026

Brianne Gardner, Senior Wealth Manager, Velocity Investment Partners, Raymond James

Focus: Canadian & U.S. Large Caps

Top Picks: Home Depot, JPMorgan Chase, ASML

MARKET OUTLOOK:

It’s been an interesting few weeks for investors. We’ve seen some of the biggest technology companies disappoint on earnings, while others reported strong results only to watch their shares fall. And I think that tells us something important about where the market is heading.

For the first few years, investors were willing to pay a premium for companies benefiting from artificial intelligence. There were some occasional discussions about whether the heavy investment into artificial intelligence (AI) infrastructure would translate into profits, and over the last few months that conversation has gotten louder. With expectations already so high, companies have very little room for disappointment.

The good news is that the broader economy continues to hold up well. The U.S. economy grew 3.4 per cent last quarter, consumers are still spending, and corporate earnings remain healthy. Profit taking from one sector is not leaving the market, it’s rotating into other sectors. So we see an opportunity for market leadership to broaden beyond technology into healthcare, utilities, industrials and financials.

In Canada, the picture is different. Economic growth has been more challenging, with trade uncertainty and now even higher interest rates putting pressure on households and businesses. But Canada has something the world increasingly needs: energy, critical minerals and reliable natural resources. That’s why we continue to favour quality energy producers, precious metals and selected financial companies.

Of course, inflation and interest rates remain risks, so we’re balancing our technology exposure with quality businesses across sectors and international markets.

Ultimately, we believe markets will continue to advance, but earnings, valuations and diversification will matter much more going forward.

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TOP PICKS:

Home Depot (HD NYSE)

We like Home Depot as a new pick because we believe it is well positioned to benefit when the U.S. housing market eventually recovers.

Home Depot is much more than a home improvement retailer. It serves homeowners and professional contractors, selling everything needed to renovate, repair and maintain homes. The housing market has been holding it back. High mortgage rates mean fewer people are moving, while homeowners are postponing expensive renovations like kitchens and bathrooms. The latest quarter showed some improvement.

Sales grew nearly six per cent, and Home Depot continued gaining market share, even though customers are still making fewer trips to its stores. The big opportunity is a housing recovery. As mortgage rates ease and people start moving again, demand for renovations should return, helping Home Depot grow earnings.

We like Home Depot as a way to position for that recovery. Demand remains soft and valuation isn’t particularly cheap, but its strong market position makes it an attractive long-term opportunity.

JPMorgan Chase (JPM NYSE)

We own JPMorgan Chase and continue to like it as one of the strongest banks in the United States, with several ways to grow even in an uncertain economy.

JPMorgan is much more than a traditional bank. It serves everyday customers, manages investments and helps some of the world’s largest companies raise money and expand. The latest quarter was a little disappointing. Earnings missed expectations, partly because the bank set aside more money for potential loan losses, even though customers continue paying their debts. The underlying business remains strong.

Investment banking fees grew 14 per cent, while trading activity and demand for loans remained healthy, showing businesses are still active. The outlook is actually improving. JPMorgan expects to earn more from lending next year than previously anticipated, supported by healthy loan growth and interest rates.

We continue to like JPMorgan. Rising expenses and economic uncertainty are worth watching, but its diversified business and strong financial position make it a core banking holding.

ASML (ASML NASDAQ)

We own ASML and continue to like it as one of the most important companies behind the AI revolution. ASML makes the machines that make the chips. Its technology is essential for producing the advanced semiconductors powering AI, and it has virtually no competition. Latest results were strong. Earnings beat expectations, orders remained healthy, and customers continued upgrading their machines.

AI demand is growing so quickly that ASML is looking to expand production capacity further, creating opportunities for future growth. The stock pulled back despite good results. Investors worried about AI spending and whether expansion costs could put pressure on profit margins.

We remain confident in the long-term story. Valuation is a consideration, but ASML’s unique technology and growing demand make it one of our favourite semiconductor holdings.

PAST PICKS: OCT. 31, 2025

TMX Group (X TSX)

Then: $51.73

Now: $61.79

Return: 19%

Total Return: 21%

RB Global (RBA TSX)

Then: $139.16

Now: $124.16

Return: -11%

Total Return: -10%

Meta Platforms (META NASD)

Then: US$648.35

Now: US$615.79

Return: -5%

Total Return: -5%

Total Return Average: 2%