Everything You Need to Know on Wednesday: Blackberry Joins the Roaring Kitty Rally

Good morning mooers! Here are things you need to know about today's market:

● S&P/TSX 60 Index Standard Futures are trading at 1,334.70, down 0.02%

● Posthaste: The Bank of Canada should watch this 'hurdle' to rate cuts like a hawk

● Blackberry shares surge along with GameStop and AMC

● Shopify sues Chinese e-commerce rival, alleging copyright infringement

Today, the Canadian dollar is trading at 73.23 cents at US dollar, a slight increase from Tuesday.

S&P/TSX 60 Index Standard Futures are trading at 1,334.70, down 0.02% from previous close.

The upcoming interest rate decision by the Bank of Canada on June 5 is rapidly approaching, and with it comes the intriguing prospect of the first reduction in interest rates in more than four years. However, a leading economist from one of Canada's Big Six banks suggests that there are still significant considerations the central bank must address before deciding to cut rates.

With the release of impressive job figures for April causing analysts to reconsider the advisability of a rate cut in June, the focus of many financial experts on Bay Street has shifted to the Consumer Price Index (CPI) report due on May 21. This report is seen as crucial in shaping the Bank of Canada's upcoming decision on interest rates.

Douglas Porter, the chief economist at the Bank of Montreal, referred to the reconsideration of a potential interest rate reduction in June as a "kneejerk" reaction in a note he issued last Friday. However, he conceded that the unexpected creation of 90,000 new jobs is likely to prompt the Bank of Canada to reflect more carefully on its next move.

Roaring Kitty is known as the online trader who sparked the meme stock phenomenon in 2021 by promoting GameStop's stock, which subsequently influenced a surge in other stocks favored by meme enthusiasts, including BlackBerry.

After a period of silence during the height of the meme stock frenzy in 2021, Roaring Kitty resurfaced over the recent weekend. This comeback was met with an uplift in meme stock prices on Monday. Continuing to engage with his followers, Roaring Kitty has been actively sharing memes and videos on his X (previously known as Twitter) account, contributing to the sustained momentum of meme stocks.

At the heart of the legal dispute is Shopify's proprietary "Dawn" software, which Shopify claims is the foundation for the customizable online store templates available to its merchants.

Shopify's legal complaint accuses Shopline of unfairly imitating "Dawn" and distributing a barely altered version known as "Seed" both domestically and internationally.

Shopify contends in its legal filing that Shopline has violated its copyrights in a deliberate and systematic manner. The complaint points out that Shopline's "Seed" shows signs of direct appropriation, with similarities found in the arrangement and naming of files, programming functions, lines of code, and even iconography. The word "Shopify" is also noted to appear within the code of various iterations of "Seed" that Shopline has released.

Furthermore, the complaint highlights the discovery of a Chinese website under Joyy's operation featuring a "Seed Theme" with sections still labeled as 'dawn-test.'