There was plenty of company news out of the US that demonstrates the health of the US economy and expectations for where it is headed. The US stock market has seen robust growth over the past few years, which has sent a few companies to a US$1-trillion market capitalization. A US retail giant is the latest to enter that rare club. And a deal between two of Elon Musk’s companies values another company at over US$1 trillion. Meanwhile, the US government reached a trade agreement with India, easing tensions between the two countries.

• Walmart Inc. topped a market capitalization of US$1 trillion during yesterday’s stock market session. This is a big win for the retail behemoth, which has grown its ecommerce business, while seeing improved traffic at its stores in response to tight financial conditions in recent years.
• The one-trillion-dollar club has largely been reserved for technology heavyweights. However, a few other companies have gotten past the threshold.
• Looking at technology companies, two of Elon Musk’s companies have come together in a deal that valued the combined company at US$1.25 trillion. Space Exploration Technologies Corp. (SpaceX) will acquire X.AI Corp. Musk hopes the company will lead innovation here on Earth and in space.
• PepsiCo Inc. reported higher-than-expected profits in the fourth quarter of 2025. However, the company has seen slower sales growth over the past few years. PepsiCo plans to lower retail prices for key brands, including Lay’s and Doritos.

There were plenty of corporate news stories out of the US yesterday. A day prior, it was announced that the US and India agreed to lower tariffs, which might help repair the relationship between the two countries. The US will lower tariffs on Indian products, while India agreed to stop purchasing Russian oil. Year-to-date, US equity markets have been largely flat.

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