- In today’s CEO Daily: Diane Brady talks to Publicis New York CEO Carla Serrano.
- The big story: Fear of recession pushed the U.S. stock markets into a correction.
- The markets: While the S&P 500 craters, indexes in Europe and China are doing well.
- Analyst notes from Goldman Sachs on the end of U.S. exceptionalism, UBS on inflation, JPMorgan on steel and war, and Apollo on the “wait-and-see economy.”
- Plus: All the news and watercooler chat from Fortune.
Good morning. I was talking yesterday with Carla Serrano. Along with being CEO of Publicis New York and chief strategy officer of Publicis Groupe, she is a fellow Canadian and we were commiserating about the impact of the ongoing tariff war on a personal level. Her parents are reluctant to come to Fire Island in New York this summer because they’re so angry about the attacks on Canada’s sovereignty, not to mention its economy. “It’s unlocked a certain amount of pride for me,” she says. It’s also causing new headaches as “our clients are requiring not just a plan A, B or C but plans for a worst-case scenario where the world becomes much more isolated and nationalist and different alliances form.”
I will be speaking to Canadian tech leaders about the scenarios playing out in their minds next week when we host a private CTO/CIO dinner in Toronto. We are also hosting a dinner in New York on Tuesday, where former Transportation Secretary Elaine Chao and former Commerce Secretary Wilbur Ross will share insights with about 40 global CEOs.
The power of live media is especially important right now as trust and relationships are best built face-to-face. I’m particularly excited about a series of dinners we are hosting with CEOs in their homes around the country through the Fortune CEO Initiative. Enterprise Mobility CEO Chrissy Taylor is hosting one in St. Louis in May, while Qualtrics CEO Zig Serafin is opening his home for a salon prior to Brainstorm Tech in Park City, Utah, in September, among others. (Serafin recently joined us for a live recording of Fortune’s Leadership Next podcast before a gathering of leaders at Deloitte’s Next Generation CEO program in Westlake, Texas. Here’s a link to our conversation.)
We’re also holding our first-ever Most Powerful Women International Summit in Riyadh in May. As my colleague and editor-in-chief Alyson Shontell wrote earlier this week: “At Fortune, the purpose of our journalism is to make business better and to serve as a powerful, authoritative voice pressing for progress. Given Saudi Arabia’s recent acceleration, particularly for women, we are excited to get closer to the action and document the progress there too.” (We are also hosting our flagship Fortune Global Forum in Riyadh on October 26 and 27.)
What better time to talk about what’s happening with peers in different industries and parts of the world. If you’re interested in learning more about the CEO Initiative, reach out to my colleague Sarah Worob at sarah.worob@fortune.com. And, of course, please keep sharing your stories, ideas, and feedback with me at the email address below.
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Contact CEO Daily via Diane Brady at diane.brady@fortune.com
